Appeals Court Dismisses PSB Bancorp Options Case

Appeals Court Dismisses PSB Bancorp Options Case 


PHILADELPHIA, April 4  /PRNewswire-FirstCall/ -- On April 1, 2005, the United
States Court of Appeals for the Third Circuit ("Appeals Court") granted PSB
Bancorp, Inc.'s (NASDAQ:PSBI) ("PSB") petition for rehearing and vacated the
Appeals Court's prior Opinion validating certain options purportedly held by
dissident shareholders, including Conwell Ltd. Partnership.  In its Order, the
Appeals Court acknowledged the validity of PSB's arguments, vacated the Appeals
Court's prior opinion, and directed the District Court to dismiss the
underlying case for lack of subject matter jurisdiction.  PSB does not know and
cannot predict whether the dissident shareholders will continue to litigate
this or related cases.

This press release contains statements concerning the Company's strategies,
plans and objectives.  These statements constitute forward-looking statements
(within the meaning of the Private Securities Litigation Reform Act of 1995),
which involve significant risks and uncertainties.  Therefore, you should not
rely solely on anything contained in this press release in making any
investment decisions regarding the Company. 

DATASOURCE: PSB Bancorp, Inc.



CONTACT:  Anthony DiSandro, President, PSB Bancorp, [phone]



Web site:  http://www.firstpennbank.com/

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