The Federal Reserve Board has given Emigrant Bancorp, New York, permission to acquire nearly 10% of another New York City thrift, Queens County Bancorp.

Queens County, which has $1.2 billion of assets, had objected to the deal, saying Emigrant was trying to seize control. But the Fed said in an April 1 order that Emigrant, which controls $6 billion in assets, has agreed not to interfere with the the thrift's operations.

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