FED APPROVES CHEMICAL NEW YORK <CHL> MERGER Chemical New York Corp and Texas Bancshares Inc <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.