CHICAGO -- The Federal Reserve has crimped the expansion plans of First Colonial Bankshares by barring two acquisitions on community reinvestment grounds.

In blocking the acquisitions of Hi-Bancorp and GNP Bancorp, the Fed cited a weak community lending record at one of First Colonial's 16 subsidiary banks.

Subscribe Now

Access to authoritative analysis and perspective and our data-driven report series.

14-Day Free Trial

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