WASHINGTON - The Federal Reserve Board closed out last month by giving three banks permission to expand or reorganize.

The Fed approved State Street Boston Corp.'s bid to acquire IFTC Holdings Inc. and its Kansas City, Mo.-subsidiary Investors Fiduciary Trust Co.

As part of the deal, State Street agreed to discontinue several services at Investors Fiduciary so it can operate it as a federal trust company. Currently, Investors Fiduciary offers several FDIC-insured products that federal trust companies are not allowed to sell.

The governors also approved Peak Banks of Colorado Inc.'s bid to become a bank holding company by acquiring all the voting shares of Peak National Bank.

Finally, the governors gave Battle Creek State Co., Battle Creek, Mich., permission to become a bank holding company by buying 80.7% of the voting shares of Battle Creek State Bank.

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