Jefferson Savings Bank purchase finalized

Business Wire, Feb 28, 1997

ELYRIA, Ohio--(BUSINESS WIRE)--Feb. 28, 1997--CoBancorp Inc. (NASDAQ:COBI), the bank holding company for PremierBank & Trust, today reported completion of its acquisition of Jefferson Savings Bank, an Ohio-chartered savings and loan with assets of approximately $55 million, headquartered in West Jefferson, Ohio. The new subsidiary will operate as an independent community thrift maintaining its name and main office location in West Jefferson.

John S. Kreighbaum, Chairman, President and Chief Executive Officer of CoBancorp announced new executive leadership and board of directors for the Jefferson Savings Bank. James R. Bryden has been named President and Chief Executive Officer. Mr. Kreighbaum stated, "Mr. Bryden's community banking experience, personality and strong sensitivities to servicing customers equip him well for the new position. He has distinguished himself as deserving of this new opportunity while serving as a senior officer of PremierBank & Trust since 1987. He will be an outstanding addition to the Madison County business community."

Long-time senior officers Donald W. Dozer, Vice President and Chief Lending Officer, and Robert A. Hiss, Vice President and Chief Financial Officer, will continue in their current positions. According to Mr. Bryden, "These two seasoned bankers posses the qualities and attitudes consistent with the values of our organization. We pledge to our customers and Madison County neighbors a renewed sense of customer orientation and commitment to the communities we serve."

Together with the naming of Mr. Bryden as President, is the election of a new board of directors consisting of:

Jerry M. Wolf Chairman of the Board

President and Chief Executive Officer

Midwest Acoust-A-Fiber

Delaware, OH

James R. Bryden President and Chief Executive Officer

William G. Blazer Associate Professor, Division of

Business, Urbana University and

existing Jefferson Board Member

Springfield, OH

Thomas W. Curry, CLU Senior Vice President of Financial

Services, Berwanger Overmyer Associates

Columbus, OH

E. James Hopple, Esq. Schottenstein, Zox & Dunn

Columbus, OH

James E. Hunt President

Buckeye Ford-Mercury Inc.

London, OH

Stephen Martin, Esq. Martin, Pergram & Browning Co.

Columbus/Delaware, OH

John S. Kreighbaum Chairman, President and Chief Executive

Officer, CoBancorp Inc.

Elyria, OH

Timothy W. Esson President

PremierBank & Trust

Elyria, OH

Jefferson Savings Bank was incorporated on March 17, 1870 and maintains the oldest savings and loan charter in the state. It has three offices located in West Jefferson, London and Mt. Sterling. Mr. Bryden noted that there will be a series of announcements forthcoming relative to the organization's plans for expansion and new services. "It is our strategy to build from the foundation in place, assuring that Jefferson is the number one choice of Madison County residents," said Mr. Bryden.

CONTACT: CoBancorp Inc., Elyria

Peter R. Catanese, 216/329-8354