October 16, 2008 / 6:46 PM / in 10 years

Fed approves Spanish bank's acquisition in Florida

WASHINGTON, Oct 16 (Reuters) - The Federal Reserve Board said on Thursday it approved the plan by Spain’s largest savings bank, Caja Madrid, to acquire 83 percent of City National Bancshares Inc of Miami, Florida.

The Fed said Caja de Ahorros y Monte de Piedad de Madrid is Spain’s fourth-largest depository institution, with $269 billion in consolidated assets, and it currently operates an agency in Miami.

The deal, which is approved under the Bank Holding Company Act, would put it in control of City National Bank of Florida, the state’s 21st largest depository organization, with consolidated assets of $2.8 billion, the Fed said. (Reporting by David Lawder, Editing by Chizu Nomiyama)

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