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Fed Approves Chase, Bank One Merger "
NEW YORK -- The Federal Reserve Board announced yesterday it hasapproved the application filed by J. P. Morgan Chase & Co., New York, to merge with Bank One Corporation, Chicago. JP Morgan will acquire Bank One's subsidiary banks, as well, including its lead subsidiary bank, Bank One, National Association, also in Chicago.The merger, which will take place on July 1, makes J.P. Morgan the second largest insured depository organization in the United States, with total consolidated assets of $1.1 trillion. It will control 6.7% of deposits nationwide.After the merger the U.S. consumer and commercial banking businesses will operate under the Chase name. These businesses include retail banking, credit card, home and auto finance, small business, middle market and mid corporate banking.Stockholders of each company approved the merger May 25. "