The Fed OKd Chase’s ‘non-bank bank’ application.
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Chase Manhattan Bank Corp. now needs final approval by the Comptroller of the Currency to open Chase Manhattan Bank of California, which would be headquartered in Newport Beach and would have three branches. The bank would accept only time deposits and make commercial loans at four offices. The Federal Reserve Board also approved plans for Chase Manhattan Bank of Arizona, with offices planned in Phoenix and Tucson.
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