MONDAY, JULY 13, 1998

NEW YORK—The Federal Reserve Bank of New York Monday approved the application by RSI Bancorp, MHC, and its subsidiary, RSI Bancorp, Inc., both of Rahway, N.J., to become bank holding companies by acquiring 100 percent of the common stock of The Rahway Savings Institution, a mutual savings bank that will convert to a stock form savings 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.