WASHINGTON - The Federal Reserve Board recently gave two bank holding companies permission to acquire competitors. Irving National Bancshares of Dallas will take over Irving National Bank, Irving, Tex., and First Continental Bank of Grand Prairie, Tex. The new institution will control $42.3 million in deposits and becomes the 455th-largest bank in the state, controlling less than 1% of all deposits. The Fed said there were no Community Reinvestment Act or antitrust problems with the merger. The Fed also gave Illinois Financial Services Inc. permission to create a new subsidiary, which then will acquire 80% of Alpha Financial Group, the owner of Archer National Bank and Chicago National Bank, both of Chicago. The deal makes Illinois Financial the 40th-largest commercial banking organization in the state, with $508.5 million in deposits. The Fed overruled a CRA protest, saying all of the subsidiary banks received either "outstanding" or "satisfactory" ratings.
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