WEDNESDAY, SEPTEMBER 17, 1997

NEW YORK—The Federal Reserve Bank of New York Wednesday approved the application by ALBANK Financial Corporation, Albany, N.Y., to become a bank holding company by acquiring ALBANK Commercial, Albany, N.Y., a de novo bank, and to retain its subsidiary savings bank, ALBANK, FSB, also of Albany.

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.