The Federal Reserve Board has given Japan's Sumitomo Bank permission to open a second branch in New York City.

The Osaka-based bank, which controls $528 billion of assets, already operates branches in Los Angeles, San Francisco, Honolulu, Chicago, and New York. The just-approved New York branch would accept only deposits that are incidental to international business transactions.

Also last Wednesday, the Fed approved a bid by First State Bancshares, Blakely, Ga., to acquire First Southwest Bancorp of Donalsonville and its wholly owned subsidiary, First Federal Savings Bank of Southwest Georgia. To secure approval, First State agreed to sell a branch in Blakely to an out-of-market competitor.

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