HOPEWELL VALLEY COMMUNITY BANK
PRESS RELEASE

For Immediate Release
Hopewell Township, NJ

Hopewell Valley Community Bank Announces Accelerating Earnings and Growth for Second Quarter of 2002

Hopewell Township, NJ – July 24, 2002 – Hopewell Valley Community Bank (HVCB) Chairman Patrick L. Ryan and President/CEO James Hyman announced record earnings and strong growth for the Bank in the second quarter of 2002. The Bank’s ongoing pattern of accelerating earnings continued with a profit of $138,566 ($.12 cents per share) for the April 1 to June 30 period of 2002, marking a 317% increase from the $43,663 ($.04 cents per share) reported for the comparable time frame in 2001.

Earnings for the first six months of 2002 totaled $216,276 ($.19 cents per share) increasing 3,422% over the $6,140 ($.005 cents per share) reported for the initial six month period of 2001.

The principal drivers of profitability were a 44% increase in total loans to $60,508,582 from $41,951,941 in the same period in 2001 along with a 60% increase in non-interest income to $253,026 in 2002 from $157,760 in the comparable 2001 time frame.

Institutional growth continued with total assets at June 30, 2002, increasing 38% to $80,637,665 from $58,232,645 at June 30, 2001. Total deposits kept pace with a 41% increase to $71,071,384 as compared to $50,057,006 as of June 20, 2001.

Hyman stated that, “We are very pleased with our growth and earnings trends. In only our fourth year of operation we have been able to make a discernible impact in a very competitive marketplace by providing attractive products for our loan and deposit customers. At the same time, we have achieved profitability and established momentum which will benefit our shareholders.”

Chairman of the Board Patrick Ryan observed that, “While we are happy with our results thus far in our development, we are ever mindful that we have to constantly earn the trust and confidence of our customers in order to continue our growth and success. Fundamentally, we are in the business of building long lasting relationships and we have to prove that to our customers every day.”

With that in mind, HVCB has moved into internet banking with the recent unveiling of its updated website. A full line of new Liberty Banking accounts offering personal and business customers the liberty to bank 24 hours a day, 7 days a week will compliment the new service. "As a community bank, personal courteous attention will always be the hallmark of our service", commented Hyman," but the internet provides a level of convenience beyond any other delivery program. So, when you call the bank, you will still speak to a real person, but if you need to check the balances in your accounts or want to pay bills at anytime, you'll be able to do that too."

Hopewell Valley Community Bank is a full service commercial bank with three offices in Mercer County. Founded in February, 1999, the bank is locally owned and managed to provide professional, highly personalized banking services to individuals, families, and small businesses.


For questions please contact:
James Hyman, President & CEO 
Hopewell Valley Community Bank
609-466-2900
jhyman@hvcbonline.com