The Federal Reserve Board gave Banc One Corp. permission Wednesday to acquire First USA and its subsidiary savings bank.

The merger would make Banc One the third-largest issuer of credit cards, controlling about 10% of all outstanding balances. The banking company also would become the third-largest processor of credit card transactions, controlling 10% of that market. The Fed rejected several Community Reinvestment Act and fair-lending protests.

Banc One shareholders will meet June 26 and First USA Inc. shareholders will meet June 27 to approve the merger.

Subscribe Now

Access to authoritative analysis and perspective and our data-driven report series.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.