The Federal Reserve Bank of New York has approved an application by American Community Bancorp Inc. to become a bank holding company, which will own of American Community Bank, based in Glen Cove.

The bank has four branches on Long Island and has assets of $164.2 million.

Anthony Capobianco, bank president and chief executive, said the holding company "allows us flexibility in pursuing other options," such as non-bank businesses. He said there are no plans to branch out into other areas, but now the company has that option if an opportunity pops up, he said.

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