Press Release
Approval of the Application by Park Avenue Bancorp
February 14, 2006

NEW YORK—The Federal Reserve Bank of New York approved on Tuesday the application by Park Avenue Bancorp, Inc., New York City, New York, to become a bank holding company through the acquisition of The Park Avenue Bank, New York City, New York, pursuant to Section 3(a)(1) of the Bank Holding Company Act of 1956, as amended.

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.