WASHINGTON - The Federal Reserve Board on Monday granted permission for Popular Inc. of Puerto Rico and two of its subsidiaries to acquire $114 million-asset Banco Popular, a start-up bank in Orlando.

The two subsidiaries are Popular International Bank, of Hato Rey, where Popular Inc. is based, and Popular North America Inc., of Mount Laurel, N.J. The three bank holding companies are referred to collectively as Popular, have assets of $25.5 billion, and make up the 35th-largest commercial banking organization in the United States.

At the same time, the Fed approved applications by Banco Popular to form an insurance subsidiary, Popular Insurance Inc., and to open a branch in Culebra, Puerto Rico.

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