The Federal Reserve Board last week gave Crestar Financial Corp. of Richmond, Va., permission to acquire Independent Bank of Manassas, Va.
The move leaves Crestar with control of $9.3 billion in deposits, representing 16.2 percent of all deposits in the state. Crestar will operate branches from four Independent sites - three in Manassas and one in Woodbridge.
The Fed approved several other applications earlier in the week. On Dec. 13, it approved Citicorp's bid to deal in futures and options through its Citicorp Futures Corp. subsidiary. The company would not trade for its own accounts, providing the service instead to institutional customers.
"The board expects that applicant's proposal would provide added convenience to applicant's customers and produce gains in efficiency for applicant," the Fed concluded.