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Philadelphia Fed approves Wallkill Valley Federal-Hometown Bancorp deal

The Federal Reserve Bank of Philadelphia approved Wallkill, N.Y.-based Wallkill Valley Federal Savings and Loan Association's pending acquisition of Walden, N.Y.-based Hometown Bancorp Inc. (MHC).

The Office of the Comptroller of the Currency and Hometown Bancorp shareholders have already approved the deal.

Having received all the necessary regulatory approvals, Hometown Bancorp expects the deal to close Aug. 11.

Hometown Bancorp is the mid-tier holding company for Hometown Bank of the Hudson Valley (MHC). Hometown Bancorp MHC owns more than 56% of Hometown Bancorp's shares.