Document:

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                                                                    EXHIBIT 4.1

        VOID IF NOT RECEIVED BY THE SUBSCRIPTION AGENT BEFORE 5:00 P.M.
                       NEW YORK CITY TIME ON      , 2001

                         CBNY INVESTMENT SERVICES CORP.
                      SUBSCRIPTION RIGHTS FOR COMMON STOCK
                            SUBSCRIPTION CERTIFICATE

Dear Commercial Bank of New York Stockholder:

     As the registered owner of this Subscription Certificate, you are the
owner of the number of Rights shown on the reverse side of this Certificate.
Each Right entitles you to subscribe for one share of common stock, par value
$1.00 per share, of CBNY Investment Services Corp. (the "Basic Subscription
Right"). You may subscribe for such shares at the Subscription Price of $10.00
per share. If you subscribe for all of the shares available to be purchased by
you under your Basic Subscription Rights, you are also entitled to purchase an
unlimited number of additional shares at the Subscription Price (subject to
availability and proration) (the "Over-Subscription Right"). The other terms
and conditions of these Subscription Rights are set forth in the enclosed
prospectus.

     You have been issued one Right for every 5 shares of common stock that you
held in Commercial Bank of New York on        , 2001. You have not been issued
fractional Rights, but instead your number of Rights was rounded down to the
nearest whole Right, with such adjustments as may be necessary to ensure that
if all Rights are exercised, CBNY Investment Services Corp. will receive gross
proceeds of $10,600,000.

                               SAMPLE CALCULATION

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                            BASIC SUBSCRIPTION RIGHT
                         (one right for every 5 shares)
  --------------------------------------------------------------------------
                                               102       20  Rights
     No. of shares owned on the Record Date:  -----  =  ----
                                                5     (Ignore fraction)
  --------------------------------------------------------------------------
--------------------------------------------------------------------------------

                         THE RIGHTS ARE NOT TRANSFERABLE

You have four choices:

   o   You can subscribe for all of the new shares listed on the reverse side
       of this Certificate (the "Basic Subscription Right");

   o   You can subscribe for more than the number of new shares listed on the
       reverse side of this Certificate (the "Over-Subscription Right"). Shares
       may be available to you subject to an allocation process as described in
       the prospectus;

   o   You can subscribe for less than the number of new shares listed on the
       reverse side of this Certificate and allow the rest of your Rights to
       expire; or

   o   If you do not want to purchase any shares, you can disregard this
       material.

   TO SUBSCRIBE, FULL PAYMENT OF THE SUBSCRIPTION PRICE IS REQUIRED FOR EACH
   SHARE OF COMMON STOCK. YOU MUST COMPLETE THE REVERSE SIDE OF THIS
   CERTIFICATE TO SUBSCRIBE FOR NEW SHARES.

STOCK CERTIFICATES FOR THE SHARES SUBSCRIBED TO IN THE RIGHTS OFFERING WILL BE
DELIVERED AS SOON AS PRACTICABLE AFTER THE RECEIPT AND SATISFACTION OF ALL
REGULATORY APPROVALS AND OTHER CONDITIONS TO THE MERGER TRANSACTION, OTHER THAN
CONSUMMATION OF THE RIGHTS OFFERING, AS DESCRIBED IN THE PROSPECTUS. ANY REFUND
IN CONNECTION WITH YOUR SUBSCRIPTION WILL BE DELIVERED AS SOON AS PRACTICABLE
THEREAFTER.

ATTEST:                                    CBNY INVESTMENT SERVICES CORP.

By:                                        By:
   -------------------                         --------------------------
[Name]                                     [Name]
[Title]                                    [Title]

                                        1
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                                                       Account No.
                                                       No. of Rights:
                                                       Control No:

Name & address of Rights holder here

                                   No. of Basic Subscription Rights:

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<CAPTION>
                               PLEASE PRINT ALL INFORMATION CLEARLY AND LEGIBLY
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                                                   SECTION 1: SUBSCRIPTION
-------------------------------------------------------------------------------------------------------------------------------
BASIC SUBSCRIPTION RIGHT
------------------------
<S>                                                               <C>
If you wish to subscribe for your full basic subscription          A. I apply for _________________ shares x $10.00 = $________
rights OR a portion thereof:                                                     (No. of new shares)                   (Amount)
---------------------------------------------------------------------------------------------------------
OVER-SUBSCRIPTION RIGHT
-----------------------
If you have subscribed for your full basic subscription            B. I apply for _________________ shares x $10.00 = $________
rights above AND wish to purchase additional shares                              (No. of new shares)                   (Amount)
pursuant to the over-subscription right:
                                                                                               Total Amount Enclosed: $_________
   *You can only purchase additional shares if you have
      fully exercised your basic subscription rights.

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                                                   SECTION 2: ACKNOWLEDGMENT
-------------------------------------------------------------------------------------------------------------------------------
I acknowledge that I have received the prospectus for this offer and I hereby irrevocably subscribe for the number of shares
indicated above on the terms and conditions specified in the prospectus. I hereby agree that if I fail to pay for the shares of
common stock for which I have subscribed, CBNY Investment Services Corp. may exercise its legal remedies against me.

-----------------------------------------------

-----------------------------------------------                         (       )
          Signature of Subscriber(s)                                    ------------------------------------------------
                                                                        Telephone number (including area code)

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                SECTION 3: ADDRESS                                                 SECTION 4: SIGNATURE GUARANTEE
            (If different than above)                                                     (If applicable)
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  Address for delivery of shares if other than shown above.                You must have your signature guaranteed if you wish
                                                                           to have your shares delivered to an address other
  --------------------------------------------------------                 than that shown on the top of this certificate.

  --------------------------------------------------------

  --------------------------------------------------------

---|
   |  Check here if permanent address change
---|

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</TABLE>

                               PAYMENT FOR SHARES
            Full payment for the shares must accompany this form and
 must be made payable in United States dollars by either (i) a bank certified or
                     cashier's check payable to the order of
       The Chase Manhattan Bank, as escrow agent, or (ii) wire transfer of
       immediately available funds to the subscription account maintained
      by the escrow agent at The Chase Manhattan Bank, ABA No. 021000021,
      credit to (subscriber's name), for further credit to CBNY Investment
       Services Corp. Rights Offering Account, Attention:               .

                      DELIVERY OF SUBSCRIPTION CERTIFICATE

                      Sandler O'Neill Shareholder Services
                      c/o Sandler O'Neill & Partners, L.P.
                             -----------------------
                             -----------------------
                           Telephone Number:

     DELIVERY TO AN ADDRESS OTHER THAN THE ADDRESS SET FORTH ABOVE WILL NOT
                           CONSTITUTE VALID DELIVERY.

            DELIVERY BY FACSIMILE WILL NOT CONSTITUTE VALID DELIVERY.

                                       2REPRESENTATION AND AGREEMENT LETTER

TO:       Fidelity Brokerage Services, LLC
          National Financial Services, LLC
          Fidelity Investments Institutional Brokerage Group
          (collectively, "Fidelity" or "you")

FROM:     CBNY Investment Services Corp.
          ("CBNY" or "we")

DATE:     August 9, 2001

         We are a Broker Dealer and maintain brokerage accounts and custody
assets for our brokerage customers. We have requested that Fidelity open
and maintain brokerage sub-accounts for us (the "Accounts"), registered in
the name of CBNY and identified as being for the benefit of certain of our
international brokerage customers ("CBNY Clients"). In order to induce you
to maintain the Accounts for CBNY and to accept from us or from our
authorized agent various trading and other instructions with respect to the
Accounts, we hereby request, warrant and agree that:

         1)    we are your brokerage customer with respect to the Accounts;
         2)    CBNY Clients are our brokerage customers and will not be
               regarded as Fidelity's brokerage customers;
         3)    we are responsible for obtaining and maintaining all
               necessary documentation and information relating to CBNY
               Clients;
         4)    we are responsible for making all investment decisions and
               suitability determinations with respect to CBNY Clients;
         5)    CBNY Clients will not have any contact with Fidelity with
               respect to the Accounts;
         6)    we represent that we are and shall continue to be in
               compliance with applicable U.S. & foreign laws, rules and
               regulations with respect to our broker dealer activities

         Our domestic customers will be maintained at Fidelity on a fully
disclosed basis.

CBNY Investment Services, Corp.

By: /s/ Jose A. Paulucci
Name:   Jose Paulucci
Title:  President
Date:   August 9, 2001

                                     Page 1

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