Community Savings Bankshares, Inc. Seeks Regulatory Approval to Conduct Stock Repurchase.

NORTH PALM BEACH, Fla.--(BUSINESS WIRE)--Aug. 18, 1999--

Community Savings Bankshares, Inc. ("Bankshares" or the "Company") (Nasdaq:CMSV) announced today that it is seeking regulatory approval to repurchase up to 5% (527,444 shares) of its issued and outstanding shares of common stock.

The Company completed its second step conversion in mid-December 1998 and, in June 1999, the Board approved a 5% repurchase subject to receipt of regulatory approval. Under applicable regulations of the Office of Thrift Supervision ("OTS"), the Company is not permitted to repurchase any shares of its common stock during the first year after its conversion without the approval of the OTS. Such approval requires a finding by the OTS that exceptional circumstances exist. Accordingly, no assurances can be given that the OTS will approve the Company's request, or if approved, when such approval would be given.

Bankshares, a Delaware corporation, is the parent holding company for Community Savings, F. A. (the "Association"), a federally chartered stock savings and loan association. Headquartered in North Palm Beach, Florida, the Association serves customers throughout Palm Beach, Martin, St. Lucie and Indian River counties from 20 full-service offices and a loan production office.