The Federal Reserve Board on Tuesday approved First Union Corp.'s bid to acquire Home Financial Corp. and its subsidiary, Home Savings Bank, both of Hollywood, Fla.

The $139.9 billion-asset First Union, headquartered in Charlotte, N.C., agreed to divest all of Home's real estate, securities, and insurance activities within two years. Bank holding companies are barred from engaging in these activities.

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.