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Press Release

Approval of the Application by Sleepy Hollow Bancorp, Inc

Monday, May 19, 2003

NEW YORK--The Federal Reserve Bank of New York Monday approved the application by Sleepy Hollow Bancorp, Inc., New York, New York, to become a bank holding company with respect to Sleepy Hollow Bank, Sleepy Hollow, New York.

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.

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