WASHINGTON - The Federal Reserve Board on Monday denied the application by Northern Star Financial Inc. of Mankato, Minn., to acquire First Federal Savings Bank of Morris, Minn.

The Fed ruled that Northern Star, the 417th-largest depository institution in Minnesota, with $6.9 million of deposits, has neither the financial nor the managerial resources to successfully acquire First Federal, the 174th-largest depository institution in the sate, with $48.3 million of deposits.

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