NAMIC announced yesterday that shareholders have approved the merger of the thrift by the new holding company, to be called Federal City Bancorp Inc. NAMIC officials said the deal had already been approved by the Office of Thrift Supervision.

The holding company will be headed by Stuart McFarland, a veteran bank official who has worked at the Federal National Mortgage Association, GE Finance affiliates, a national title company, and several thrifts and banks in the Washington area.

The bank has $38 million in assets, and after the reorganization is completed, $10 million in additional capital, according to Mr. McFarland and Charles Chamness, APB chairman and president of NAMIC. It currently operates out of an office building in Carmel, Ind., a suburb of Indianapolis.

Currently, the institution provides wholesale services to NAMIC members and independent insurance agents who do business with NAMIC members. The services it offers include financing for agency succession planning and agency financing and credit card services for NAMIC member companies.

When the recapitalization is completed, the new institution will expand to offer retail bank services through branches to be opened in the Indianapolis, Ind., and Montgomery County, Md., areas, Mr. Chamness said. Other new offerings contemplated include claims management services, retail branch operations, trustee accounts and additional agency financing for expansion and acquisition.

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