Federal Reserve Blocks Merger: The Bank of...
From Times Staff and Wire Service Reports
Federal Reserve Blocks Merger: The Bank of New York said it is dropping its plans to acquire Connecticut-based Northeast Bancorp because of opposition by the Federal Reserve Board. The Fed’s move, its first rejection of a major bank merger in several years, appears to signal its emphasis on requiring banks to maintain high capital levels. The Bank of New York had proposed buying Northeast, parent of Union Trust Co., for $195.6 million.
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