National Cooperative Bank Announces 2004 Board of Directors; Stuart M. Saft to Chair Board of Directors

Business Wire, April 28, 2004

Business Editors

WASHINGTON--(BUSINESS WIRE)--April 28, 2004

National Cooperative Bank (NCB), a cooperative financial services company chartered by Congress in 1978, has appointed Stuart Saft, Partner at Wolf Haldenstein Adler Freeman & Herz LLP in Manhattan, to Chair the Board of Directors for the coming year. Previously serving as the Board's Vice Chair, Mr. Saft replaced Michael J. Mercer, President and CEO of the Georgia Credit Union Affiliates. Joining Mr. Saft in the Board's leadership is Stephanie McHenry, President and COO of ShoreBank Cleveland in Cleveland, Ohio, who will serve as Vice Chair for the coming year. Charles E. Snyder, NCB President and CEO, made the announcement.

Mr. Saft has served on NCB's Board of Directors since 1999, representing the cooperative housing community nationwide. As the head of the Real Estate department for the prominent Wolf Haldenstein Adler Freeman & Herz LLP law firm and Chairman of the Council of New York Cooperatives & Condominiums, Mr. Saft is widely recognized as a leading authority on the housing market.

Mr. Saft considers this appointment "an indication of the Bank's continued commitment to the cooperative community in the years to come. For as long as NCB has existed, it has remained dedicated to supporting the development and operations of cooperatives nationwide, a mission we plan to highlight even more in the coming year."

The decision to appoint Mr. Saft was a logical one based on his years of dedication to and promotion of cooperatives. "We are honored Stuart Saft is committed to furthering our mission to serve cooperative homes and businesses," said Mr. Snyder.

NCB shareholders elected the following new board members: Allan J. Baum, President of Weathervane Development Corporation, a housing cooperative located in Brooklyn, New York and William F. Hampel, Senior Vice President for Research and Policy Analysis and Chief Economist of Credit Union National Association (CUNA) in Washington, DC.

The newly elected members join NCB's current Board of Director's roster that includes: Irma Cota, MPH, CEO of North County Health Services in San Marcos, California; Rosemary K. Mahoney, Consultant of MainStreet Cooperative Group in Lovington, Virginia; Richard A. Parkinson, President and CEO of Associated Food Stores in Salt Lake City, Utah; Andrew Reicher, Executive Director of the Urban Homesteading Assistance Board, Inc. in New York City; and Grady B. Hedgespeth, Senior Vice President of Seedco/N-Pac in New York City, New York; William F. Casey Jr., President and CEO of The Co-operative Central Bank in Boston, Massachusetts; Rafael E. Cuellar, President and CEO of ECO & Sons, Inc., in Passaic, New Jersey; H. Jeffery Leonard, President of Global Environment Fund Management Corp. in Washington, DC; Alfred A. Plamann, President and CEO of United Western Grocers Inc. in Los Angeles, California; Michael D. Scott, Senior Advisor to the Deputy Assistant Secretary for Government Financial Policy for the U.S. Department of the Treasury in Washington DC; and Walden Swanson, CEO of Community Consulting Group Cooperative, Inc. in Carrboro, North Carolina.

The National Cooperative Bank family of companies provides a comprehensive array of financial services to the nation's cooperatives and their members, as well as other member-owned organizations and nonprofit endeavors. Chartered by Congress in 1978 and privatized in 1981 as a cooperative financial services company, NCB is owned by more than 1,700 of its customers. Headquartered in Washington, DC, NCB has offices in Alaska, California, Connecticut, New York and Ohio. To learn more about NCB, visit www.ncb.coop.