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CITIZENS FIRST BANCORP FINANCIAL PLAN APPROVED BY REGULATORS

 CITIZENS FIRST BANCORP FINANCIAL PLAN APPROVED BY REGULATORS
 GLEN ROCK, N.J., May 11 /PRNewswire/ -- A detailed financial plan, highlighted by a rights offering to acquire new capital, has been approved by federal regulators, it was announced today by Allan D. Nichols, chairman and chief executive officer of Citizens First Bancorp, Inc. (AMEX: CFB), at the organization's annual meeting of shareholders.
 At the meeting, which featured the re-election of the full slate of directors to the board, Nichols noted that the basis of the financial plan is to continue strong action to improve Citizens' troubled loan picture, to extend credit in the bank's marketplace to qualified borrowers, both individuals and companies, to maintain a tight rein on expenses, and to acquire new capital for the company.
 Nichols focused on improvement in the quality of the bank's loan portfolio as the major challenge faced by Citizens First in 1991, which he characterized as a year of recovery for the company. He said the recovery process is well underway, and that the bank is experiencing improved results each month.
 "It is my judgment that the loan problems at Citizens, while still very high, have been stabilized and the recovery process has continued into 1992. I would note, however, that the mending of the non- performing loan portfolio is not an overnight process and will be somewhat dependent on the speed of the economic recovery of our state," he added.
 In regard to the question of capital, Nichols stated the company has taken steps to initiate a rights offering to Citizens' current shareholders, and that preliminary discussions have begun with institutional investors to provide stand-by commitments should all the stock offered not be subscribed for by the organization's shareholders.
 "Once agreements have been obtained from these investors, documentation will be filed with the SEC. The timing of the offering will depend on the timing of the SEC approval," Nichols continued.
 Nichols, who was named chairman and chief executive officer in February, focused on Citizens' get well plan. That plan includes raising capital to meet regulatory requirements, continuing to work on rebuilding the loan portfolio, continuing the trend of 5 consecutive profitable quarters, and reaching out to the 50 communities in which the bank has branches to acquire deposits and keep them safe, extend credit to qualified borrowers and provide quality service to those with financial wants and needs.
 Nichols also noted that much of the work needed to spur the recovery process began before he joined the organization. He credited the leadership of President Rodney T. Verblaauw and Citizens' board of directors, along with the hard work and dedication of the bank's employees for the progress to date.
 In his presentation, Verblaauw noted the following highlights:
 -- The Office of the Comptroller of the Currency (OCC), recently completed an examination of Citizens First. The condition of the bank has shown continued improvement since the date of the last OCC examination of Dec. 31, 1990.
 -- Net income of just under $3 million for 1991, compared to the loss of $102 million in 1990.
 -- Net income of $523,000 or $.02 per share for the first quarter of 1992, compared with $197,000 or $.01 per share for the same period of 1991.
 -- Non-performing assets, which ended the first quarter of 1992 at $213 million, were down $40 million from the $253 million reported for the first quarter of 1991.
 -- As of March 31, 1992, total assets amounted to $2,425,171,000 and total deposits were $2,289,459,000.
 -- Citizens First Bancorp, Inc. is a one bank holding company for Citizens First National Bank of New Jersey. The bank has over 50 locations in Bergen, Morris, Passaic, Hudson and Ocean counties.
 -0- 5/11/92
 /CONTACT: Jack M. Blackin, treasurer of Citizens First, 201-670-2455/
 (CFB) CO: Citizens First Bancorp, Inc. ST: New Jersey IN: FIN SU:


JT -- NY100 -- 8792 05/11/92 16:43 EDT
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Date:May 11, 1992
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