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M&T BANK AND THE EAST NEW YORK SAVINGS BANK BECOME STOCKHOLDERS OF THE FEDERAL HOME LOAN BANK OF NEW YORK

 NEW YORK, Nov. 2 /PRNewswire/ -- Alfred A. DelliBovi, President of the Federal Home Loan Bank of New York (NYSE: FRE), announced today that Manufacturers and Traders Trust Company (M&T Bank) and The East New York Savings Bank (East New York) are the Home Loan Bank's newest stockholders.
 "We are very pleased to welcome M&T Bank and East New York to the Home Loan Bank of New York," said Alfred DelliBovi. "M&T Bank now becomes our single largest member institution."
 M&T Bank and East New York are subsidiaries of First Empire State Corporation (First Empire), a bank holding company headquartered in Buffalo, New York. First Empire had assets of $10.9 billion as of September 30, 1993. Total deposits were $7.5 billion and total loans amounted to $7.1 billion.
 M&T Bank has 108 offices throughout Western New York State and New York's Southern Tier, 13 offices in New York's Hudson Valley, and offices in New York City, Albany, and Syracuse. Major subsidiaries include M&T Capital Corporation, M&T Financial Corporation, M&T Discount Brokerage, and M&T Mortgage Corporation. East New York has 19 offices serving metropolitan New York City.
 The Federal Home Loan Bank of New York is part of the Federal Home Loan Bank System, a national wholesale banking network of 12 regional, stockholder-owned banks. The FHLB of New York now serves 251 financial institutions in New Jersey, New York, Puerto Rico, and the U.S. Virgin Islands.
 -0- 11/2/93
 /CONTACT: Eric Amig of Federal Home Loan Bank of New York, 212-912-4678/
 (FRE)


CO: Federal Home Loan Bank of New York; Manufacturers and Traders
 Trust Company; The East New York Savings Bank ST: New York IN: FIN SU: TNM


LG-MP -- NY051 -- 3036 11/02/93 11:38 EST
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Publication:PR Newswire
Date:Nov 2, 1993
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