Center Financial CEO and CFO address New York investment audience.

WATERBURY, Conn.--(BUSINESS WIRE)--Nov. 14, 1995--Center Financial (NASDAQ: CFCX) Corp.'s President and Chief Executive Officer Robert J. Narkis and Vice President and Chief Financial Officer Joseph Carlson II today presented a comprehensive look at Center Financial Corporation 10 months into the company's high performance initiative. The presentation to a group of over 150 investors and analysts took place at a meeting hosted by Ryan, Beck & Co. in New York City.

According to Narkis, "To achieve our high performance objectives, we have designed cost management programs that have included a downsizing and reorganization effort for both Centerbank and Centerbank Mortgage Company, and have initiated revenue enhancement projects that, in 1995 alone, included three successful acquisitions, an aggressive SBA lending program, the introduction of a municipal finance business, the launching of a national consumer finance program, and the consideration of supermarket branches in our market areas. A broad array of revenue initiatives are now being considered for 1996."

Narkis credited internal changes with much of the company's progress. "Part of our overall effort to achieve high performance has included transforming our corporate culture through communications and training. High customer satisfaction, managed change, and `down-the-line' decision making are only a few examples of the values that will define our new corporate culture. Communications at every level of the organization, and our ongoing change management training program for every employee, are critical to our success."

In his remarks, CFO Joseph Carlson II indicated that the company expected to earn between 41 cents and 45 cents per share for the fourth quarter of 1995, with the possibility of exceeding that estimate if the Great Country acquisition, as expected, is completed during the quarter. According to Carlson, "On a pre-tax basis, the quarter will look very different if we complete the acquisition by year end. The Great Country transaction brings with it a substantial tax benefit, a restructuring charge, and several balance sheet and reserve level adjustments, all of which will impact the bottom line."

Center Financial Corp. is the holding company for Centerbank, Centerbank Mortgage Co., Center Capital Corp., and Affiliated Business Credit Corp. Upon completion of its acquisitions of Ansonia-based Great Country Bank and Watertown-based Heritage Bank, Center Financial Corp. will have assets of approximately $3.5 billion.

Established in 1850, Centerbank delivers banking services throughout central Connecticut and is insured by the FDIC. Centerbank Mortgage Company is a full-service mortgage banking company with a residential servicing portfolio of over $6.0 billion, operating through a nationwide network of over 20 loan origination offices, including partnerships with affinity groups and real estate brokerage companies under its subsidiary, The Mortgage Corner Inc., 11 wholesale/correspondent offices, and Center Credit Corp., a newly formed national consumer finance company. Center Capital Corporation is an equipment leasing firm that provides lease financing services nationwide to manufacturers and end-users of capital equipment. Affiliated Business Credit Corporation is a commercial finance company serving the Northeast.

CONTACT: Centerbank

Patricia B. Sweet, 203/578-6296