Centerbank to open supermarket branches.

WATERBURY, Conn.--(BUSINESS WIRE)--March 27, 1996--Soon, shoppers in five central Connecticut communities will be able to obtain a loan or open a checking account while picking up a quart of milk or doing their week's grocery shopping at their local supermarket. Centerbank has signed an agreement with Windsor Locks-based Edwards Super Food Stores to place full-service branches in their stores located in Clinton, Meriden, Orange, Shelton and Southington, announced Maureen A. Frank, executive vice president at Centerbank.

According to Frank, "Today, everyone is pressed for time. The value of their banking relationships isn't only measured in rates and service, but in accessibility, as well. Our supermarket branches will be open seven days a week, at hours that are convenient for our customers. Whether they want to open an account, apply for a mortgage or simply cash a check, our supermarket bankers will offer all of the benefits of a traditional bank, at a time and place that's right for our customers."

"We are proud to join forces with Centerbank - their banking services will be a great asset to us and to our customers," stated Anthony J. Schiano, president and CEO of Edwards Super Food Stores. "I'm confident that our customers will appreciate the convenience of having a full service bank within our stores."

According to National Commerce Bank Services Inc. one of the nation's leading providers of in-store banking services, the number of supermarket branches is expected to grow from 3,000 now to 7,500 by the year 2000. In a survey of supermarket shoppers conducted by NCBS last year, 79 percent of respondents used supermarket branches at least once a week, and 93 percent rated the presence of an in-store branch as "important" or "very important."

"Placing full-service branches in these supermarkets will not only allow Centerbank to reach a larger potential audience - over 100,000 shoppers a week in the five stores - but should benefit the Edwards chain as well. Industry surveys show that 38 percent of shoppers had not shopped at their supermarket regularly before becoming a bank customer and 50 percent went on to say that they shop more often and stay in the store longer now that a bank is available. These are powerful results - for both bankers and supermarket executives alike," added Frank.

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 without Centerbank accounts access to their funds.

Centerbank will begin opening the supermarket branches in late Spring.

Edwards Super Food Stores operates 102 stores throughout Connecticut, Massachusetts, Rhode Island, New Jersey and New York. The company, which has been in operation since 1916, employs nearly 16,000 people company-wide.

Center Financial Corp. is the holding company for Centerbank, Centerbank Mortgage Company, Center Capital Corp., and Affiliated Business Credit Corp. Upon the acquisition of Watertown-based Heritage Bank expected to be completed in the second quarter, Center Financial Corp. will have assets of approximately $3.6 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 $7.0 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, Waterbury

Patricia B. Sweet, 203/578-6296