March 20, 2018 / 8:50 PM / 2 years ago

Fed approves Charles Schwab bid to acquire Nevada's Charles Schwab Trust Bank

WASHINGTON (Reuters) - The Federal Reserve said on Tuesday it approved an application of Charles Schwab Corp (SCHW.N) to acquire Charles Schwab Trust Bank of Henderson, Nevada.

The state-chartered bank is a newly formed “de novo” bank, created by Schwab in an effort to expand its banking presence in the Las Vegas market. The Fed board approved the acquisition by a vote of 3-0.

Reporting by Pete Schroeder; Editing by Phil Berlowitz

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