Centerbank signs second agreement to open supermarket branches; Enters two new markets.

WATERBURY, Conn.--(BUSINESS WIRE)--April 25, 1996--In fewer than thirty days, Centerbank has signed a second agreement to place full-service branches in one of the state's leading supermarket chains.

Soon, shoppers at Big Y supermarkets in Monroe and Naugatuck will enjoy the opportunity to bank during extended hours, seven days a week, announced Maureen A. Frank, executive vice president at Centerbank.

"There are four growing supermarket chains in Connecticut today -- Edwards, Big Y, Stop & Shop and Shaw's. Centerbank is pleased to have the opportunity to partner with both Big Y and Edwards," commented Frank. "We are especially excited about entering the Monroe and Naugatuck areas. Both of these markets are new for Centerbank, and the sites will strongly complement our existing Naugatuck Valley branch locations in Shelton, Seymour, Ansonia and Beacon Falls."

"A recent survey of bank customers conducted by Strategic Solutions Group showed that, when given a choice, most would prefer to conduct their banking evenings or weekends. The extended hours planned for weekdays, as well as those on Saturdays and Sundays, will allow our customers to bank with us at a time and place that's convenient for them," continued Frank.

"Big Y's experience with in-store banking has been extremely positive. Our customers love to bank at the same place where they do their grocery shopping because it saves them so much time. Indeed, we are looking forward to adding Centerbank to our Big Y family," added Clair D'Amour, vice president of corporate affairs at Big Y Foods Inc.

The staffs of the supermarket branches will be equipped to offer all of the products and services of a traditional Centerbank branch. In addition, an in-store ATM will allow shoppers with or without Centerbank accounts access to their funds.

Centerbank will begin opening the Big Y supermarket branches in early summer.

Big Y Foods Inc. is a family-owned and operated chain of 36 supermarkets with locations in central and western Massachusetts and Connecticut. Founded in 1936 by brothers Paul and Gerald D'Amour, the company employs over 6,200 people.

Center Financial Corp. is the holding company for Centerbank, Centerbank Mortgage Co., Center Capital Corp. and Affiliated Business Credit Corp. It recently signed an agreement with Edwards Super Food Stores to place full-service branches in their stores located in Clinton, Meriden, Orange, Shelton and Southington and expects to open a total of eight supermarket branches by year-end.

Centerbank delivers banking services throughout central Connecticut via 44 branches in 27 communities and through alternative delivery systems, such as ATMs and telephone banking. It has assets of $3.7 billion and is insured by the FDIC. Centerbank Mortgage Co. is a full-service mortgage banking company with a residential servicing portfolio of $7.3 billion. Center Capital Corp. is an equipment leasing firm that provides lease financing services nationwide to manufacturers and end-users of capital equipment. Affiliated Business Credit Corp. is a commercial finance company serving the Northeast.

CONTACT: Centerbank

Patricia B. Sweet, 203/578-6296

Fax: [phone]

or

Big Y Foods Inc.

Clair D'Amour, 413/784-0615

Fax: [phone]