Press Release

Approval of Application by USB Bancorp Inc.

November 26, 2018

NEW YORK—The Federal Reserve Bank of New York approved the application under Section 3(a)(1) of the Bank Holding Company Act of 1956, as amended, and Section 225.15 of Regulation Y, for USB Bancorp Inc., Danbury, Connecticut, to become a bank holding company, by acquiring 100 percent of the voting shares of Union Savings Bank, Danbury, Connecticut, in connection with the conversion of Union Savings Bank from mutual to stock form.

The Reserve Bank acted under authority delegated by the Board of Governors of the Federal Reserve System.