The Federal Reserve Board approved on Wednesday the proposal by Firstar Corp. to buy Mercantile Bancorp. Inc.

Milwaukee-based Firstar agreed on April 30 to buy St. Louis-based Mercantile for $10.6 billion. Combined, the banking companies would have $74.5 billion of assets, split almost evenly, which would make Firstar the 15th-largest commercial banking organization in the U.S., according to the Fed.

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