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

Litigation Release No. 15332 / April 15, 1997

SECURITIES AND EXCHANGE COMMISSION v. TIMOTHY J. MORIARTY, United
States District Court for the Western District of New York, Civil
Action No. 96-CV-6260-T.

     The Securities and Exchange Commission today announced that
on April 11, 1997, the Honorable Michael A. Telesca, United
States District Judge, entered final judgment in the Commission's
insider trading case against Timothy J. Moriarty, formerly Vice
President, Financial Management of The Rochester Community
Savings Bank ("RCSB").  Judge Telesca permanently enjoined
Moriarty from violating Section 10(b) of the Securities Exchange
Act of 1934 and Rule 10b-5 thereunder, and ordered Moriarty to
disgorge his profits of $52,562.50, along with prejudgment
interest of $19,608.06, from his purchases of RCSB securities
before a May 5, 1993 announcement by RCSB that it had received an
indication of interest in its possible acquisition.  The final
judgment notes that based upon Moriarty's sworn representations
in his Statement of Financial Condition submitted to the
Commission, the Commission is not seeking that the Court order
Moriarty to pay a civil penalty pursuant to the Insider Trading
and Securities Fraud Enforcement Act of 1988.  Moriarty consented
to the Final Judgment without admitting or denying the
Commission's allegations.

     For further information, see Litigation Release No. 14933
(June 6, 1996).  The investigation is continuing with respect to
other trading in RCSB securities.