FED APPROVES CHEMICAL NEW YORK &lt;CHL> MERGER

  Chemical New York Corp and Texas
  Bancshares Inc &lt;TCB> said the Federal Reserve Board approved
  their proposed 1.19 billion dlr merger.
      The companies also said the Securities and Exchange
  Commission declared effective as of March 24 the registration
  statement covering the securities Chemical will issue to Texas
  Bancshares shareholders as part of the merger.
      The companies said they expect to complete the merger,
  which will create a bank with 80 billion dlrs of assets, by the
  end of the second quarter. The merger still requires
  shareholder approval.
  

