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JERSEY BANK FOR SAVINGS SHAREHOLDERS APPROVE 2 FOR 1 STOCK SPLIT; AUTHORIZE NEW PREFERRED STOCK OFFERING

 MONTVALE, N.J., May 3 /PRNewswire/ -- A 2 for 1 stock split of common shares was approved by shareholders at the fifth annual meeting of the Jersey Bank for Savings.
 Shareholders also approved an offering of preferred stock with a par value of $5 and a subscription price of $10 yielding a 6 percent dividend, payable quarterly. "The excess over par value will be used to increase the capital of the bank and allow for an expansion," said Clyde Britt, president and CEO. The bank plans to release is prospectus on the new preferred stock offering, as well as common stock offering, in May.
 in accordance with a change in the board of directors election requirements, five directors were re-elected for three year terms. They were Lois E. Marshall, William C. Ledgerwood, Arthur R. Odabash, Jerome J. Lombardo and Clyde C. Britt.
 Britt said that, "the bank had a very profitable year in 1992 and its future looks very positive."
 The bank earned $1.54 per share in 1992 compared with 9 cents per share in 1991. Deposits reached an all-time high of $34,748,000, a 16.5 percent increase over last year. Total assets reached $38,766,000, up 17.5 percent. The total loan portfolio increased to $15,712,000, a 37.6 percent increase over Dec. 31, 1991. As of Dec. 31, 1992 there were no non-performing loans.
 "Jersey Bank for Savings is one of the strongest banks in New Jersey," said Britt. It is a member of The BankRater Program which provides consumers with free information on the strength of financial institutions. Britt said that "Jersey Bank for Savings has developed a substantial customer base in the Pascack Valley region of Bergen County by offering competitive rates and superior customer service."
 -0- 5/3/93
 /CONTACT: Clyde Britt, president and CEO of Jersey Bank for Savings, 201-930-0005/


CO: Jersey Bank for Savings ST: New Jersey IN: FIN SU:

SH-TS -- NY016 -- 3609 05/03/93 09:13 EDT
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Publication:PR Newswire
Date:May 3, 1993
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