Press Release
Approval of Application by Australia and New Zealand Banking Group Limited, Melbourne, Australia
May 21, 2007

NEW YORK—The Federal Reserve Bank of New York on May 18 approved the application by Australia and New Zealand Banking Group Limited, Melbourne, Australia, to acquire, pursuant to Section 3(a)(3) of the Bank Holding Company Act of 1956, as amended, Citizens Bancorp and indirectly its wholly owned subsidiary, Citizen's Security Bank, both located in Hagatna, Guam.

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.