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NEW YORK—The Federal Reserve Bank of New York Wednesday approved the notice by Summit Bancorp, Princeton, NJ, to merge with NSS Bancorp, Inc., Norwalk, CT, and acquire its state-chartered savings bank subsidiary, NSS Bank, Norwalk, CT.

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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