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             U.S. SECURITIES AND EXCHANGE COMMISSION
                     Washington, D.C.  20549

Litigation Release No. 15254 / February 11, 1997

SECURITIES AND EXCHANGE COMMISSION V. THOMAS J. FARRELL,, United
States District Court for the Western District of New York, Civil
Action No. 95-CV-6133T.

     The Securities and Exchange Commission today announced that
on February 3, 1997, the Honorable Michael A. Telesca, United
States District Judge, entered an Amended Final Judgment of
Permanent Injunction and Other Relief against Defendant Thomas J.
Farrell.  The Amended Final Judgment, which was based upon the
Court's November 6, 1996 Decision and Order granting the
Commission's motion for summary judgment, orders Farrell to
disgorge profits of $32,187.50 along with prejudgment interest of
$10,421.36 from his insider trading in the stock of Rochester
Community Savings Bank, and also orders Farrell to pay a penalty
of $32,187.50 under the Insider Trading and Securities Fraud
Enforcement Act of 1988 ("ITSFEA").  The Amended Final Judgment
also permanently restrains and enjoins Farrell from violating
Section 10(b) of the Securities Exchange Act of 1934 and Rule
10b-5 thereunder, and permanently bars Farrell from serving as an
officer or director of any publicly-traded banking or financial
institution.

     See also Litigation Releases 14349 (December 8, 1994), 14406
(February 8, 1995) and 14553 (July 6, 1995).  The investigation
is continuing with respect to other trading in RCSB securities. 
The case originated from the Division of Enforcement's market
surveillance activities.