Korean Bank Deal OKd

The Federal Reserve Board on Monday approved the acquisition of Marine National Bank by a major South Korean bank.

The board voted 7 to 0 in favor of Marine’s acquisition by Shinhan Bank of Seoul for $13 million in cash. Marine shareholders had approved the transaction in February.

Mark E. Simmons, Marine’s president and chief executive officer, said he expected the acquisition to be completed by the end of September, after approval from the Office of the Comptroller of the Currency and the South Korea Ministry of Finance and Economy.

Marine National, which has branches in Newport Beach and Orange, will operate as a subsidiary of Shinhan Bank. As of Dec. 31, Shinhan Bank was the 11th-largest banking organization in Korea, with assets of $22.7 billion. Marine National controlled deposits of $94.3 million as of Dec. 31, the Fed said.