Community Savings, F. A. to Close Branch Office.

NORTH PALM BEACH, Fla.--(BUSINESS WIRE)--April 26, 1999--

James B. Pittard, Jr., President and Chief Executive Officer of Community Savings Bankshares, Inc. (the "Company") (Nasdaq:CMSV) and its wholly-owned subsidiary, Community Savings, F. A. (the "Association"), announced that the Association has received all required regulatory approvals to close its leased branch facility at 4417 N.E. Ocean Boulevard, Hutchinson Island, Florida. The branch will officially close on May 15, 1999.

The decision to close the branch was based on the Board of Directors' review of the costs associated with maintaining that office. The Hutchinson Island office, which was opened on January 21, 1997, is located in a seasonal market area of Martin County, Florida and, during its first two years of operation, has not experienced the growth that management and the Board of Directors' anticipated. All customers who utilized that location have been notified of the closure in accordance with Office of Thrift Supervision regulations and Association policy.

During the time that the Hutchinson Island branch has been open, deposits reached the $6-7 million dollar level, many of which are in high-rate certificates of deposits. The average cost of these deposits is higher than the cost at most of the Association's other offices, which have a better mix of core accounts to certificates of deposits.

In announcing the closing of the Association's Hutchinson Island office, Mr. Pittard stated, "We are confident that our customers who have utilized the Hutchinson Island branch will find our office located at 1170 N.E. Jensen Beach Boulevard, Jensen Beach, Florida, to be a convenient location at which to continue their banking relationships with Community Savings." He further stated, "We felt it in the best interest of the Company and our shareholders to consider the costs associated with keeping the Hutchinson Island branch open."

The Company is the parent holding company for the Association, which was chartered in 1955. The Association is a federal savings and loan association, the deposits of which are insured by the Federal Deposit Insurance Corporation. Headquartered in North Palm Beach, Florida, the Association currently serves customers in Palm Beach, Martin, St. Lucie, and Indian River counties from 21 full service offices and a loan production office. At March 31, 1999, the Company had total assets of $835.7 million, total deposits of $584 million, and total shareholders' equity of $133.6 million.