The Federal Reserve Board has given a coalition of banks permission to buy Five Paces Software Inc., a company that provides Internet banking services.

The Fed said in orders made Tuesday that Cardinal Bancshares, Lexington, Ky.; Huntington Bancshares, Columbus, Ohio; Wachovia Corp., Winston-Salem, N.C.; and Area Bancshares, Owensboro, Ky., could invest in the high-tech company.

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