FOR IMMEDIATE RELEASE: MONDAY, MARCH 10, 1997

NEW YORK -- The Federal Reserve Bank of New York Monday approved the application by U.S. Trust Corporation, New York City ("US Trust"), to acquire U.S. Trust Bank of Connecticut, Inc., Greenwich, CT ("UST Bank"), a de novo Connecticut state bank. US Trust will convert its limited purpose trust subsidiary, U.S. Trust Company of Connecticut, Greenwich, CT ("UST-CT"), to a full-service bank by establishing UST Bank, and merging UST-CT with and into UST Bank.

According to standard procedure, the proposal cannot be completed for 15 days.

The Reserve Bank acted under authority delegated by the Board of Governors of the Federal Reserve System.