The Federal Reserve Board has approved Marine Midland Bank's bid to acquire First Federal Savings and Loan of Rochester.

The Fed rejected protests by community activists who had charged that Buffalo-based Marine Midland has a poor record of lending to low-income and minority people.

In its approval Monday, the central bank noted that Marine Midland had gotten a "satisfactory" grade on its most recent Community Reinvestment Act exam. Also, the Fed said the bank had funded $53 million of affordable- housing loans in 1995 and 1996.

Also Monday, the Fed gave Susquehanna Bancshares, Lititz, Pa., permission to acquire Atcorp, a holding company for three New Jersey banks.

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