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MAS Capital Initiated Communication with Essex Bancorp, Inc.

Business Editors

EVANSVILLE, Ind.--(BUSINESS WIRE)--July 10, 2001

MAS Capital Inc. today announced that Aaron Tsai, President and Chief Executive Officer of MAS Capital has made a brief phone discussion with Mr. Gene D. Ross, President and Chief Executive Officer of Essex Bancorp, Inc. (AMEX:ESX).

In a letter addressed to the Board of Directors of Essex Bancorp, MAS Capital intends to express its concerns regarding Essex's proposed merger transaction with and into Essex Acquisition Corp., a wholly owned subsidiary, in a "going private transaction, as well as the $1.45 value Essex proposed to pay the shareholders of common stock. In addition, Mr. Tsai intends to share in the letter five alternative ideas to the Essex proposal. MAS Capital is communicating with Essex Bancorp to ensure that it will receive a fair value of its ownership of common shares of Essex Bancorp.

MAS Capital is a closely held financial company based in Evansville, Indiana. More information about MAS Capital is available at
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Publication:Business Wire
Date:Jul 10, 2001
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