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COVENANT BANK RECEIVES SECOND CONSECUTIVE FIVE-STAR RATING

 HADDONFIELD, N.J., Aug. 31 /PRNewswire/ -- Covenant Bank (OTC Bulletin Board: CNSK) has received the prestigious five-star designation from Bauer Financial Reports, Inc. for a second quarter in a row, 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 eight consecutive record-setting earnings periods -- the most in Covenant's six-year history. Earnings for the quarter ended June 30, 1993, were $146,000 or $.09 per common share.
 "This has been a very exciting and challenging second quarter," stated Philip W. Koebig III, Covenant's president and chief executive officer. "The successful acquisition of New Jersey Savings and Loan presented Covenant with new opportunities -- among them a diversified loan portfolio, and increased core deposit base, and a new venue to launch a retail product division. Despite this significant growth -- our assets increased by more than $50 million -- Covenant remains well- capitalized. Stockholders' equity to total assets and our risk-based ratios are well above regulatory guidelines."
 Covenant Bank operates eight full-service personal banking centers in Camden, Atlantic, Cape May and Burlington counties, N.J., including the three new locations that composed the former New Jersey Savings and Loan, in Atco, Sicklerville and Voorhees, N.J.
 /delval/
 -0- 8/31/93
 /CONTACT: Rachel Bloom of Rosanio, Bailets & Talamo, 609-488-5500, for Covenant Bank/
 (CNSK)


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

MP-LJ -- PH006 -- 7403 08/31/93 10:04 EDT
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Publication:PR Newswire
Date:Aug 31, 1993
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