Fed Approval of NationsBank Deal Seen Today

The Federal Reserve Board is expected today to approve First Union Corp.'s $16.6 billion acquisition of CoreStates Financial Corp. The deal, which was announced in November, is expected to close on April 30.

To help win over critics, First Union agreed to expand lending in CoreStates' home market of Philadelphia.

The deal still must be cleared by the Justice Department, which may require First Union to divest branches in several Pennsylvania markets.

For reprint and licensing requests for this article, click here.
MORE FROM AMERICAN BANKER