<TABLE> <S> <C>

<PAGE>
<ARTICLE> 9
<LEGEND>
This schedule is a compilation of information appearing in the financial
statements that are included in the Quarterly Report on Form 10-Q.  Merchants
New York Bancorp for the quarter ended March 31, 1997.  It is qualified in its
entirety by reference to those financial statements.
</LEGEND>
       
<S>                             <C>                     <C>
<PERIOD-TYPE>                   3-MOS                   12-MOS
<FISCAL-YEAR-END>                          DEC-31-1997             DEC-31-1996
<PERIOD-END>                               MAR-31-1997             DEC-31-1996
<CASH>                                      45,304,926              57,488,091
<INT-BEARING-DEPOSITS>                         469,656                 351,968
<FED-FUNDS-SOLD>                            10,000,000              26,000,000
<TRADING-ASSETS>                                     0                       0
<INVESTMENTS-HELD-FOR-SALE>                624,083,845             561,600,523
<INVESTMENTS-CARRYING>                     160,698,901             166,908,260
<INVESTMENTS-MARKET>                       161,861,457             169,340,000
<LOANS>                                    280,003,312             297,080,725
<ALLOWANCE>                                  6,000,033               5,616,971
<TOTAL-ASSETS>                           1,154,838,316           1,137,798,701
<DEPOSITS>                                 855,158,109             875,693,410
<SHORT-TERM>                               167,527,809             127,199,039
<LIABILITIES-OTHER>                         30,604,791              31,370,620
<LONG-TERM>                                          0                       0
<PREFERRED-MANDATORY>                                0                       0
<PREFERRED>                                          0                       0
<COMMON>                                         4,994                   4,988
<OTHER-SE>                                 101,542,613             103,530,644
<TOTAL-LIABILITIES-AND-EQUITY>           1,154,838,316           1,137,798,701
<INTEREST-LOAN>                              6,204,420              25,300,755
<INTEREST-INVEST>                           13,264,086              47,473,933
<INTEREST-OTHER>                               109,204                 320,297
<INTEREST-TOTAL>                            19,577,710              73,094,985
<INTEREST-DEPOSIT>                           7,151,029              26,438,521
<INTEREST-EXPENSE>                           8,866,746              33,455,196
<INTEREST-INCOME-NET>                       10,710,964              39,639,789
<LOAN-LOSSES>                                  250,000               2,580,000
<SECURITIES-GAINS>                                   0                 372,396
<EXPENSE-OTHER>                              5,657,961              22,264,647
<INCOME-PRETAX>                              5,992,615              20,081,295
<INCOME-PRE-EXTRAORDINARY>                           0                       0
<EXTRAORDINARY>                                      0                       0
<CHANGES>                                            0                       0
<NET-INCOME>                                 3,391,083              12,670,771
<EPS-PRIMARY>                                     0.68                    2.52
<EPS-DILUTED>                                     0.68                    2.52
<YIELD-ACTUAL>                                    4.41                    4.41
<LOANS-NON>                                      1,000               1,109,000
<LOANS-PAST>                                     1,215                 687,000
<LOANS-TROUBLED>                                     0                       0
<LOANS-PROBLEM>                                      0                       0
<ALLOWANCE-OPEN>                             5,617,000               6,484,000
<CHARGE-OFFS>                                        0               4,405,000
<RECOVERIES>                                   133,000                 958,000
<ALLOWANCE-CLOSE>                            6,000,000               5,617,000
<ALLOWANCE-DOMESTIC>                           520,000                 579,000
<ALLOWANCE-FOREIGN>                                  0                       0
<ALLOWANCE-UNALLOCATED>                      5,480,000               5,038,000
        

</TABLE>