"This is Where the Industry is Going"

MONROE FEDERAL GAINS NEW TECHNOLOGY FROM DATA PROCESSING PARTNERSHIP WITH COCC

AVON, Conn. August 23, 2006 — COCC, a leading provider of next generation technology services for financial institutions, today announced that Monroe Federal Savings and Loan Association of Tipp City, Ohio is up and running on COCC’s next generation data processing systems. Monroe Federal is the seventh Ohio community bank to select COCC’s core processing system and suite of strategic products. The COCC systems have enabled Monroe to expand customer services while maintaining flexibility.

“COCC is at the forefront of technology which enables our bank to offer the latest products and services to our customers,” said David H. Summers, President and CEO of Monroe Federal. “While others are trying to patch their old legacy systems, COCC has moved forward with an open core processing system. That’s where the industry is going."

Monroe Federal has defined local banking since 1875 with its focus on customers and commitment to local decision-making in the Tipp City-Bethel and Vandalia-Butler areas. The $83M bank prides itself on its flexibility in financing and not having a toll free number because, “it doesn’t need one."

When area banks began consolidating 10 years ago, Monroe decided to fill the void in the local banking market. “Our intention was not to get big or become a regional,” said Mr. Summers. “But we recognized that a traditional savings and loan business model wouldn’t survive against mortgage brokers and other financial entities entering the area."

Monroe quickly added home equity lines of credit, car loans, and business loans. A key ingredient in all of these products is local decision-making. “In most other banks, you don’t find the president’s office just off the lobby,” said Summers. “We know the property and the customer’s needs and goals. It’s a powerful advantage."

Since Monroe made the transition to a community bank model, it has nearly doubled in size from $44M in 1996 to $83M in 2006. Today’s competition from credit unions, expanding product needs and dramatic population growth in the Tipp City and Vandalia area stimulated a second transition at Monroe Federal to new technology from COCC.

“The conversion to COCC has enabled us to introduce new services and streamline operations,” said Summers. “We have introduced online banking with e-statements, have accelerated account opening with scans of customer drivers licenses, and made teller processing faster throughout the day. As we become more comfortable with the system, we expect to add greater flexibility to additional products."

In the back room, COCC’s new image technologies have expedited check processing. Deposited funds are made available more quickly and courier costs have come down significantly as a result of image technology that other banks are still waiting to adopt in the future.

COCC’s mutual ownership structure was just as important as COCC’s technology to Monroe. Mr. Summers explained that mutual ownership at Monroe had allowed the bank to survive. “COCC is the same way,” he said. “I like the cooperative effort for the greater good, and ownership means that our voice matters. COCC doesn’t have to generate a return for shareholders. Their services are priced to keep things running while investing in the future."

“Next generation technology delivered by our mutually-owned data center represents the best value in the financial data processing business,” said COCC’s President and CEO, Richard A. Leone. “We are pleased that our reputation for quality service and the best technology convinced Monroe Federal to partner with COCC. Now we have the distinct honor of exceeding the bank’s expectations for years to come."