NEW YORK—The Federal Reserve Bank of New York Thursday approved the notice by Popular, Inc. and Popular International Bank, Inc., both of Hato Rey, PR, and Popular North America, Inc., Mt. Laurel, NJ, to acquire First State Bank of Southern California, Santa Fe Springs, CA.

According to standard procedure, the proposal cannot be completed for 15 days.

The Reserve Bank acted under authority delegated by the Board of Governors of the Federal Reserve System.

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