The Federal Reserve Board on Wednesday gave Union Planters Corp. permission to acquire Eastern National Bank of Miami, Fla., overriding objections from community groups and the Venezuelan Superintendent of Banks.

The Mid-South Peace and Justice Center had urged the Fed to reject the deal on Community Reinvestment Act grounds. But the Fed said both banks operate numerous loan programs that serve low-income and minority communities. Also, the Fed said all of Union Planter's banks and thrifts have either "outstanding" or "satisfactory" CRA grades.

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