Crown Bank Announces Completion of Acquisition.

Business Editors

BRICK, N.J.--(BUSINESS WIRE)--Oct. 24, 2002

Crown Bank, NA announced today that it has completed its previously announced acquisition by a newly formed holding company 51% owned by Caixa Geral de Depositos, S.A. ("CGD") of Portugal and 49% owned by Jacinto Rodrigues, Crown's Chairman of the Board. Mr. Rodrigues has guided Crown Bank as Chairman since 1999 and will continue in his current role as Chairman after the acquisition has been completed.

"We are pleased to complete our affiliation with CGD," said Joseph Greer, President and Chief Executive Officer of Crown Bank. "Since we announced this transaction last year, Crown Bank has continued its expansion efforts, growing from five to seven branches. Our affiliation with an international banking organization like CGD, with a presence in over 20 countries, will provide Crown Bank with the opportunity to offer its products and services to CGD's customers in this country as well as the resources to continue the expansion of Crown Bank's branching network."

CGD is the largest bank and financial services group in Portugal, present in over 20 countries and on five continents with more than 1000 branches. At June 30, 2002, the CGD Group has total assets of $68.4 billion and total equity of $3.2 billion. CGD is rated Aa3 by Moody's, AA- by Fitch and A+ by Standard & Poor's.

Crown Bank has seven offices in New Jersey serving the communities of Ocean City, Linwood, Brick, Elizabeth, Harrison, and Newark. An additional office in Elizabeth is scheduled to open before the end of the year. At September 30, 2002, Crown Bank had total assets of $136.5 million and total deposits of $120.0 million.