FORM 4
[ X ] 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 *

RUDERMAN HOWARD V 		2. Issuer Name and Ticker or Trading Symbol

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

__ X __ Director                      _____ 10% Owner
_____ Officer (give title below)      _____ Other (specify below)
(Last)          (First)          (Middle)

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

1/1/2008
(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   1/1/2008     D    960162   D   (1) 0   D    
Common Stock   1/1/2008     D    119679   A   (1) 0   I   By Spouse  

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)   $20.59   1/1/2008     U        24915    5/23/2008   5/23/2017   Common Stock   24915     (2) 0   D    
Stock Option (Right to Buy)   $21.88   1/1/2008     U        24915    5/24/2007   5/24/2016   Common Stock   24915     (2) 0   D    
Stock Option (Right to Buy)   $20.14   1/1/2008     U        24915    5/25/2006   5/25/2015   Common Stock   24915     (2) 0   D    
Stock Option (Right to Buy)   $20.2   1/1/2008     U        24915    5/27/2005   5/27/2014   Common Stock   24.915     (2) 0   D    
Stock Option (Right to Buy)   $14.33   1/1/2008     U        24915    5/21/2004   5/22/2013   Common Stock   24915     (2) 0   D    
Stock Option (Right to Buy)   $13.56   1/1/2008     U        24915    5/23/2003   5/24/2012   Common Stock   24915     (2) 0   D    
Stock Option (Right to Buy)   $10.98   1/1/2008     U        24915    5/17/2002   5/18/2011   Common Stock   24915     (2) 0   D    
Stock Option (Right to Buy)   $9.43   1/1/2008     U        24915    5/15/2001   5/16/2010   Common Stock   24915     (2) 0   D    
Stock Option (Righ to Buy)   $10.66   1/1/2008     U        24915    5/20/2000   5/21/2009   Common Stock   24915     (2) 0   D    

Explanation of Responses:
( 1)  Cancelled in exchange for $8.925 in cash and 0.455 shares of common stock of KeyCorp per share.
( 2)  Cancelled in exchange for a cash payment (less any applicable withholdings) representing the difference between the exercise price and an amount equal to $8.295 in cash and 0.455 shares of common stock of KeyCorp per option.

Reporting Owners
Reporting Owner Name / Address
Relationships
Director 10% Owner Officer Other
RUDERMAN HOWARD V
100 DUTCH HILL ROAD
ORANGEBURG, NY 10962 		X



Signatures
/s/Catherine Martini by Power of Attorney for Howard V. Ruderman 12/31/2007
** 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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