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WASHINGTON (AP) - The Federal Reserve cleared the way for BB&T Corp., the nation's ninth-largest bank, to acquire Main Street Banks Inc. of Atlanta for nearly $623 million.
The Fed's board of governors, including Chairman Ben Bernanke, voted 6-0 on Monday to approve the merger, finding that it would not threaten competition or unduly concentrate banking resources.
BB&T, a regional bank based in Winston-Salem, N.C., with some $109 billion in assets, will gain a foothold in data processing in the deal through the acquisition of Main Street subsidiary MSB Payroll Solutions.
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