Liberty Savings Bank, F.S.B. Completes Reorganization

Business Wire, August 13, 1999

POTTSVILLE, Pa.--(BUSINESS WIRE)--Aug. 13, 1999--

Robert W. Pugh, Jr., Chairman of the Board and President of Liberty Savings Bank, F.S.B., announced today that the Bank has completed its reorganization into a holding company structure.

Effective today, Liberty Savings Bank is a wholly owned subsidiary of Liberty Centre Bancorp, Inc., a Pennsylvania corporation recently formed by the Bank. The reorganization was approved by the Office of Thrift Supervision on July 6, 1999, subject to certain conditions which generally must be completed on or before September 12, 1999.

Each existing shareholder of Liberty Savings Bank will receive an equal number of shares of Liberty Centre Bancorp common stock in exchange for his or her Liberty Savings Bank stock, noted Chief Executive Officer Judith Hoffman.

She added that shareholders should begin to receive correspondence from the Bank in the next few weeks with instructions regarding the procedures for exchanging share certificates. Liberty Centre Bancorp stock will be traded in the over-the-counter market, in the same manner as the Bank's common stock.

Mr. Pugh stated that the holding company structure has been adopted by many savings banks because it provides greater flexibility in terms of the formation and acquisition of new business lines. He added that, although the Bank presently does not have any definitive expansion plans, having the holding company structure in place will facilitate the Bank's ability to capitalize on opportunities as they develop.

Liberty Savings Bank, F.S.B. is a federal savings bank located in Pottsville, Pennsylvania. Its common stock is traded in the over-the-counter market.