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New Jersey Community Bank Announces Operating Results for the Fourth Quarter

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FREEHOLD, N.J.--([ BUSINESS WIRE ])--New Jersey Community Bank (OTCBB:NJCB) reported a net loss of $429,000 for the quarter ended December 31, 2008. The Bank has been in operation for a little more than five months. Its net loss from its incorporation date (November 2, 2006) through December 31, 2008 was $2.1 million, which represents a cumulative recognition of formation, organizational and operating expenses. These results include adding $245,000 to its loan loss reserve bringing it to 1.10% of total loans.

At December 31, 2008, the Bank's total assets were $36.4 million and loans totaled $22.2 million. The Bank's loan pipeline equaled $14 million at quarter end. Deposits totaled $21.8 million at December 31, 2008 and did not include any brokered deposits.

Robert O'Donnell, Chairman and CEO, stated, "Though these are very unusual economic times we continue to grow the bank franchise in the markets we serve. As a true community bank, our focus is still to lend and provide banking services to consumers, small and medium size businesses, professionals and organizations."

About the Bank

New Jersey Community Bank is a New Jersey-chartered commercial bank with its principal office located in the Township of Freehold in Monmouth County, New Jersey. The Bank opened in July 2008 and provides a traditional range of business and consumer banking products.

Forward-Looking Statements

This news release contains forward-looking statements. We caution that forward-looking statements are subject to numerous assumptions, risks and uncertainties, which change over time. Such statements are also subject to certain factors that may cause the Bank's results to vary from those expected. These factors include changing economic and financial market conditions, changing laws and regulations, competition, ability to execute the Bank's business plan, items already mentioned in this press release, and other factors. Readers are cautioned not to place undue reliance on these forward-looking statements, which reflect management's judgment only as of this date. The Bank undertakes no obligation to publicly revise these forward-looking statements to reflect events and circumstances that arise after the date of this release.