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.
Approval of the Application by Interchange Financial Services Corporation
September 27, 2005
NEW YORK—The Federal Reserve Bank of New York Tuesday approved the application by Interchange Financial Services Corporation, Saddle Brook, New Jersey to acquire Franklin Bank, Nutley, New Jersey; and the application filed by Interchange Bank, Saddle Brook, New Jersey, for Franklin Bank to merge with and into Interchange Bank.
According to standard procedure, the proposal cannot be completed sooner than 15 days from the date of this announcement.
The Reserve Bank acted under authority delegated by the Board of Governors of the Federal Reserve System.