WEDNESDAY, OCTOBER 25, 2000

NEW YORK--The Federal Reserve Bank of New York Wednesday approved the application by Avant Financial, LLC, Syracuse, New York, to become a bank holding company by acquiring 67.5 percent of the voting shares of Reliance Bank, White Plains, New York.

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.