NEW YORK—The Federal Reserve Bank of New York Tuesday approved the application by New York Private Bank & Trust Corporation and Emigrant Bancorp, Inc., both of New York, New York, pursuant to Section 3 of the Bank Holding Company Act of 1956, as amended, to acquire all of the voting shares of DollarSavingsDirect.com, Ossining, New York.

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.