Advantage Bank Achieves First Profitable Quarter; Assets Surpassed $50 Million Milestone.

Business Editors

BRANCHBURG, N.J.--(BUSINESS WIRE)--Nov. 3, 2000

Advantage Bank today announced that it achieved its first profitable quarter totaling $32 thousand. This marks Advantage's fourth consecutive month of profitability.

Total assets at the end of the third quarter reached $61 million, compared to $26 million a year earlier. Deposits grew to $53 million, a 192 percent increase over $18 million for the same period ended September 30, 1999. Loans totaled $34 million, more than $20 million over Advantage's $14 million loan portfolio compared to prior year.

Chief Executive Officer Peter G. Schoberl said, "Advantage's strong performance reflects our concerted efforts to remain focused on the bottom line. We continue to see an influx of deposits, strong loan demand and with our high level of non-interest bearing deposits, Advantage is able to achieve net interest margins above that of our peers. These are truly exciting accomplishments and we look forward to the challenges and opportunities we face in the future."

Advantage Bank opened for business Jan. 12, 1999, at 3421 Route 22 East, Branchburg, and six months later added its first branch office, at 215 Route 31 South, Flemington. A second branch was opened this summer in the Triangle Center at 286 Route 206 South, Hillsborough. The bank serves communities in Somerset and Hunterdon counties.

Advantage offers free-for-life personal checking accounts and other full-service banking products. Advantage Bank is a member of FDIC and MAC, and is an equal housing lender. For further information about Advantage Bank, call 800.959.0068 or visit the bank's Web site at bankadvantage.com.