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EXHIBIT 99
FOR IMMEDIATE RELEASE Contact: Steven T. Sabatini
Senior Executive V.P. &
Chief Financial Officer
Union State Bank
(914) 365-4615
Rick F. Hall
President and
Chief Executive Officer
La Jolla Bank
(858) 756-7888
UNION STATE BANK TO ACQUIRE THE STAMFORD, CONNECTICUT BRANCH
AND MANHATTAN BRANCH OF LA JOLLA BANK (CALIFORNIA)
ORANGEBURG, NY, MAY 26, 2000 - Union State Bank (USB), the Bank subsidiary of
U.S.B. Holding Co., Inc., and La Jolla Bank, La Jolla, California, jointly
announced that on May 25, 2000, they have signed a definitive agreement pursuant
to which USB will acquire the Stamford, Connecticut and Manhattan branches of La
Jolla Bank. The two branches to be acquired have approximately $100 million in
deposits, which will be assumed by USB in this transaction. La Jolla Bank will
retain its loan portfolio and lending operations in the New York area. Upon
completion of the transaction, the branches will become Union State Bank
branches.
As of March 31, 2000, U.S.B. Holding Co., Inc. has approximately $1.7
billion in assets and currently operates 22 branches in Rockland and Westchester
Counties, New York. La Jolla Bank has approximately $650 million in assets and
has operations in five states.
Thomas E. Hales, Chairman of the Board, President and Chief Executive
Officer of USB, commented that "the acquisition expands USB's presence from its
Rockland and Westchester base into the Fairfield County, Connecticut and New
York City marketplaces." Mr. Hales further stated that "the expansion of our
franchise into these areas is a natural progression into markets where the Bank
has already established strong lending relationships."
Rick F. Hall, President and Chief Executive Officer of La Jolla Bank,
commented that "La Jolla Bank will work closely with Union State Bank to assure
a successful transition of the branches."
The transaction is contingent upon the receipt of required bank
regulatory approvals. The parties anticipate that the transaction will be
consummated in the third quarter of 2000.
Further information on Union State Bank can be found on the world wide
web at www.unionstate.com.
U.S.B. Holding Co., Inc. common stock is listed on the New York Stock
Exchange trading under the symbol "UBH."
