PSB Bancorp, Inc. Memorandum of Understanding With Federal Reserve Bank of Philadelphia Lifted

PSB Bancorp, Inc. Memorandum of Understanding With Federal
Reserve Bank of Philadelphia Lifted 


PHILADELPHIA, Aug. 25  /PRNewswire-FirstCall/ -- PSB Bancorp, Inc.
(NASDAQ:PSBI), the holding company for First Penn Bank, announced today that
the Memorandum of Understanding entered into on April 14, 2003, by and among
PSB, the Bank and the Federal Reserve Bank of Philadelphia has been lifted.

"We are pleased that we have diligently worked with the Federal Reserve Bank of
Philadelphia to comply with the provisions of the Memorandum of Understanding
and that the Memorandum of Understanding has been lifted.  We strongly believe
that the entire process has strengthened PSB's structure," commented Anthony
DiSandro, President and CEO of PSB and the Bank. 

DATASOURCE: PSB Bancorp, Inc.



CONTACT:  Anthony DiSandro, President, PSB Bancorp, Inc.,

[phone]



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

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