WEDNESDAY, SEPTEMBER 22, 1999

NEW YORK--The Federal Reserve Bank of New York Wednesday approved the application by Boiling Springs, MHC, and its subsidiary, Boiling Springs Bancorp, both of Rutherford, NJ, for Boiling Springs, MHC to acquire 100 percent of Boiling Springs Bancorp’s common stock and, immediately thereafter, for Boiling Springs Bancorp to acquire 100 percent of the common stock of Boiling Spring Savings Bank, Rutherford, NJ.

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.