The U.S. Federal Reserve Board has announced its approval of the applications by Royal Bank and RBC Centura Banks Inc. to acquire Admiralty Bancorp Inc., and its wholly owned subsidiary, Admiralty Bank, both in Palm Beach Gardens, Florida.

The Fed also announced its approval of the application by RBC Centura Bank to merge with Admiralty Bank. RBC Centura;s subsidiary commercial bank, RBC Bank, controls deposits of just US$20.8 million in Florida. Admiralty Bank, controls deposits of US$527 million in Florida.

On closing of the transaction, RBC Bank would become the 35th largest depository institution in Florida, controlling deposits of approximately $547.8 million, representing less than 1% of state deposits.

The Fed reports that RBC Bank received a “satisfactory” rating at its most recent performance evaluation under the Community Reinvestment Act. Admiralty Bank also received a “satisfactory: CRA rating. “Examiners found no violations of the substantive provisions of fair lending and consumer protection laws at either institution and no evidence of prohibited discrimination or other illegal credit practices.”