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 growing role of nonbank financial institutions, or NBFIs, in U.S. financial markets is a transformational trend with implications for monetary policy and financial stability.
  
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Community Development
& Education

MONDAY, FEBRUARY 22, 1999

NEW YORK—The Federal Reserve Bank of New York Monday approved the notice by M&T Bank Corporation and Olympia Financial Corporation, both of Buffalo, NY, to acquire FNB Rochester Corp., Rochester, NY and its bank subsidiary, First National Bank of Rochester, Rochester, NY, which will merge with and into Manufacturers and Traders Trust Company, Buffalo, NY.

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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