COCC OUTSOURCING TO SPUR VALLEY BANK GROWTH

AVON, Conn — June 8, 2004 — Bristol, Connecticut-based Valley Bank will switch from in-house to outsourced processing when it converts to COCC this November. The bank will rely on COCC’s technology partnership to keep its technical infrastructure current and affordable. Valley Bank will utilize COCC’s outsourced core, electronic banking, financial, network and disaster recovery services.

Organized in 1998, Valley Bank provides a full range of user-friendly services featuring local decision-making and fair pricing. Valley replaced three hometown banks in Bristol, Connecticut which had merged or been acquired by other banks. Since opening its doors in 1999, the bank’s assets have grown 17-fold. Anticipating further growth, the bank decided that outsourced data processing would best support its plans.

“We were impressed by COCC’s complete product offering and its outstanding reputation for service,” said Robert L. Messier, Jr., President and CEO of Valley Bank. “Both are critical components of our growth and service strategies.”

Valley Bank found that complex regulatory needs such as security, disaster recovery, and Check 21 coupled with competitive pressures required an outsourced service partnership. Messier said that “it’s important to have a partner who can work with us to deliver the best service in a cost-effective manner. Today’s regulations and service requirements can easily overwhelm most banks’ capabilities.”

“We intend to expand our market by opening new branches and through mergers and acquisitions,” said Messier. “We feel that growth is easier to accomplish if the bank is working with a service outsourcer.”

Valley Bank’s first service experience with COCC was Internet services. John Scapin, the bank’s IT Manager, said the regulators were seeking considerable upgrades to Valley’s Internet connectivity, such as a firewall, intrusion detection services, and automated software patching. “We shopped the area providers and found the complete package of services from COCC,” said Scapin. “We appreciated the company’s focus on banks — they knew the regulatory requirements backward and forward, and that saved us time implementing our network security plans.”

From there, the outsourcing idea took hold. “We realized that outsourcing could free us to focus on our real business — banking!” said Scapin. “We wanted to expand our product line and our geographic footprint without assuming additional data processing responsibilities. Those are difficult tasks to accomplish with a small IT staff. Using a comprehensive outsourcer, we will save time researching, implementing and troubleshooting new products. Branch implementations will be smoother and won’t require extra technical staff. That will have a strong impact on our bottom line.”

When Valley Bank converts to the COCC system, the bank will introduce new electronic banking products, streamline its compliance efforts, and provide instant access to higher quality information for all staff. “The result will be greater efficiency with maximum growth,” said Mark Blum, Valley Bank’s Executive Vice President and CFO.

Blum added that COCC provides an extra advantage in its active client groups. “There is a distinct benefit to conferring with other banks,” said Blum. “Already, we have found the COCC client meetings to be great opportunities for banks to network and resolve issues together.”

COCC’s President and CEO, Richard A. Leone, added, “COCC’s clients have proven the effectiveness of our technology and support to achieve their strategic objectives. By applying next generation technology and support techniques to today’s banking challenges, Valley Bank will grow its customer base and its franchise through outstanding service.”