The Federal Reserve Board gave North Fork Bancorp. of Mattituck, N.Y., permission to acquire Extebank of Stony Brook, N.Y., overruling several Community Reinvestment Act protests.
The Fed, in its Feb. 26 order, added two conditions to the deal. North Fork must file quarterly reports for two years on its lending in minority communities. It also must submit its CRA plans to the Federal Reserve Bank of New York, rather than just to the New York State Banking Department.