The Federal Deposit Insurance Corp. and the New York State Banking Department have approved North Fork Bancorp's application to acquire New York Bancorp, parent of Home Federal Savings Bank.

Shareholders of both companies approved the deal Jan. 30. Almost 26 million shares of North Fork stock will be issued to finance it. North Fork will swap 1.19 shares for each share of New York Bancorp stock. The deal is expected to close March 27.

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