CHICAGO -- The Federal Reserve Board has approved Michigan-based OmniBanc Corp.'s application to purchase Indecorp, the holding company for Chicago's largest minority-owned financial institutions. Once OmniBanc acquires $138 million-asset Independence Bank of Chicago and $128 million-asset Drexel National Bank, it will become the nation's first multistate, multibank holding company controlled by African-Americans, said chairman William T. Johnson. Mr. Johnson said he hopes to increase Indecorp's community lending by $120 million over the next five years.

The deal requires additional approvals, from the state of Illinois and shareholders.

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