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COVENANT BANK SIGNS DEFINITIVE AGREEMENT FOR CONVERSION/MERGER WITH NEW JERSEY SAVINGS AND LOAN ASSOCIATION

 HADDONFIELD, N.J., Feb. 18 /PRNewswire/ -- Covenant Bank (OTC Bulletin Board: CNSK) today announced the signing of a definitive agreement for the conversion/merger of Covenant Bank and New Jersey Savings and Loan Association.
 This agreement provides for the acquisition through a supervisory stock conversion and the simultaneous merger of New Jersey Savings and Loan Association into Covenant without any consideration paid by Covenant. The transaction, pending both regulatory and Covenant shareholder approval, is anticipated to close in the second quarter.
 "This acquisition is an integral part of Covenant's strategic plan to further strengthen its position as a leading banking institution in Southern New Jersey," stated Philip W. Koebig III, Covenant Bank's president and chief executive officer.
 The acquisition of New Jersey Savings and Loan Association's three branch offices will bring the total number of Covenant branches to eight, increasing the bank's assets to $160 million. In addition, the merger will provide Covenant the opportunity to further diversify the banking services it already offers to its southern New Jersey customers.
 "The addition of New Jersey Savings and Loan Association will enable Covenant to enhance both its product line and services, including the installation of additional ATMs and more convenient banking hours," said Koebig. "It also allows us to continue investigating further opportunities for expansion."
 "This merger demonstrates Covenant's overall strength in the banking community. Although the economy is beginning to improve, there are still a number of banks reducing services and downsizing operations. We are excited that in these tenuous economic times, Covenant Bank is expanding on a sound profitable basis," said Koebig.
 Covenant Bank operates full-service banking offices in Camden, Atlantic, Cape May and Burlington counties, N.J. Covenant's assets as of Dec. 31, 1992, totaled $110 million.
 /delval/
 -0- 2/18/93
 /CONTACT: Beverly C. Cohen of Covenant Bank, 609-428-3105, or at home, 609-751-8582/
 (CNSK)


CO: Covenant Bank; New Jersey Savings and Loan Association ST: New Jersey IN: FIN SU: TNM

MP-LJ -- PH006 -- 7738 02/18/93 09:35 EST
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Publication:PR Newswire
Date:Feb 18, 1993
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