New Haven Savings Bank Receives Regulatory Approvals for Upcoming Public Offering of NewAlliance Bancshares, Inc. Common Stock NEW HAVEN, Conn., Feb. 9 /PRNewswire/ -- New Haven Savings Bank announced today that it has received approval from the Federal Deposit Insurance Corporation to proceed with its conversion from a mutual savings bank to a fully-public company. This approval follows the January 26, 2003 conversion approval from the Connecticut Department of Banking. Also, a registration statement relating to the sale of shares of common stock in the offering by NewAlliance Bancshares, Inc. has been declared effective by the Securities and Exchange Commission. Upon the completion of the mutual-to-stock conversion and the related stock offering, New Alliance Bancshares, Inc. will be the holding company for New Haven Savings Bank. NewAlliance Bancshares, Inc. is conducting a subscription offering of between 65,875,000 and 89,125,000 shares of common stock (subject to a 15% increase) for sale at a purchase price of $10.00 per share. In addition, 4,000,000 shares will be contributed to a new charitable foundation established by NewAlliance Bancshares, Inc. In the subscription offering, the shares are being offered, in descending order of priority, to: eligible depositors of New Haven Savings Bank as of June 30, 2002, New Haven Savings Bank's employee stock ownership plan, eligible depositors as of December 31, 2003, and New Haven Savings Bank's directors, officers, employees and corporators. It is expected that, late in the week of February 16, 2004, those eligible to subscribe in the subscription offering will be mailed offering materials describing the conversion, offering and acquisitions. Also, as previously announced, NewAlliance Bancshares, Inc. intends to acquire Connecticut Bancshares, Inc. and Alliance Bancorp of New England, Inc. It is expected that, late in the week of February 16, 2004, proxy materials will be mailed to the shareholders of the two companies. The conversion and acquisitions are expected to be consummated simultaneously, at the end of March, 2004. Ryan Beck & Co., Inc. serves as financial advisor to NewAlliance Bancshares, Inc. and as marketing agent for the stock offering. The conversion is subjectto the final approval of the Connecticut Department of Banking and the Federal Deposit Insurance Corporation. NewAlliance Bancshares, Inc. is awaiting approval from the Federal Reserve Bank of Boston regarding its application to become the bank holdingcompany for New Haven Savings Bank. Additionally, the acquisitions are subject to the approval of shareholders of Connecticut Bancshares, Inc. and Alliance Bancorp of New England, Inc., the Federal Deposit Insurance Corporation, Federal Reserve Board,and the Connecticut Department of Banking. New Haven Savings Bank is a state-chartered savings bank serving the greater New Haven area with 36 branches and $2.4 billion in assets. When combined with Connecticut Bancshares, Inc. and Alliance Bancorp ofNew England, Inc., New Haven Savings Bank will be the second largest savings bank and the fifth largest bank in Connecticut with 74 branches, $5.9 billion in assets, $3.8 billion in deposits and equity of approximately $1.1 billion assuming the minimumnumber of shares sold in the stock offering. This communication shall not constitute an offer to sell, or the solicitation of an offer to buy common stock, nor shall there be any sale of these securities in any state in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the Securities laws of any such state. The shares of common stock are not savings accounts, may lose value and are not insured by the Federal Deposit Insurance Corporation or any government agency. This news release contains certain forward-looking statements about the proposed conversion and acquisitions. These include statements regarding the anticipated commencement date of the offering, the aggregate offering amount and the anticipated consummation date of the transactions. Forward-looking statements can be identified by the fact that they do not relate strictly to historical or current facts. They often include words like "believe," "expect," "anticipate," "estimate" and "intend" or future or conditional verbs such as "will," "would," "should," "could" or "may." Certain factors that could cause actual results to differ materially from expected results include delays in completing the offering or acquisitions, difficulties in integrating the acquisitions, increased competitive pressures, changes in the interest rate environment, changes in general economic conditions, legislative and regulatory changes that adversely affect the businesses in which the companies are engaged and changes in the securities markets. Media Contact: Paul McCraven Senior Vice President New Haven Savings Bank 203-784-5001 Investor Contact: Jude Falango New Haven Savings Bank 203-789-2814 DATASOURCE: New Haven Savings Bank CONTACT: Media - Paul McCraven, Senior Vice President, +1-203-784-5001, or Investors - Jude Falango, +1-203-789-2814, both of New Haven Savings Bank

Copyright