Maryland's financial regulator and the FDIC have approved the purchase of Advance Mutual Savings Bank in Baltimore by Municipal Employees Credit Union of Baltimore.

Mark Kaufman, Maryland's commissioner of financial regulation, issued the approval statement Thursday. The FDIC approved the acquisition Wednesday, according to Marianne E. Roche, a Washington attorney representing Advance Bank.

The $1.2 billion, 103,642-member MECU received NCUA approval Oct.15 to acquire the $61 million Advance Bank. In addition, the OCC also has approved the acquisition that was initially announced in April.

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