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For Immediate Release:

FIRST U.S. ONLINE BANK CELEBRATES FIFTH ANNIVERSARY
Presidential Bank Continues to Lead Industry
with High Yield Accounts and Cutting Edge Technology

BETHESDA, MD (October 16, 2000) - Back in the early days of Internet commerce, a Washington, D.C. bank made the entrepreneurial move to become the first U.S. bank offering deposit accounts online, at www.presidential.com. In 1995, Presidential welcomed online customers with its flagship high yield unlimited checking account, which today pays six percent APY. This month, the 15 year-old bank celebrates the fifth anniversary of its Presidential Online Bank division.

This anniversary coincides with top rankings for Presidential Bank from financial experts. Just this month, CNNfn named Presidential's six percent Internet Checking Plus account as the best overall checking account in the entire nation, citing the latest semiannual study by Bankrate.com. The October 16, 2000, issue of Time Magazine, in the "Your Money" section, places Presidential Online Bank at the top of its list of the five best checking deals in the country. Bauer Financial Group gives Presidential five stars, its top rating for safety.

Presidential offers real-time banking services for thousands of consumers and businesses, while working to maintain the feel of a small community bank. Online services include bill payer, balance look-up, month-to-date account statements, and transfers between accounts. In conjunction with its anniversary, Presidential is introducing its check-imaging program that allows customers to view their canceled checks, front and back, online as soon as they are processed through the banking system. Presidential has also designed a patent-pending online archival system where customers can look up historical bank account statements dating back to June 1997. Presidential's free online services eliminate the need to ever visit a bank branch.

"Every year, more and more people choose to bank over the Internet. It's been exciting to lead a major trend - one that we see continuing for some time," said A. Bruce Cleveland, President, Presidential Bank. "We have been successful because we offer high yield, low fee bank accounts to our customers, along with electronic convenience and personal service."

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Presidential Bank, FSB, founded in 1985, has forged new directions in banking since 1995, when it became the first bank in the United States to offer account opening over the Internet. Presidential.com (also PresidentialBank.com) consistently offers among the very highest interest rates to deposit account customers. Presidential is also the only bank with an instant "2 minutes/$2 million" online commercial loan qualification process. Unique to the online banking world, Presidential delivers real-time, high-value banking services for both consumers and businesses, while maintaining a refreshing mix of traditional "small bank" personal service and secure, high-tech convenience. Note: APY mean Annual Percentage Yield; checking rate requires monthly direct deposit of at least $200; see PresidentialBank.com for details.

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