The Federal Reserve Board on Monday gave First Union Corp. permission to acquire CoreStates Financial Corp.

Approval of the $16.6 billion deal was conditioned upon First Union selling 23 branches in Philadelphia and seven in Pennsylvania's Lehigh Valley.

Limited Time Offer

Save $400 off your subscription. Special offer ends April 30, 2017.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.