BUSINESS MEMO: DEERE GETS CHARTER

Tractor maker Deere & Co. has obtained permission to operate a federally insured savings bank that will take over the company's credit card business.

The Office of Thrift Supervision announced Thursday its approval for Deere to open the bank, to be named FPC Financial and based in Madison, Wis.

Deere's credit card business includes separate programs for farm equipment, construction equipment and consumer home and garden products.

The new bank will be owned by a subsidiary, John Deere Capital Corp. In addition to the credit card business, it will make loans nationwide for manufactured housing.