Carnegie Bank opens new Flemington office.

PRINCETON, N.J.--(BUSINESS WIRE)--March 24, 1997--CARNEGIE BANCORP (NASDAQ/NNM: CBNJ, CBNJW) announced today that Carnegie Bank, N.A. opened its newest full-service office this week at 171 Main Street, Flemington, New Jersey. In March 1996, under the direction of Garrett Bromley, Senior Vice President and Eileen Wolfe, Vice President, Carnegie Bank began meeting the financial needs of the Flemington area from a temporary full-service office at 8 Main Street in Flemington. Regular banking hours are Monday through Friday from 8:30 a.m. to 4:30 p.m. Their main phone number is [phone].

The loan officers at Carnegie Bank bring many years of professional experience as well as community involvement with them. They know the Flemington and surrounding communities well and recognize the needs of this growing area. Mr. Bromley was formerly employed with Flemington National Bank and is currently the President-elect of Flemington Rotary as well as the Treasurer & Board Member of the Hamilton Area YMCA. Ms. Wolfe was also formerly employed with Flemington National Bank and is currently a member of the Hunterdon County Chamber of Commerce, American Heart Association and Robert Morris Associates.

Carnegie Bank is a commercial bank focusing on the financial needs of small businesses, professionals and high net worth individuals. Its slogan "We Respond..." summarizes the promise Carnegie makes to recognize their needs and deliver timely service. Customers enjoy a private banking atmosphere at Carnegie with evening and weekend appointments and sit-down teller counters. Carnegie's approach is a welcome relief to customers in an otherwise impersonal banking world.

According to Thomas L. Gray, Jr., President of Carnegie Bank, "The business environment, and especially banking, has seen many transitions in the last few years. One change in particular is the recognition that companies cannot be everything to all customers. That is Carnegie Bank's philosophy and one of the reasons we have been so successful. We know that small businesses and professionals desperately seek prompt, personalized service. Carnegie provides a loan officer at each branch to discuss their needs, make quick decisions and offer financing which help grow their businesses."

Credit services that Carnegie provides are Commercial Loans, Commercial Mortgages, Lines of Credit, Construction Loans, SBA Loans and EDA Loans. Deposit services include the Carnegie Bank trademark's Free Business Checking Accounts, Competitive Rates on Savings, Cash Management Services, Attorney/Realtor Escrow Accounts and Banking by Mail. Trust and Investment Management services are also available.

CARNEGIE BANK, N.A., a national bank headquartered in Princeton, New Jersey, is the single subsidiary of CARNEGIE BANCORP. Other branches are located in Denville, Hamilton, Marlton, Montgomery Township and Toms River, New Jersey, as well as Langhorne, Pennsylvania. As of December 31, 1996, Carnegie's asset size was $343 million. The bank is a member of the FDIC and is an equal housing lender.

CONTACT: THOMAS L. GRAY, JR. [phone]

LEONARDO G. ZANGANI [phone]