FORM 4
[ ] Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).         
UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP OF SECURITIES
                                                                                  
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Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934, Section 17(a) of the Public
Utility Holding Company Act of 1935 or Section 30(f) of the Investment Company Act of 1940
                      

1. Name and Address of Reporting Person *

Stewart Lawrence 		2. Issuer Name and Ticker or Trading Symbol

USB HOLDING CO INC [ UBH ] 		5. Relationship of Reporting Person(s) to Issuer (Check all applicable)

_____ Director                      _____ 10% Owner
__ X __ Officer (give title below)      _____ Other (specify below)
Exec Vice President / CLO
(Last)          (First)          (Middle)

100 DUTCH HILL ROAD 		3. Date of Earliest Transaction (MM/DD/YYYY)

12/18/2007
(Street)

ORANGEBURG, NY 10962
(City)        (State)        (Zip)
4. If Amendment, Date Original Filed (MM/DD/YYYY)

 
6. Individual or Joint/Group Filing (Check Applicable Line)

_ X _ Form filed by One Reporting Person
___ Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1.Title of Security
(Instr. 3) 		2. Trans. Date 2A. Deemed Execution Date, if any 3. Trans. Code
(Instr. 8) 		4. Securities Acquired (A) or Disposed of (D)
(Instr. 3, 4 and 5) 		5. Amount of Securities Beneficially Owned Following Reported Transaction(s)
(Instr. 3 and 4) 		6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4) 7. Nature of Indirect Beneficial Ownership (Instr. 4)
Code V Amount (A) or (D) Price
Common Stock   12/18/2007     D    1174   D $0   0.00   (1) I   KESIP  
Common Stock                  16474.00   (2) I   KSOP  

Table II - Derivative Securities Beneficially Owned ( e.g. , puts, calls, warrants, options, convertible securities)
1. Title of Derivate Security
(Instr. 3) 		2. Conversion or Exercise Price of Derivative Security 3. Trans. Date 3A. Deemed Execution Date, if any 4. Trans. Code
(Instr. 8) 		5. Number of Derivative Securities Acquired (A) or Disposed of (D)
(Instr. 3, 4 and 5) 		6. Date Exercisable and Expiration Date 7. Title and Amount of Securities Underlying Derivative Security
(Instr. 3 and 4) 		8. Price of Derivative Security
(Instr. 5) 		9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4) 10. Ownership Form of Derivative Security: Direct (D) or Indirect (I) (Instr. 4) 11. Nature of Indirect Beneficial Ownership (Instr. 4)
Code V (A) (D) Date Exercisable Expiration Date Title Amount or Number of Shares
Stock Option (Right to Buy)   $14.11                   11/20/1998   5/20/2008   Common Stock   2941.00     2941.00   D  
 
Stock Option (Right to Buy)   $10.14                   10/7/1999   4/7/2009   Common Stock   5349.00     5349.00   D  
 
Stock Option (Right to Buy)   $10.94                   10/13/2000   4/13/2010   Common Stock   6685.00     6685.00   D  
 
Stock Option (Right to Buy)   $10.21                   10/4/2001   4/4/2011   Common Stock   6685.00     6685.00   D  
 
Stock Option (Right to Buy)   $14.16                   11/8/2002   5/8/2012   Common Stock   6685.00     6685.00   D  
 
Stock Option (Right to Buy)   $14.41                   10/16/2003   4/16/2013   Common Stock   8104.00     8104.00   D  
 
Stock Option (Right to buy)   $19.83                   10/15/2004   10/15/2014   Common Stock   9922.00     9922.00   D  
 
Stock Option (Right to Buy)   $20.14                   11/25/2005   5/25/2015   Common Stock   9922.00     9922.00   D  
 
Stock Option (Right to Buy)   $21.93                   4/12/2007   4/12/2016   Common Stock   3334.00     3334.00   D  
 
Stock Option (Right to Buy)   $21.93                   4/12/2008   4/12/2016   Common Stock   3332.00     3332.00   D  
 
Stock Option (Right to Buy)   $21.93                   4/12/2009   4/12/2016   Common Stock   3334.00     3334.00   D  
 
Stock Option (Right to Buy)   $21.93                   4/18/2008   4/18/2017   Common Stock   3334.00     3334.00   D  
 
Stock Option (Right to Buy)   $21.93                   4/18/2009   4/18/2017   Common Stock   3332.00     3332.00   D  
 
Stock Option (Right to Buy)   $21.93                   4/18/2010   4/18/2017   Common Stock   3334.00     3334.00   D  
 

Explanation of Responses:
( 1)  The reporting person acquired 26 shares of U.S.B. Holding Co., Inc. common stock through the Union State Bank Key Employees Supplemental Investment Plan for the year ended 2007, bringing his total shares to 1,174. As a result of the proposed merger between U.S.B. Holding Co., Inc. and KeyCorp., the person is paid out on his shares held.
( 2)  The reporting person acquired 1,229 shares of common stock through the U.S.B. Holding Co., Inc. Employee Stock Ownership Plan (with 401(k) Provisions).

Reporting Owners
Reporting Owner Name / Address
Relationships
Director 10% Owner Officer Other
Stewart Lawrence
100 DUTCH HILL ROAD
ORANGEBURG, NY 10962

Exec Vice President / CLO

Signatures
By: Catherine Martini, Power of Attorney 12/21/2007
** Signature of Reporting Person Date


Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4(b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations. See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB control number.
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