ArgentBank and Assumption Bank announce shareholders' approval of merger.

THIBODAUX, La.--(BUSINESS WIRE)--May 22, 1997--The board of directors of Assumption Bancshares Inc. ("Assumption"), its wholly-owned subsidiary, Assumption Bank & Trust Co. ("Assumption Bank"), and ArgentBank (ASE: AGB) announced jointly today that their shareholders have approved the merger of Assumption Bank with ArgentBank.

The special shareholders' meetings were held pursuant to a definitive agreement executed by both banks providing for a merger of Assumption Bank with ArgentBank for $21.5 million, or approximately $134 per share, payable in a combination of cash and ArgentBank common stock. It is anticipated that the merger will be consummated in June of 1997 pending FDIC approval.

Assumption Bank, founded in 1933 and headquartered in Napoleonville, La., has total assets of approximately $108 million and operates two branches, one motor branch in Assumption Parish and one supermarket branch in La Place, La.

Headquartered in Thibodaux, La. since 1910, ArgentBank's common stock is traded on the American Stock Exchange (ASE: AGB). Locally owned and managed, ArgentBank has assets of approximately $617 million and operates 16 full service offices, one drive-up facility and 15 ATMs throughout Lafourche, Terrebonne and Assumption parishes. In addition, ArgentBank has Loan Production Offices in the New Orleans area, Baton Rouge and Mandeville.

CONTACT: ArgentBank, Thibodaux

Randall E. Howard, 504/447-0550

or

Assumption Bancshares Inc.

Joseph H. Montero, 504/369-7269