PROVIDENCE, R.I. -- Citizens Financial Group Inc. said it had received Federal Reserve Board approval to acquire Boston Five Cents Savings Bank.

Citizens Financial, a unit of Royal Bank of Scotland, has assets of $5.25 billion. Boston Five has about $2 billion of assets.

The Fed vote on Monday followed the Federal Deposit Insurance Corp.'s approval last week of the application to merge Boston Five with Citizens Bank of Massachusetts. Shareholders of the Boston thrift voted to approve on Aug. 31.

Consummation of the transaction is subject to a standard 30-day waiting period as well as approvals from the Office of Thrift Supervision and the Massachusetts Board of Bank Incorporation and Commissioner of Banks.

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