WASHINGTON - The Federal Reserve Board approved Chase Manhattan Corp.'s application to buy U.S. Trust Corp. of New York, handing the money- center a major victory over a Bronx-based community group.

"We are pleased with the Fed's approval and confident that the other regulatory approvals will be forthcoming," said Charlotte Gilbert, a spokeswoman for the $121-billion-asset banking concern. She declined to comment further.

Limited Time Offer

Save $400 off your subscription. Special offer ends April 30, 2017.

14-Day Free Trial

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