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November 10, 2009

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Bank mergers approved by Fed

Tuesday, Feb. 13, 2001 | 11:11 a.m.

FleetBoston Financial Corp. and Firstar Corp. both received approval Monday from the Federal Reserve to complete acquisitions announced six months ago.

FleetBoston agreed in October to buy Princeton, N.J.-based Summit Bancorp. The same month, Firstar, led by Chief Executive Jerry Grundhofer, agreed to buy U.S. Bancorp, run by his older brother, John F. Grundhofer, for $23 billion to become the eighth-largest U.S. bank.

U.S. Bancorp is a big operator in the Las Vegas and Nevada market.

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