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COVENANT BANK REPORTS THIRD QUARTER RECORD EARNINGS

 HADDONFIELD, N.J., Oct. 22 /PRNewswire/ -- Covenant Bank (OTC Bulletin Board: CNSK), one of southern New Jersey's fastest-growing financial institutions, announced today it has completed another record quarter, and declared a 6 percent stock dividend on the common stock (record date Oct. 29, 1993, payable date Nov. 12).
 The announcement was made jointly by Richard A. Hocker, chairman, and Philip W. Koebig III, president and chief executive officer of Covenant Bank.
 For its third quarter ending Sept. 30, 1993, the bank reported net income of $225,000 or $.16 per common share, from $101,000 or $.09 per common share a year earlier. Net income for the nine months ended Sept. 30, 1993, was $496,000 or $.31 per common share compared to $245,000 or $.22 per common share a year ago. Net income per common share for the quarter ended and nine months ended Sept. 30, 1993, reflect preferred stock dividends of $52,000 and $156,000, respectively.
 Total assets amounted to $184.8 million at Sept. 30, 1993, compared to $105.2 million at Sept. 30, 1992, a $79.2 million or 75 percent increase. Total loans amounted to $124.3 million, a 73 percent increase over 1992 loans. Total deposits increased to $163.1 million, a 78 percent increase over 1992 deposits of $91.5 million. These numbers reflect, in part, the acquisition of New Jersey Savings and Loan Association in June of this year.
 Since its founding in 1988, Covenant has grown from one office, based in Haddonfield, to eight full-service personal banking centers in Atlantic (Linwood), Burlington (Moorestown), Camden (Haddonfield-two offices, Atco, Sicklerville and Voorhees) and Cape May (Cape May Court House) counties, N.J.
 /delval/
 -0- 10/22/93
 /CONTACT: Beverly C. Cohen of Covenant Bank, 609-428-3105/
 (CNSK)


CO: Covenant Bank ST: New Jersey IN: FIN SU: ERN

MK-LJ -- PH031 -- 5845 10/22/93 15:25 EDT
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Publication:PR Newswire
Date:Oct 22, 1993
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