The Federal Reserve on Thursday approved PNC Financial Services Group Inc.'s $6 billion deal to buy Mercantile Bankshares Corp. of Baltimore.
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The Fed gave the deal the green light even though it prompted antitrust screens in the Sussex, Del., banking market. PNC, of Pittsburgh, holds 10% of the deposits in the Sussex market and the $17.7 billion-asset Mercantile holds more than 16%.
But the Fed said the companies' hold on the market was not as great if its credit unions were taken into account.
The $102 billion-asset PNC announced the deal in October.
