Fed Postpones Action on 1st Union-CoreStates

The Federal Reserve Board on Monday delayed consideration of First Union Corp.'s bid for CoreStates Financial Corp.

The Fed said it was forced to extend the deadline because First Union has not yet submitted its proposed Community Reinvestment Act plan. This meant the public has not had an opportunity to react to the plan.

The Fed said the comment period will close 14 days after First Union submits the plan.

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