Approval of Application by Modern Bank Management, New York

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Press Release

Approval of Application by Modern Bank Management, New York

June 26, 2008

NEW YORK—The Federal Reserve Bank of New York approved the application of Modern Bank Management LLC, Modern Bank Partners LLC and Modern Financial Inc. to acquire 100 percent of the voting shares of Modern Bank, N.A., all of New York, 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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