Merchants N.Y. becomes holding company.

NEW YORK -- Merchants New York Bancorp said its conversion to a one-bank holding company was effective July 1.

Merchants said the holding company will allow it to own banking institutions across state lines and sell a variety of financial products and services.

Its principal subsidiary, Merchants Bank of New York, has $250 million available for lending to small and midsize businesses and plans to continue lending to quality middle-market borrowers in the region.

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