State Bank of Long Island Named as Leading Member for FDIC Insurance Service CDARS.

JERICHO, N.Y. -- Promontory Interfinancial Network has named State Bank of Long Island a "Network Leader" for annual volume placement by using its service, CDARS (Certificate of Deposit Account Registry Service) in 2006.

State Bank of Long Island's deposits placed through CDARS ranked in the top 10 % of network member institutions. Over 1,000 banks are part of the network. State Bank of Long Island joined the network in September of 2003.

With CDARS, State Bank of Long Island is able to offer its customers the convenience of working with one bank, negotiating one rate for all CDs, and receiving one consolidated statement. Currently, through CDARS, the Bank provides customers with access up to $25 million in FDIC insurance by placing their deposits into smaller-denomination CDs with other banks.

Ann Marie Tarantino, Vice President of State Bank, said, "Our customers have been very happy using the CDARS service. The can access security, convenience and CD-level rates working directly with our Bank - on deposits up to $25 million. CDARS has been a great took for building our customer relationships."

Promontory's Chief Executive Officer, Gene Ludwig said: "CDARS continues to help banks manage their balance sheet in many ways - allowing banks to generate deposits or to offload unneeded assets. By offering CDARS, our members can meet their own needs as well as provide customers with a unique service. We commend our Network Leaders for their impressive efforts with CDARS."

About State Bank of Long Island: State Bank of Long Island is the largest independent commercial bank headquartered in Nassau County. In addition to its sixteen branch locations throughout Nassau, Suffolk, and Queens Counties, the Bank owns N.Y. based-Studebaker-Worthington Leasing Corp. and maintains a lending facility in Jericho. State Bank has a consistent track record of measured, orderly growth and has built a reputation for providing high-quality personal service to meet the needs of commercial, small business, municipal and consumer markets throughout Long Island. The Company maintains a world wide web site at www.statebankofli.com with corporate, investor and branch banking information.

About Promontory Interfinancial Network: Based in Arlington, VA, Promontory Interfinancial Network was founded in 2002 by former Comptroller of the Currency Eugene Ludwig and other leading figures in the banking industry to develop and provide creative solutions to issues confronting bank management. To learn more about Promontory, go to www.promnetwork.com. To learn more about CDARS, go to www.cdars.com.