FEDERAL RESERVE BANK of NEW YORK

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- 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.
  
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  The New York Fed has been working with tri-party repo market participants to make changes to improve the resiliency of the market to financial stress.
Community Development
& Education

TUESDAY, MAY 29, 2001

NEW YORK - The Federal Reserve Bank of New York Tuesday approved the application by First BanCorp, San Juan, Puerto Rico, to acquire 8.73 percent of the voting shares of Southern Security Bank Corporation, Hollywood, Florida.

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.

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