Big Corestates deal wins Fed approval.

WASHINGTON -- The Federal Reserve Board has upproved CoreStates Financial Corp.'s application to acquire Independence Bancorp.

Independence, based in a Philadelphia suburb, has four subsidiary banks and an Arizona-based insurance affiliate.

With Independence's $2.2 billion of deposits added to CoreStates' $18.4 billion, the latter would control about 10% of Pennsylvania bank deposits, the Fed said.

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