The Federal Home Loan Bank of New York said it has approved Interbank of New York for membership.

Interbank, with $109 million of assets, is headquartered in Astoria, Queens.

It is the 308th institution to join the Federal Home Loan Bank in the New York district.

The bank will use its membership to increase participation in the affordable-housing loan market, according to John C. Rakkou, Interbank's president and chief executive.

It has one office in Astoria and another in lower Manhattan.

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