WASHINGTON - The Federal Reserve Board earlier this week gave BNCcorp of Bismarck, N.D., permission to acquire JMS Systems Inc.
The $144.4 million-asset holding company will assume JMS System's data processing and data transmission businesses.
BNCcorp, which operates three subsidiary banks in the state, will process financial, banking, and economic data. Also, it will process nonfinancial information for internal use only.
"The board has concluded that the proposed activity is incidental to providing data processing services for financial institutions, and, therefore, is permissible," the Fed said in its Dec. 9 order.
The Fed said BNCcorp's entry into the data processing market should boost competition and increase customer convenience. Also, it said the bank will not have an unfair market advantage.
The holding company has three months to complete the acquisition. -