WASHINGTON — The Federal Reserve said it has approved a Buffalo, N.Y., company's request to become a bank holding company.

The Fed on Friday said it approved the application of First Niagara Financial Group Inc.

First Niagara had requested to become a bank holding company by acquiring Harleysville National Corp.

First Niagara is a savings and loan holding company that owns First Niagara Bank. Company assets total $14.6 billion.

Harleysville has assets of $5.2 billion. It controls Harleysville National Bank and Trust Company.

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