Charter Oak Bank Reports More Robust Growth and Profitability.

NAPA, Calif. -- Charter Oak Bank, (OTCBB:CHOB) headquartered in Napa, California, reported net income of $30,949 during the third quarter of 2007. This represents an improvement of $78,664 from the net loss of $47,715 in the prior year. Moreover, deposits more than doubled, soaring to $74.8 million compared to $32.5 million for the same period in 2006. And, total assets jumped by 73% to $93.6 million as of September 30, 2007. Loans were up 70%, or $33.5 million, and totaled $81.4 million at the end of the quarter. Year to date, the Bank had a net loss of $54,653 as compared to a net loss of $305,855 as of the 2006 third quarter.

Brian Kelly, President/CEO stated that "in a very competitive market, the Bank's growth over the past year has been stellar. We believe this performance is a direct result of our superb staff and our loyal and rapidly growing customer base. We remain sharply focused on being a true community bank where decisions are made locally -- and where our staff and management have unparalleled years of experience in the Napa Valley. It is not surprising, therefore, that the North Bay Business Journal named Charter Oak one of the 'Best Places to Work in the North Bay' for a second consecutive year."

Forward-Looking Statements 

Statements concerning future performance, developments or events, expectations for growth and income forecasts, and any other guidance on future periods, constitute forward-looking statements that are subject to a number of risks and uncertainties. Actual results are pre-fiscal year-end audit and may differ materially from stated expectations. Specific factors include, but are not limited to, loan production, balance sheet management, expanded net interest margin, the ability to control costs and expenses, interest rate changes and financial policies of the United States government and general economic conditions. The Bank disclaims any obligation to update any such factors