Allaire Community Bank Announces Record Quarterly Earnings.

Business Editors

SEA GIRT, N.J.--(BUSINESS WIRE)--April 16, 2003

Allaire Community Bank, Wall Township, NJ (OTCBB: ALCY) announced net income for the quarter ended March 31, 2003 of $328,043, compared to $185,526 for the quarter ended March 31, 2002.

Per share earnings for the quarter ended March 31, 2003 were $0.17 basic and $0.16 diluted as compared to $0.10, basic and diluted, for the same period in 2002. The March 31, 2002 earnings per share have been restated to reflect the February 11, 2003 three-for-two stock split.

As of March 31, 2003, the Bank had total assets of $154,126,000, total deposits of $140,410,000 and total net loans outstanding of $96,749,000 as compared to total assets of $153,733,000, total deposits of $140,029,000 and total net loans outstanding of $90,270,000 as of December 31, 2002. As of March 31, 2003, the Bank did not have any non-performing loans. Total shareholders equity for the quarter ended March 31, 2003 was $12,951,000 as compared to $12,713,000 as of December 31, 2002.

Allaire Community Bank is very pleased to report we continue to receive a five-star rating from Bank Financial, Inc. (www.bauerfinancial.com), Coral Gables, Florida. We are also recognized by Veribanc, Inc. as a "Blue Ribbon Bank".

Allaire Community Bank, is a full service commercial bank, operating six (6) offices in Wall Township, Manasquan, Point Pleasant Boro, Neptune City, Bradley Beach, and Belmar, NJ.

Any questions can be directed to Carl F. Chirico, President & CEO, or Robert S. Vuono, Executive Vice President & CFO at 732-292-0500.