Press Release
Approval of Acquisition of All Voting Shares of EmigrantDirect Bank
October 27, 2006
Posted October 31, 2006

NEW YORK—The Federal Reserve Bank of New York Monday approved the application by New York Private Bank & Trust Corporation, Emigrant Bancorp, Inc., and Emigrant Bank, for a moment in time, all of New York, New York, pursuant to Section 3(a)(3) of the Bank Holding Company Act of 1956, as amended, to acquire all of the voting shares of EmigrantDirect Bank, Ossining, 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.