The Federal Reserve Board approved Banc One Corp.'s $2.9 billion deal to buy First Commerce Corp., New Orleans.

The vote was 4-0, with Fed Governors Edward Kelley, Susan Phillips, and Laurence Meyer absent and not voting. The deal won Justice Department approval earlier this month on the condition that Banc One, based in Columbus, Ohio, divest 25 Louisiana branches.

Separately, the Fed on another 4-0 vote approved the application by Norwest Corp. of Minneapolis to underwrite debt securities.

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.