Press Release

Approval of the Application by Adirondack Bank

November 4, 2004

NEW YORK—The Federal Reserve Bank of New York approved the application by Adirondack Bank, Utica, New York, to purchase the assets and assume the liabilities of the Herkimer branch, Herkimer, New York, and the Ilion branch, Ilion, New York, of HSBC Bank USA, National Association, Buffalo, New York, and incident thereto, to establish branches.

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.