UBS is one of the world's largest diversified financial institutions, with extensive operations in Europe, the Middle East, Asia and the United States. City National Bank is headquartered in Beverly Hills, California and has more than 50 branches in California and New York City. First-Citizens is based in Raleigh, North Carolina and operates more than 340 branches in Virginia, West Virginia and North Carolina.

"UBS, City National Bank and First-Citizens are all unique banking franchises with different market strategies, but all recognize the value of being owners of The Clearing House," said Ken Thompson, CEO of Wachovia Corp. and Chairman of The Clearing House Board of Directors. "For companies with global operations or regional institutions focused in the U.S., The Clearing House provides the industry leadership and innovation that delivers a competitive advantage to institutions."

The addition of three new owner banks is the first expansion of The Clearing House Payments Company since the company reorganized in July 2004. The reorganization was designed to provide greater leadership to the industry and strengthen the company's delivery of payments services to banks, thrifts and credit unions across the country.

"Since the company streamlined its organizational structure a year ago, the clarity of our business model has made the value proposition of The Clearing House Payments Company and The Clearing House Association even more compelling," said Jeff Neubert, Chief Executive Officer of The Clearing House. "We are pleased that three more outstanding financial institutions have committed to leveraging the full power and capabilities of The Clearing House."

With UBS, City National and First-Citizens, there are now 22 owners of The Clearing House Payments Company. The business units of The Clearing House are CHIPS, the world's premier, real-time funds transfer system; EPN, the nation's private ACH operator and a leading provider of ACH association services; and SVPCO, the company's electronic check and paper check processing services business, which operates the SVPCO Image Exchange Network.

The owners of The Clearing House Payments Company, which represent 63 percent of deposits at commercial banks in the country, include the following banks or their U.S. banking affiliates: ABN AMRO Bank, Bank of America, The Bank of New York, Bank of Tokyo-Mitsubishi/Union Bank of California, BB&T, Citibank, Citizens Bank, City National Bank, Comerica Bank, Deutsche Bank, First-Citizens Bank & Trust Co., HSBC Bank, JPMorgan Chase Bank, KeyBank, M&T Bank, National City Bank, PNC Bank, SunTrust Bank, UBS, U.S. Bank, Wachovia Bank, and Wells Fargo Bank.

In addition to becoming an owner, UBS also joined The Clearing House Association L.L.C. Formed more than 150 years ago, the Association serves as a forum for exchanging ideas and addressing key issues facing financial institutions and their customers.