FRIDAY , JULY 18, 1997

NEW YORK--The Federal Reserve Bank of New York Friday approved the application by United Roosevelt MHC, and its subsidiary, United Roosevelt Bancorp, Inc., both of Carteret, N.J., to become bank holding companies by acquiring 100 percent of the common stock of United Roosevelt Savings Bank, Carteret, N.J., 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.