WASHINGTON - The Federal Reserve Board approved the application of First Interstate Bancorp of Los Angles on Sept. 22 to acquire two subsidiaries of Allegheny Financial Inc. of New York.

First Interstate will takeover Sacramento Savings Bank and Central Valley Security Co, both of Sacramento, Calif. As part of the agreement, First Interstate will increase its Community Reinvestment Act obligations in the California capital by making more loans and hiring a CRA loan officer for the community.

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