Allied Irish Given Nod to Acquire York Bank
WASHINGTON - Ireland's largest banking company has gotten Federal Reserve Board approval to expand its U.S. holdings.
Allied Irish Banks and its U.S. subsidiary, First Maryland Bancorp, Baltimore, last week got a green light to acquire York Bank and Trust Co., a unit of Midlantic Corp., Edison, N.J.
Midlantic, which has been struggling to boost capital amid mounting loan problems, put the $1.2 billion-asset York Bank and Trust on the auction block last April.
Allied Irish Banks controls $28.3 billion in assets. First Maryland, with $7.4 billion in assets, accounts for nearly one-third of its worldwide holdings.