Raymond James Financial Inc. is closing in on approval of a charter switch that it hopes will let it make more loans.

The St. Petersburg, Fla., company was lost in the shuffle last year as other applications by investment and insurance companies to become bank holding companies took priority. Many of those companies were seeking access to the Troubled Asset Relief Program and other federal assistance, but Raymond James said its application, made the previous spring, was meant to obtain more lending flexibility.

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