kinderhook to be BHC for National Union Bank

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					                         FEDERAL RESERVE BANK OF NEW YORK
                                    NEW YORK, N.Y. 10045-0001
                                         AREA CODE 212-720-5000

                                               April 23, 1997

Mr. Robert A. Sherwood
President and
 Chief Executive Officer
Kinderhook Bank Corp.
One Hudson Street
Kinderhook, New York 12106

Dear Mr. Sherwood:

       We refer to our letter of April 1, 1997, to your counsel, advising of the receipt, as of
March 25, 1997, of the notification filed pursuant to Section 3(a)(C) of the Bank Holding
Company Act of 1956, as amended (the “BHC Act”), and Section 225.15 of Regulation Y, by
Kinderhook Bank Corp., Kinderhook, New York ("Notificant"), to become a bank holding
company with respect to The National Union Bank of Kinderhook, Kinderhook, New York
(the "Bank").

       This is to advise you that, acting under authority delegated by the Board of Governors of
the Federal Reserve System (the "Board") at Section 265.11(c)(11) of its Rules Regarding
Delegation of Authority, this Reserve Bank has no objection to the notice. Enclosed is a copy of
our press release.

        Our action is subject to the Board's authority to require reports by, and make examinations
of, bank holding companies and their subsidiaries and to require such modification or termination
of activities of a holding company or any of its subsidiaries as the Board finds necessary to assure
compliance with, or prevent evasions of, the BHC Act, and the Board's regulations and orders
issued thereunder.

        Please advise us in writing promptly when the transaction is consummated, which should
not be later than three months after the date of this letter, unless that date is extended by this
Reserve Bank or the Board for good cause shown.

        Additionally, the following information with respect to Notificant should be provided to
this Reserve Bank within 30 days of consummation:

       1)      Mailing address of Notificant to be used in the future (if different from that
               provided in the application);

       2)      Date of fiscal year-end of Notificant;
FEDERAL RESERVE BANK OF NEW YORK    2                           Mr. Robert A. Sherwood
                                                                April 23, 1997

             3)       Parent-only balance sheet of Notificant as of the close of business on the date of
                      consummation (prepared in accordance with Generally Accepted Accounting

             4)       Number and percent of each class of voting shares of the Bank; and

             5)       List of changes, if any, in directors, principal officers and shareholders of
                      Notificant since the notice was filed.

             In filing this information, Notificant should follow the appropriate procedures with regard
     to confidentiality that are stated in Section 261.16 of the Board's Rules Regarding Availability of

                                                     Very truly yours,

                                                     Jay B. Bernstein
                                                     Bank Supervision Officer

     cc:     George J. Getman, Esq.

             Office of the Comptroller
              Of the Currency

             Board of Governors