NewAlliance Bancshares Completes Cornerstone Acquisition

NewAlliance Bancshares, Inc. (NYSE: NAL) announced that
it completed its acquisition of Stamford-based Cornerstone Bancorp,
Inc. (AMEX:CBN) yesterday, providing its initial entry into Fairfield
County. Shareholders of Cornerstone approved the acquisition in August
and the banks received the required regulatory approvals in September.
The cash-and-stock transaction was valued at approximately $48.7
million when announced.
   The acquisition supports NewAlliance's growth strategy, providing
it with additional assets of $221 million and deposits of $186 million
as of September 30, 2005, and a strong immediate presence in the
highly attractive Fairfield County market.
   "We are pleased to combine two great community banks," said Peyton
R. Patterson, Chairman, President and Chief Executive Officer of
NewAlliance. "With Cornerstone's outstanding reputation for personal
service, we see an excellent potential for growth in Fairfield County
in the consumer and commercial lending market, as well as in our
wealth management and trust services."
   Merrill J. Forgotson, former President and CEO of Cornerstone, has
become Senior Vice President of NewAlliance and Head of Business
Banking in the Fairfield County region.
   Cornerstone has branches in Stamford at 550 Summer Street, 1117
High Ridge Road and 1042 Hope Street. Other branches are located at
211 East Putnam Avenue, Cos Cob; 79 New Canaan Avenue, Norwalk; and
1071 Post Road East, Westport.

   NewAlliance Bancshares, which just completed its first full year
as a public company, is the parent company of NewAlliance Bank, the
sixth largest bank headquartered in New England and the third largest
bank based in Connecticut. Including this acquisition, the Bank now
has 71 branches in six Connecticut counties - Fairfield, Hartford,
Middlesex, New Haven, Tolland and Windham.
   At September 30, 2005, NewAlliance had $6.6 billion in assets and
$3.7 billion in deposits. In July 2005, NewAlliance acquired
Hartford-based Trust Company of Connecticut, tripling the Bank's trust
assets under management.