WASHINGTON The Federal Reserve on Monday approved Cathay General Bancorp purchase of SinoPac Bancorp, allowing the tie-up between the two California lenders.
The two banks are relatively small with less than $16 billion in combined assets.
Through the deal, Cathay General indirectly acquired Far East National Bank.
Last week, the Fed made it easier for bigger lenders to merge by waiving the required review of bank business for lenders with assets of less than $100 billion.
(Reporting By Patrick Rucker; Editing by David Gregorio)