FOR IMMEDIATE RELEASE: FRIDAY, April 5, 1996

NEW YORK--The Federal Reserve Bank of New York Friday approved the application by Westwood Financial Corporation, Westwood, N.J., to become a bank holding company with respect to Westwood Savings Bank.

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.