WASHINGTON — The Federal Reserve Board on Monday approved four bank mergers, including the acquisition of $83 million-asset Grand Bank in Kingston, N.J., by insurance giant MetLife Inc.

The Fed also approved FleetBoston Financial Corp.’s application to merge with Summit Bancorp of Princeton, N.J.; Milwaukee-based Firstar Corp.’s application to merge with U.S. Bancorp of Minneapolis; and the purchase of Dupont State Bank of Dupont, Ind., by the Lea M. McMullan Trust and Citizens Union Bancorp of Shelbyville, Inc., both of Shelbyville, Ky.

MetLife’s acquisition of Grand Bank would be the first purchase of a bank by a large insurance company since such deals were made legal by the Gramm-Leach-Bliley Act in 1999. Fleet’s purchase of Summit would make Fleet the seventh-largest banking organization in the country, with total assets of $218.6 billion.

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