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COVENANT BANK RECEIVES FIVE STAR RATING

 HADDONFIELD, N.J., June 3 /PRNewswire/ -- Covenant Bank (OTC Bulletin Board: CNSK) has received the prestigious five-star designation from Bauer Financial Reports, Inc., reported Charles E. Sessa Jr., Covenant's senior vice president and chief financial officer.
 Bauer Financial Reports, Inc. rates the safety of banks and savings and loans nationwide, based on financial profiles as reported each quarter by the Federal Deposit Insurance Corporation (FDIC).
 The rating, the highest a bank can attain, comes in the wake of the seven consecutive record setting earnings periods -- the most in Covenant's six-year history. Earnings for the quarter end March 31, 1993, were $125,000 or $.07 cents per share.
 "This has been an exciting period for Covenant Bank," stated Philip W. Koebig III, president and chief and executive officer. "Late last year, we offered our first issue of convertible preferred stock, which met overwhelming success. In June, Covenant anticipates completing the acquisition of New Jersey Savings and Loan Association. This gives the bank the opportunity to diversify our services to include a comprehensive retail product line."
 Covenant Bank operates full service personal banking centers in Camden, Atlantic, Cape May and Burlington counties, N.J. Covenant's assets as of March 31, 1993, totaled $115 million. The pending acquisition of the three branch offices that comprise Atco-based New Jersey Savings and Loan Association will bring the total number of Covenant personal banking centers to eight and increase the bank's assets to more than $170 million.
 /delval/
 -0- 6/3/93
 /CONTACT: Rachel Bloom of RB&T, 609-488-5500, for Covenant Bank/
 (CNSK)


CO: Covenant Bank ST: New Jersey IN: FIN SU:

MJ-CC -- PH037 -- 5176 06/03/93 16:31 EDT
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Publication:PR Newswire
Date:Jun 3, 1993
Words:275
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