March 20, 2018 / 8:33 PM / 4 months ago

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

WASHINGTON, March 20 (Reuters) - The Federal Reserve said on Tuesday it approved an application of Charles Schwab Corp 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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