The Federal Reserve Board gave National City Corp. permission Wednesday to acquire First of America Bank Corp.

The $6.8 billion deal will create a $74.4 billion-asset banking company with nearly 1,500 offices in six states. To satisfy antitrust concerns, Cleveland-based National City agreed to divest two branches in Anderson, Ind.

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.