Alliance Bancorp Shareholders Vote to Approve Merger With New Haven Savings Bank

Alliance Bancorp Shareholders Vote to Approve Merger With New Haven Savings Bank



VERNON, Conn., March 18  /PRNewswire-FirstCall/ -- At a Special Meeting held
today, shareholders of Alliance Bancorp of New England, Inc., the holding
company of TollandBank, voted to approve the merger with NewAlliance
Bancshares, Inc. and its proposed subsidiary New Haven Savings Bank.  The merger
transaction was announced on July 15, 2003, and includes the merger of Alliance
and Connecticut Bancshares, the holding company for the Savings Bank of
Manchester, into NewAlliance Bancshares.

Alliance's CEO & President Joseph Rossi said, "We are pleased that our
shareholders voted overwhelmingly in favor of the merger with New Haven Savings
Bank.  We believe the combined resources of New Haven Savings Bank and Tolland
Bank will be a strong presence in the market."

NewAlliance Bancshares, Inc., the proposed bank holding company for New Haven
Savings Bank is a newly formed Delaware Corporation that will own New Haven
Savings Bank.  The transaction is expected to close on or about April 1, 2004,
subject to receipt of all regulatory approvals.

Upon completion of the merger transaction, the resulting bank will operate as
NewAlliance Bank and is expected to have approximately 74 branches in
Connecticut, $6.23 billion in assets, $3.75 billion in deposits and equity of
approximately $1.41 billion.

Under the terms of the merger transaction approved by Alliance's shareholders
today, each shareholder of Alliance can elect to receive for each share of
Alliance common stock either 2.5 shares of NewAlliance Bancshares, Inc. common
stock or $25 in cash.  The offering for the common stock of NewAlliance
Bancshares, Inc. concluded on March 11, 2004.

Alliance Bancorp of New England, Inc. (AMEX:ANE) is the bank holding company for
Tolland Bank, a Connecticut-chartered savings bank with ten offices serving
central and eastern Connecticut.  Alliance builds community and shareholder
value relying on its fundamental strengths of convenience, superior marketing,
customer service, knowledge of its communities, and competitive products.
(http://www.alliancebancorp.com/ and http://www.tollandbank.com/)

Statements in this press release regarding Alliance Bancorp of New England,
Inc.'s business that are not historical facts are "forward-looking statements"
that involve risks and uncertainties. For a discussion of such risks and
uncertainties, which could cause actual results to differ from those contained
in the forward-looking statement, see "Forward-Looking Statements" in the
Company's most recent Annual Report. 

DATASOURCE: Alliance Bancorp of New England, Inc.



CONTACT:  Joseph H. Rossi, President/CEO of Alliance Bancorp of New

England, Inc., [phone] 



Web Site:  http://www.alliancebancorp.com/

http://www.tollandbank.com/ 

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