A planned mutual-to-stock conversion by New York's Roslyn Savings Bank is refocusing attention on the speed and efficiency of the Federal Deposit Insurance Corp.'s approval process.

The conversion by the $1.6 billion-asset thrift, announced late last month, would be the second largest in history, behind GreenPoint Savings Bank's 1994 conversion. Roslyn, with $232 million in capital, is expected to offer about $450 million in stock to the public.

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