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Charles Schwab seeks to acquire Nordstrom's banking unit

Retail brokerage Charles Schwab Corp. has filed a proposal with the Federal Reserve to acquire Nordstrom FSB, according to the Federal Reserve release for the week ending Aug. 5.

Nordstrom FSB is a savings and loan subsidiary of retailer Nordstrom Inc. It had about $245.6 million in total assets as of June 30. Charles Schwab Bank had about $175.66 billion of assets as of June 30.

In June, members of the family that founded Nordstrom said they were exploring taking the company private by acquiring all of its outstanding shares.