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Board of Governors of the Federal Reserve System
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Press Release

Federal Reserve Press Release

Release Date: October 13, 2006

For immediate release

The Federal Reserve Board on Friday announced its approval of the applications under section 3 of the Bank Holding Company Act by Grupo Financiero Banorte, S.A. de C.V., and its subsidiaries, Banco Mercantil del Norte, S.A., Institución de Banca Múltiple, both of Monterrey, Nuevo León, Mexico, and Banorte USA Corporation, Wilmington, Delaware, to become bank holding companies, and to acquire 70 percent of the voting securities of INB Financial Corporation, McAllen, Texas, and thereby acquire control of its subsidiaries, INB Delaware Corporation, Wilmington, Delaware, and Inter National Bank, McAllen, Texas.

Attached is the Board's Order relating to this action.

Attachment (420 KB PDF)

 
Last update: October 13, 2006