Enquirer news services

WASHINGTON - Bank of America and FleetBoston Financial Corp. won approval from the Federal Reserve on Monday for a merger creating the third-largest U.S. bank, a behemoth holding nearly $1 trillion in assets and stretching from California through the South and up to New England.

The Fed's board of governors voted 6-0 to clear the merger, determining that Bank of America's acquisition of FleetBoston would not threaten competition or unduly concentrate banking resources. The new institution will have about 5,700 branches.

The purchase of FleetBoston was estimated at $47 billion when announced last October.

Speed surges noted in some Toyota models

WASHINGTON - The government is investigating reports that some Toyota Camry, Camry Solara and Lexus ES300 vehicles have surged forward without apparent reason, injuring at least five people.

The National Highway Traffic Safety Administration said Monday it has received reports of 30 crashes due to the alleged defect.

The vehicles are from the 2002 and 2003 model years.

Toyota Motor Co. spokesman John Hanson said Monday the company has received similar complaints and is reviewing its internal records.

NHTSA also said Monday it is investigating reports that the sliding door on 1999-2002 Ford Windstar minivans can slide open while the vehicle is moving.

Adelphia director testifies about loans

NEW YORK - Former Adelphia Communications Corp. director Dennis Coyle first learned that members of the Rigas family had borrowed more than $2 billion from the company during a board meeting in February 2002, according to his testimony Monday at the fraud trial of John Rigas and two of his sons.

Public disclosure of the loans a month later led to a lending crisis that drove the company to file for bankruptcy protection.

Taser closer to long-range weapon

SCOTTSDALE, Ariz. - Taser International Inc. stock rose Monday after the company said it had completed a stage of development for a new long-range version of its namesake weapon, to be used by the military and law enforcement.

Its shares closed at $57.09, up $8.49, or 17 percent, on the Nasdaq Stock Market.

Taser guns fire electrically charged darts. Current handheld models have ranges of up to 21 feet.

Taser said the new technology, developed under a contract from the Office of Naval Research, allows for ranges of 30 feet and beyond. The company is seeking additional government funding for further trials.

T-bill rate down slightly this week

WASHINGTON - Interest rates on short-term Treasury securities fell in Monday's auction.

The Treasury Department sold $19 billion in three-month bills at a discount rate of 0.930 percent, down from 0.940 percent last week. An additional $17 billion was sold in six-month bills at a rate of 0.975 percent, down from 0.990 percent.

In a separate report, the Federal Reserve said Monday that the average yield for one-year constant maturity Treasury bills, a popular index for making changes in adjustable rate mortgages, edged up to 1.23 percent last week from 1.22 percent the previous week.