WEDNESDAY, OCTOBER 15, 1997

NEW YORK—The Federal Reserve Bank of New York today approved the application by Olympian New York Corporation, Brooklyn, N.Y., to become a bank holding company through the acquisition of 100 percent of the voting shares of Olympian Bank, Brooklyn.

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.