Harris Savings Bank announces intent to purchase two Hagerstown, Md., offices of Columbia First Bank, a Federal Savings Bank

Business Wire, May 22, 1995

HARRISBURG, Pa.--(BUSINESS WIRE)--May 22, 1995--Harris Savings Bank (NASDAQ/NMS:HARS) and Columbia First Bank, a Federal Savings Bank (NASDAQ/NMS:CFFS) Monday announced the signing of a definitive agreement for Harris Savings Bank to purchase two retail banking offices from Columbia First in Hagerstown, Md.

They will become branches of Harris Savings Bank. The offices involved in the sale are located at 100 West Washington St., Hagerstown, and 1591 Potomac Ave., Hagerstown. As of Dec. 31, 1994, the two branches had total deposits of $119,518,266.

The announcement was made by William J. McLaughlin, Harris president and chief executive officer, and Susan Riel, executive vice president at Columbia First. The sale is subject to obtaining all regulatory approvals and, therefore, the final closing is not expected until late September, 1995.

This is Harris' first movement into Maryland. "The buying of these branches mesh perfectly with our overall growth strategy of seeking opportunities in Southern Pennsylvania and Northern Maryland," said McLaughlin.

"We are pleased with the sale to Harris Savings," commented Riel. "They are committed to the same delivery of quality service as we are. In addition, Harris has expressed plans to retain all Columbia First branch employees."

Columbia First has total assets of $2.9 billion and is the largest savings institution headquartered in Virginia. The bank operates 33 full-service banking offices in Virginia, Maryland and the District of Columbia.

Harris Savings Bank is a billion dollar savings bank headquartered in Harrisburg, providing community banking services through 23 offices in five counties in Southcentral Pennsylvania.

CONTACT: Harris Savings Bank, Harrisburg

Richard H. Steltzer, 717/236-4041

or

Columbia First Bank

Robert Creighton, 703/247-5090