Commercebank, N.A., a Subsidiary of Mercantil Servicios Financieros Announces Agreement to Acquire Florida Savings Bank; Acquisition to Expand Commercebank's Presence in Miami-Dade County.

CORAL GABLES, Fla. -- Commercebank, N.A., one of Florida's largest privately held banks and a subsidiary of Mercantil Servicios Financieros, a Venezuelan Company, announced today that it has signed a definitive merger agreement to acquire Florida Savings Bank from Florida Savings Bancorp, Inc., under the federal Bank Merger Act.

Florida Savings Bank, a financial institution operating in South Florida since 1999, serves its customers through three branches in Pinecrest, Sunny Isles Beach, and Westchester, all located in Miami-Dade County, Florida. At December 31, 2005, Florida Savings Bank had assets of $136 million, loans of $114 million and deposits of $118 million.

Under the agreement, Commercebank will merge with Florida Savings Bank, with Commercebank as the surviving institution.

"This transaction is part of our organization's growth strategy in the United States through our subsidiary Commercebank," said Gustavo Marturet, Presidente of Mercantil. Mr. Marturet added that Commercebank plays a key role in Mercantil's international business strategy, which includes trade finance and private banking in Latin America. He also highlighted the 30 years of international operations of Mercantil, especially in Latin America, as well as its philosophy of being a factor in the integration of these markets through trade finance and commerce.

"Florida Savings Bank is a solid and profitable organization with a qualified professional staff," said J. Guillermo Villar, President and Chief Executive Officer of Commercebank. "This transaction will provide Commercebank a broader banking network, expanding its operations in three highly desirable markets in Florida, and offering more and better services to our valued South Florida customers." Mr. Villar added that for more than 25 years Commercebank has increased its presence in Florida reaching assets of $4.1 billion, and deposits of $ 3.4 billion as of December 31, 2005.

The Management of Florida Savings Bancorp and Florida Savings Bank added, "We are pleased to be joining Commercebank. We look forward to being part of an organization that will provide the support and resources of a larger organization while continuing the commitment that Florida Savings Bank has had to our local customers since 1999. The merger will offer greater convenience and a broader range of products and services to our customers, while at the same time providing our management and employees with additional opportunities." They also added that stockholders and debenture holders of Florida Savings Bancorp would be receiving information regarding the merger transaction of Florida Savings Bank and the liquidation of Florida Savings Bancorp within the next few weeks.

The acquisition is subject to regulatory approval and approval by Florida Savings Bancorp stockholders. The merger transaction is expected to be completed in the second quarter of 2006. Sandler O'Neill & Partners, L.P., advised Florida Savings Bancorp in this transaction.

About Commercebank

Commercebank N.A., is one of the largest privately held banks in South Florida. Its head office, Commercebank Holding Corp., is a wholly owned subsidiary of Mercantil Servicios Financieros, the largest financial institution headquartered in Venezuela, with 80 years of experience in banking. Commercebank has assets in excess of $4.1 billion. The Bank is headquartered in Coral Gables, Florida, with eight branches throughout Miami-Dade County, two in Broward County, one in Manhattan, New York, and one in Houston, Texas. The Bank offers a wide variety of domestic, international and personal banking services, including investment, trust and estate planning through its subsidiaries, Commercebank Investment Services, and Commercebank Trust Company, N.A.

About Mercantil Servicios Financieros (MERCANTIL)

MERCANTIL is the first and most complete financial services provider in Venezuela, with more than $10 billion in total assets, and presence in 10 countries in the Americas and Europe. Mercantil is listed on the Caracas Stock Exchange (MVZ.A and MVZ.B) and in the "over the counter" market in the United States through an ADR program level 1 (OTC) MSVFY. Its main subsidiaries in Venezuela are: Banco Mercantil C.A. (Banco Universal); Seguros Mercantil and Merinvest C.A.; in the United States, Commercebank N.A., and in Switzerland, Banco Mercantil (Schweiz) AG.