The Federal Reserve Bank of New York works to promote sound and well-functioning financial systems and markets through its provision of industry and payment services, advancement of infrastructure reform in key markets and training and educational support to international institutions.
The Outreach and Education function engages, empowers and educates the Second District communities that the Bank serves, especially civic leaders, students, educators, small business owners, policymakers and the general public. It furthers the Bank's commitment to the region by listening to the communities we serve and leveraging our unique attributes to positively impact school and university programs, as well as analysis and research.
FOR IMMEDIATE RELEASE: WEDNESDAY, OCTOBER 30, 1996
NEW YORK -- The Federal Reserve Bank of New York Wednesday announced that it has approved the application by Iroquois Bancorp, Inc., Auburn, N.Y., to become a bank holding company with respect to Cayuga Savings Bank, Auburn, N.Y. ("CSB"), and Cayuga Bank, Auburn, New York ("Cayuga Bank"). Iroquois contemplates that CSB will be merged with and into Cayuga Bank.
The Reserve Bank has also approved the notice by Iroquois to retain The Homestead Savings (FA), Utica, N.Y. ("Homestead"); to engage in insurance activities through CSB's subsidiary, Cayuga Financial Services, Inc. ("CFS") and Homestead's subsidiary, H.S. Services Corporation; to engage in securities brokerage activities through CFS and to engage in investment and financial advisory services through CFS.
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.