The Federal Reserve Board Monday approved NationsBank Corp.'s bid to acquire Bank South Corp., a deal that gives the $188 billion institution control of more than 20% of all bank deposits in Georgia.
To satisfy antitrust concerns, Charlotte, N.C.-based NationsBank agreed to divest Bank South branches in Savannah and Fitzgerald, Ga.
The Fed also rejected several Community Reinvestment Act protests, including a complaint by the International Brotherhood of Teamsters. The Fed noted that NationsBank's lead unit received an "outstanding" rating in its last CRA exam, and it said examiners found no evidence of discrimination during a recent fair-lending review.
Also on Monday, the central bank gave First Bank System Inc., Minneapolis, permission to acquire Firstier Financial Inc. of Omaha, and Norwest Corp., also of Minneapolis, got the go-ahead to buy Canton Bancshares, Canton, Ohio.