NEW YORK—The Federal Reserve Bank of New York approved the applications by FNBNY Bancorp, Inc. and Modern Capital Holdings LLC, both of New York, New York, to become bank holding companies through the acquisition of 100 percent of Madison National Bancorp, Inc. and Madison National Bank, both of Hauppauge, New York, pursuant to Section 3(a)(1) of the Bank Holding Company Act of 1956, as amended (the “BHC Act”), and by Modern Capital Holdings LLC, New York, New York, to acquire 24.9 percent of The Upstate National Bank, Lisbon, New York, pursuant to Section 3(a)(3) of the BHC Act.
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.
