FRIDAY, JUNE 26, 1998

NEW YORK -- The Federal Reserve Bank of New York Friday approved the applications by PASL Holding Corp. and MetBank Holding Corp., both of New York City, to become bank holding companies with respect to Metropolitan National Bank, New York City, a proposed new bank.

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.