WASHINGTON - The Fed said it wants to know how the deal will affect the convenience and needs of the community, and how the banks have performed under the Community Reinvestment Act. The Fed also extended the public comment period by 11 days to Nov. 24. Officials at both banks said they welcome the chance to discuss their records at the Nov. 16 hearing, which the banks requested. "We did suggest a hearing last week," said Carol J. Parry, a managing director at Chemical. "We felt it was important that there be a through process for hearing all the comments from the community." Ms. Parry said she does not expect the hearing to delay the deal, which is expected to be completed during the first quarter of 1996. "I don't think there are any real risks," Ms. Parry said. "There will be people speaking positively and people speaking negatively." The hearing, conducted in conjunction with the New York State Banking Department, will be held at 9 a.m. at the Federal Reserve Bank of New York in Manhattan. Those wishing to testify must submit a written request to the New York banking department by Nov. 10.

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