Friedman, Billings, Ramsey Group Inc. is taking another step to transform itself from an investment boutique to a diverse company that combines broker-dealer services and investment banking with asset management and now retail banking — and one that is less dependent on an erratic income stream from capital markets.

On Wednesday the Federal Reserve Board approved the Arlington, Va., firm’s application to merge with Money Management Associates, a privately held company in Bethesda, Md., that owns Rushmore Trust & Savings. Money Management will be combined with Rushmore under the name of FBR National Bank, a subsidiary of the FBR Group.

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