Allegiant Bancorp, Inc. Declares Increase in Quarterly Dividend.

Business Editors

ST. LOUIS--(BUSINESS WIRE)--Nov. 27, 2002

Allegiant Bancorp, Inc. (Nasdaq National Market symbol: ALLE), a St. Louis-headquartered bank holding company, declared its regular quarterly dividend of six and one-half cents per share of Common Stock consistent with its previously announced dividend policy. The dividend is payable January 15, 2003, to Shareholders of Record as of January 1, 2003.

Allegiant also announced an increase in its regular quarterly dividend to seven cents per share of Common Stock. The increase will be effective for the first dividend declared in 2003, which would be paid in April, and Allegiant's annual dividend will increase from $0.26 to $0.28 per share. Allegiant, which was founded in 1989, has now increased its dividend for eleven consecutive years.

Allegiant is the largest bank holding company exclusively serving the St Louis, Missouri market. Allegiant, headquartered in St. Louis, Missouri and the holding company of Allegiant Bank, Bank of Ste. Genevieve and State Bank of Jefferson County, offers full-service community banking, wealth management and personal trust services to individuals, businesses and municipalities through our 39 full-service banking locations in the St. Louis, Missouri metropolitan area. Our services include commercial, real estate and installment loans, checking, savings and time deposit accounts, personal trust and other fiduciary services and other financial services such as securities brokerage, insurance and safe deposit boxes.

As of September 30, 2002, Allegiant reported, on a consolidated basis, total assets of $2.3 billion, loans of $1.6 billion, deposits of $1.7 billion and shareholders' equity of $160 million.

Certain statements in this report relating to present or future trends or factors affecting the banking industry, and specifically, the operations, markets and products of Allegiant Bancorp, Inc., may be deemed to be forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Allegiant's actual strategies and results in future periods may differ materially from those currently expected due to various risks and uncertainties. Additional discussion of factors affecting Allegiant's business and prospects is contained in Allegiant's periodic filings with the Securities and Exchange Commission. Allegiant undertakes no obligation to report revisions to these forward-looking statements or reflect events or circumstances after the date of this release.