The Federal Reserve Board gave KeyCorp permission Wednesday to acquire Carleton, McCreary, Holmes & Co., which provides investment advisory services in the Cleveland area.

The Fed also gave the Cleveland-based bank permission to have three directors from its underwriting affiliate serve as directors of its bank affiliates. It said these interlocks are acceptable because they do not give the affiliated banks control over the underwriting unit.

The Fed has approved similar director interlocks for other banks.

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