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US: Regional banks cleared for merger

By  |  April 26, 2017

The Federal Reserve said on Wednesday that it has approved Merchants Bancshares to be acquired by Community Bank System after deciding the tie-up will not harm competition.

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    The central bank said in its decision that the deal will allow Community Bank System to better compete with national leaders.

    The deal does not threaten the stability of the financial system, the Fed said in its order.

    The deal will create the 122nd largest insured bank in the United States with assets of roughly $10.7 billion, less than 1 percent of the total in the system.

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