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COVENANT BANK SHAREHOLDERS APPROVE ACQUISITION OF NEW JERSEY SAVINGS AND LOAN ASSOCIATION; BANK ANNOUNCES ADDITION OF RETAIL PRODUCT LINE

 HADDONFIELD, N.J., May 13 /PRNewswire/ -- At the annual meeting of Covenant Bank (OTC Bulletin Board: CNSK) held last Wednesday, shareholders unanimously voted to approve the acquisition, with no consideration, of New Jersey Savings and Loan Association of Atco, N.J.
 The meeting was the most well attended in the bank's history.
 The acquisition of the Atco-based bank, which has assets of approximately $50 million, adds three offices to the Covenant franchise, brining the total number of offices to eight and assets to approximately $170 million. The merger is expected to close in the second quarter.
 Presently, Covenant operates personal banking centers in Haddonfield, Moorestown, Linwood and Cape May Court House, N.J.
 A "transition team" composed of representatives from both Covenant and New Jersey Savings and Loan is already in the process of converting the bank to reflect the Covenant corporate image. There are immediate plans to renovate each branch to reflect the interior of the existing offices. (Covenant personal banking centers are distinguished by their warm, homelike atmospheres. Each office has the "Covenant signature," including oriental carpets, hardwood floors and a grandfather clock.)
 The annual meeting also provided Philip W. Koebig III, Covenant Bank's president and chief executive officer, the opportunity to introduce a retail product line.
 "Our strong capital position has provided the bank with the foundation to take advantage of the many opportunities available in the marketplace. The next step is to broaden the scope of our products and services to better serve an expanded customer base," stated Koebig.
 Covenant Bank, which opened in 1988, has traditionally served individuals of high net worth -- professionals and entrepreneurs who own small to medium-size businesses. With the acquisition of New Jersey Savings and Loan, the bank will have the opportunity to offer its highly personalized customer service style to a larger market, and provide a new, diverse retail product line.
 Koebig specifically announced the launch of the Achievement Checking (requires a $100 minimum) product. Future products include:
 -- The Golden Achiever (geared toward the over-50 market)
 -- Covenant Account (relationship banking)
 -- Business Checking (an account designed for growing businesses)
 -- Flex IRA (allows customers to make payments all year-round)
 Other new and enhanced services include: NOW Checking, Young Achievers Passbook, CDs, Money Market Accounts, Statement Savings, Holiday/Vacation Clubs, IRA CDs, new MAC locations, and Business Money Markets.
 In addition to the vote of the New Jersey Savings and Loan Association, the annual meeting was also held for the purpose of voting on six proxy issues including: a proposal to approve the conversion of the bank from a capital stock savings bank to a commercial bank including a new Certificate of Incorporation, and to elect four directors. All issues were approved.
 /delval/
 -0- 5/13/93
 /CONTACT: Beverly Cohen of RB&T, 609-428-3105, for Covenant Bank/


CO: Covenant Bank; New Jersey Savings and Loan Association ST: New Jersey IN: FIN SU: TNM

MK-CC -- PH003 -- 7920 05/13/93 08:33 EDT
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Publication:PR Newswire
Date:May 13, 1993
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