FEDERAL RESERVE BANK of NEW YORK

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- The Federal Reserve Bank of New York works to promote sound and well-functioning financial systems and markets through its provision of industry and payment services, advancement of infrastructure reform in key markets and training and educational support to international institutions.
  
  The New York Fed provides a wide range of payment services for financial institutions and the U.S. government.
  
  The New York Fed offers the Central Banking Seminar and several specialized courses for central bankers and financial supervisors.
  
  The New York Fed has been working with tri-party repo market participants to make changes to improve the resiliency of the market to financial stress.
Community Development
& Education

TUESDAY, APRIL 6, 1999

NEW YORK--The Federal Reserve Bank of New York Tuesday approved the application by Letchworth Independent Bancshares Corporation, Castile, NY, to acquire at least 61 percent of the common stock of The Mahopac National Bank, Mahopac, NY. According to standard procedure, the proposal cannot be completed for 15 days.

The Reserve Bank acted under authority delegated by the Board of Governors of the Federal Reserve System.

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