Enfield Federal Savings and Loan Association Receives Federal Home Loan Bank of Boston Grant.

ENFIELD, Conn. -- Enfield Federal Savings and Loan Association, the subsidiary of New England Bancshares, Inc. (the "Company") (Nasdaq NM: NEBS), is pleased to announce it has received a grant from the Federal Home Loan Bank of Boston ("FHLB") in the amount of $100,000 to provide financing assistance for first time home buyers in the Town of Enfield, Connecticut. The application for the grant was a joint collaboration with the Town of Enfield's Office of Community Development and Enfield Federal Savings.

These funds are made available to member community banks through the FHLB's Affordable Housing Program to expand home ownership opportunities for low to moderate income purchasers. Grants up to $15,000 per applicant are available on a first come, first served basis. To be eligible for a grant for down payment and/or closing cost assistance, an applicant must meet certain income requirements and participate in a home ownership counseling program. In addition, an applicant may also be eligible for additional assistance through the Town's First Time Home Buyer Program if the property being purchased is in the Thompsonville or North Thompsonville area of Enfield.

According to David J. O'Connor, President and Chief Executive Officer of Enfield Federal Savings, "This is the first time a local bank in our market has received such a grant to support this type of local home ownership initiative through the FHLB Affordable Housing Program. We are pleased to play a key role in our community by giving low to moderate income people an opportunity to own their own homes. We believe we are making an investment in individuals, families and community life which is the backbone of this institution."

In addition to the availability of a grant, eligible first time home buyers will also receive special discounted rates on fixed or variable rate mortgage products in conjunction with the program. Information and eligibility requirements may be obtained by calling Anne Johnson at [phone] at Enfield Federal Savings.

New England Bancshares, Inc. is headquartered in Enfield, Connecticut, and operates Enfield Federal Savings and Loan Association with eight banking centers servicing the communities of Enfield, Ellington, Manchester, Suffield, East Windsor and Windsor Locks. For more information regarding the Bank's products and services, please visit www.enfieldfederal.com.