TUESDAY, AUGUST 11, 1998

NEW YORK --The Federal Reserve Bank of New York today approved the notice by U.S.B. Holding Co., Inc, Orangeburge, NY to acquire 100 percent of the shares of common stock of Tappan Zee Financial, Inc., Tarrytown, NY and Tarrytowns Bank, FSB, Tarrytown, NY.

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.