WASHINGTON -- The Federal Reserve Board on Tuesday overrode objections from two community groups and approved a bid by Intrust Financial Corp. of Wichita, Kan., to acquire First Moore Bancshares of Moore, Okla.
The deal gives Intrust control of First Bank in Moore. The new institution will control $99.3 million of deposits in Oklahoma.
The board also voted to allow Intrust to sell credit-related life insurance by acquiring First Moore Insurance Agency.
In reaching its decision, the central bank said Intrust had met its obligations under the Community Reinvestment Act despite complaints from two Kansas groups to the contrary.
The Wichita Community Reinvestment Coalition and the Organization for New Equality complained that data from the bank's 1992 Home Mortgage Disclosure Act report showed the institution did a poor job of lending to low- and moderate-income and minority areas.