WASHINGTON - The Fed last week rejected a community group's protest and gave Boatmen's Bancshares of St. Louis permission to acquire the Worthen Banking Co. of Little Rock.

The Fed, acting at a closed meeting on Jan. 18, said it approved the application because Boatmen's various banks have expanded their lending to minorities, operate numerous community outreach programs, and repeatedly score either "outstanding" or "satisfactory" on Community Reinvestment Act exams.

Limited Time Offer

Save $400 off your subscription. Special offer ends April 30, 2017.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.