USB acquires deposits.As part of the strategic plan to expand its Westchester County, New York '' Westchester County is a primarily suburban county located in the U.S. state of New York with about 950,000 residents. It is part of the New York Metropolitan Area. It was named after Chester, in England, and the county seat is White Plains. , market share, Union State Bank, the bank subsidiary of U.S.B. Holding Co., Inc., has signed definitive agreements with the Federal Deposit Insurance Corporation Federal Deposit Insurance Corporation (FDIC), an independent U.S. federal executive agency designed to promote public confidence in banks and to provide insurance coverage for bank deposits up to $100,000. to acquire all deposits and assume certain loans of Reliance Bank of White Plains, New York For other places with the same name, see White Plains (disambiguation). White Plains is a city in south-central Westchester County, New York, about 4 miles (6 km) east of the Hudson River and . Approximately $25.3 million in deposits will be assumed. and approximately $10.4 million of single family residential mortgage loans will be acquired by USB in this transaction. The premium paid for the deposits assumed approximates 9.4 percent. The transaction has received the necessary regulatory approvals Reliance was closed by the New York Superintendent of Banks, which appointed the FDIC FDIC See: Federal Deposit Insurance Corporation FDIC See Federal Deposit Insurance Corporation (FDIC). as Receiver, March 19, 2004. |
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