TUESDAY, APRIL 21, 1998

NEW YORK -- The Federal Reserve Bank of New York Tuesday approved the application by Interchange Financial Services Corporation, Saddle Brook, NJ to acquire all of the outstanding shares of The Jersey Bank for Savings, Montvale, NJ.

The Reserve Bank also approved the application by Interchange Financial Services Corporation's bank subsidiary, Interchange Bank, to merge with The Jersey Bank for Savings.

According to standard procedure, the proposal cannot be completed for 15 days pending review by the Justice Department.

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