Commonwealth National Bank Reports Fourth Straight Quarter of Profits and Schedules Opening of Fourth Branch.

WORCESTER, Mass. -- Commonwealth National Bank (Commonwealth) (OTCBB:CWEA) announced its financial results for the third calendar quarter of 2004, which ended on September 30, 2004.

Pre-tax net income for the quarter grew to $62,000; an 11% increase over the prior three months and a significant improvement from the $212,000 loss recorded during the same quarter of 2003. After-tax net income equaled $57,000 or $0.03 per share. The per-share earnings exceeded the $0.02 per share recorded during the prior quarter and exceeds the $0.15 per share loss recorded during the third quarter of 2003. These results complete a full twelve months of profitability for Commonwealth, which opened for business in November of 2001.

Total assets grew to $182.1 million as of September 30, 2004, a 31% increase over the $139.5 million level as of December 31, 2003 and a 37% increase since September 30, 2003. Loans have increased by 60% from the same period last year, equaling $141.7 million on September 30, 2004, an increase of 33% from December 31, 2003. Total deposits have reached $145.7 million at quarter-end, a 32% increase in one year, and a 35% growth since the end of 2003.

Commonwealth President and CEO Charles Valade said, "We're very proud to announce that in addition to achieving profitability in less than two years, we have now recorded four full consecutive quarters of profitability. Our continued success, increased loan and deposit customers and continuing profitability, really underscores our founding idea: that people will respond to a locally-based bank that meets the needs of people and businesses in our community. By providing quality service, good products, convenient locations and the local decision-making, we're making a difference in banking in the region."

Commonwealth's fourth branch, at 701 Church Street in the Whitinsville section of Northbridge opened on Monday, November 15th, bringing the bank's state of the art banking services and convenience to the Blackstone Valley region. More new branches in the Worcester area are in the planning stage.

Valade added, "Our outstanding team of talented, customer-focused professionals, and personalized community-oriented banking have set us apart from the competition. We believe our customers understand and appreciate the difference, and that's why we've had phenomenal success in less than three short years; our growth is a reflection that success."

About Commonwealth National Bank

Commonwealth National Bank is the first new bank to open in the Worcester area in more than 15 years. Opened in December 2001, Commonwealth offers customers a traditional banking experience with high levels of personalized service, including extended business hours and Internet banking options. Commonwealth has branches in Worcester at 33 Waldo Street and 1 West Boylston Street, 564 Main Street, Shrewsbury and the just opened branch at 701 Church Street in Northbridge.

For more information about Commonwealth National Bank, including detailed financial information, please visit:www.commonwealthworcester.com

Certain statements in this press release, including statements regarding the anticipated development and expansion of the Bank's business, and the intent, belief or current expectations of the Bank, its directors or its officers, are "forward-looking" statements (as such term is defined in the Private Securities Litigation Reform Act of 1995). Because such statements are subject to risks and uncertainties, actual results may differ materially from those expressed or implied by such forward-looking statements.