From Times Staff and Wire Reports

Fed OKs BankAmerica Purchase in Texas: The Federal Reserve Board approved BankAmerica Corp.'s $110-million purchase of the largest savings and loan in Texas from financier Ronald O. Perelman. The acquisition of nearly all the branches and deposits of First Gibraltar Bank in Irving, Tex., still must be approved by another banking agency, but the Fed's action was seen as the key to obtaining the final go-ahead. BankAmerica will fold $6.2 billion in deposits at 130 First Gibraltar branches into its existing Bank of America Texas subsidiary, one of that state's larger banks.

Copyright © 2019, Los Angeles Times
EDITION: California | U.S. & World