Press Release

Approval of the Application by ESB Acquisition Corp.

Friday, November 14, 2003

NEW YORK--The Federal Reserve Bank of New York Friday approved the application by ESB Acquisition Corp., New York City, to become a bank holding company by acquiring 100 percent of the voting shares of Emigrant Bancorp, the parent of Emigrant Savings Bank, each of New York City.

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.