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CITIZENS FIRST NAMES NEW CHAIRMAN & CHIEF EXECUTIVE OFFICER

      CITIZENS FIRST NAMES NEW CHAIRMAN & CHIEF EXECUTIVE OFFICER
    GLEN ROCK, N.J., Feb. 26 /PRNewswire/ -- The board of directors of Citizens First Bancorp, Inc. (AMEX: CFB) today announced the naming of Allan D. Nichols as chairman and chief executive officer of the holding company and its subsidiary, Citizens First National Bank of New Jersey.
    A 30-year veteran in banking, Nichols has served in senior executive positions with Rainier National Bank, Seattle and the First National Bank of Atlanta.  He most recently served as chairman, president and chief executive officer of American Federal Bank in Dallas.
    Samuel M. Lyon, Jr., who has served as interim chairman since he replaced the late George Alford in December of 1990, will remain a member of the board of directors.  Rodney T. Verblaauw, who has served as acting chief executive officer and president, will remain as president and will also retain his position on the board.
    "We are extremely pleased to have a banker with the experience and expertise of Allan Nichols joining the Citizens First family," stated Samuel Lyon.  "We are confident that under his leadership, the bank will continue the strong recovery begun in 1991 and return Citizens First to a position of pre-eminence among commercial banks serving the people and communities of New Jersey."
    "On behalf of the entire board of directors, I also commend Rodney Verblaauw for the job he has done in implementing many of the tough decisions needed to return the bank to profitability.  As president, Rod will provide valuable continuity in terms of established customer and shareholder relationships within the communities we serve," Lyon added.
    Nichols stated, "Citizens First, like many financial institutions throughout the United States, has weathered the economic crisis brought about by the excesses of the 1980's.  To be successful in this decade, we must now re-focus on the basics of banking; keeping deposits safe and secure, lending money to qualified borrowers and providing products that meet the financial needs of the communities we serve."
    "We will accomplish this with a new competitive zeal, a full array of financial services and unparalleled customer service quality. Citizens First, for almost a century, has been recognized as a great place to bank.  Our job going forward is to strengthen and enhance that heritage," Nichols added.
    Citizens First National Bank is one of northern New Jersey's largest commercial banks with more than 50 locations in Bergen, Morris, Passaic, Hudson and Ocean counties.  As of Dec. 31, 1991, Citizens First's assets total more than $2.5 billion.
    -0-                          2/26/92
    /CONTACT:  Jack M. Blackin, treasurer of Citizens First Bancorp, 201-670-2455/
    (CFB) CO:  Citizens First Bancorp, Inc. ST:  New Jersey IN:  FIN SU:  PER AH -- NY059 -- 2865 02/26/92 14:06 EST
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Publication:PR Newswire
Date:Feb 26, 1992
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