WARWICK COMMUNITY BANCORP

Warwick Community Bancorp was organized as a Delaware corporation on September 10, 1997 at the direction of the Board of Trustees of the Bank for the purpose of becoming the holding company to own all of the outstanding capital stock of the Bank upon consummation of the Conversion. The Company has received the approval of the FRB to acquire the Bank and become a bank holding company, and, as such, the Company will be subject to the regulations of the FRB.