WASHINGTON - Overruling a consumer complaint, the Federal Reserve Board last week gave Commerce Bank Shares of Kansas City permission to acquire Peoples Bank of Bloomington, Ill.

A protester had urged the central bank to reject the acquisition on grounds that Peoples paid its president too much and treated minority shareholders unfairly. The board dismissed the complaint on Feb. 21, saying the protester could pursue his allegations in another forum.

The deal makes Commerce the 26th-largest commercial bank in Illinois, controlling $814.3 million of deposits.

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