NEW YORK—The Federal Reserve Bank of New York approved the application by American Community Bancorp Inc. to become a bank holding company by acquisition of American Community Bank, both of Glen Cove, New York, pursuant to Section 3(a)(1) of Bank Holding Company Act of 1956 and Section 225.15 of Regulation Y.

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.