Alliance Annual Meeting Highlights Outstanding Year and Re-Elects Directors

Apr 11, 2001, 01:00 ET from Alliance Bancorp of New England, Inc.

    VERNON, Conn., April 11 /PRNewswire/ -- Alliance Bancorp of New England,
 Inc., the holding company of Tolland Bank, conducted its Annual Meeting
 April 11, 2001.  At the meeting, shareholders re-elected the following
 directors for three year terms: Robert C. Boardman, William E. Dowty, Jr., and
 Kenneth R. Peterson.
     Joseph H. Rossi, President and Chief Executive Officer, hailed 2000 as "an
 outstanding year for Alliance Bancorp of New England and its subsidiary,
 Tolland Bank."  Mr. Rossi said, "Our customers recognize the advantage of
 doing business with a locally managed institution."  He cited commercial loans
 as a strength and focus and noted a 28% increase during the year.  He
 commented on the growth in the customer base, and the low level of
 non-performing assets,  adding no foreclosed property was held at year-end.
     Identifying the company as a marketing oriented organization he said, "We
 have learned that a successful marketing organization is one that recognizes
 the opportunities created by change and can add the ingredients necessary to
 achieve above average results; superior customer service, and convenient
 products which are reasonably priced.  During the past year, we offered our
 customers the latest technological advances with our online banking product
 for businesses and individuals; we joined the SUM program which enables our
 customers access to over 2,500 ATMs throughout New England free of surcharges;
 increased the "value" in ValuePlus checking by eliminating the nuisance charge
 for foreign ATM usage."
     David Gonci, Senior Vice President/Chief Financial Officer, reported,
 "Our 2000 performance remained quite strong, with a 21% return on equity,
 11% growth in earnings per share, and a 20% increase in the dividend."  He
 reported that, "Last year was the best year ever for growth in the company's
 basic business ... raising significant new deposits in our markets and
 reinvesting these proceeds back into loans serving our markets."  At year-end,
 Alliance was classified as Well Capitalized, the highest regulatory capital
 classification.  In discussing stock performance, Mr. Gonci compared the
 company's stock performance to the losses of the S&P 500 and American Stock
 Exchange Bank Average, noting that Alliance produced a positive total return
 of 4.7% to its investors.  In closing, he acclaimed that, "Alliance has now
 produced five consecutive years of record earnings, and for the last three
 years our adjusted return on equity has exceeded 15%."
 
     Alliance Bancorp of New England, Inc. (Amex:   ANE) is a bank holding
 company for Tolland Bank, a Connecticut-chartered bank serving the markets in
 central and eastern Connecticut. (http://www.alliancebancorp.com)
 (http://www.tollandbank.com)
 
 

SOURCE Alliance Bancorp of New England, Inc.
    VERNON, Conn., April 11 /PRNewswire/ -- Alliance Bancorp of New England,
 Inc., the holding company of Tolland Bank, conducted its Annual Meeting
 April 11, 2001.  At the meeting, shareholders re-elected the following
 directors for three year terms: Robert C. Boardman, William E. Dowty, Jr., and
 Kenneth R. Peterson.
     Joseph H. Rossi, President and Chief Executive Officer, hailed 2000 as "an
 outstanding year for Alliance Bancorp of New England and its subsidiary,
 Tolland Bank."  Mr. Rossi said, "Our customers recognize the advantage of
 doing business with a locally managed institution."  He cited commercial loans
 as a strength and focus and noted a 28% increase during the year.  He
 commented on the growth in the customer base, and the low level of
 non-performing assets,  adding no foreclosed property was held at year-end.
     Identifying the company as a marketing oriented organization he said, "We
 have learned that a successful marketing organization is one that recognizes
 the opportunities created by change and can add the ingredients necessary to
 achieve above average results; superior customer service, and convenient
 products which are reasonably priced.  During the past year, we offered our
 customers the latest technological advances with our online banking product
 for businesses and individuals; we joined the SUM program which enables our
 customers access to over 2,500 ATMs throughout New England free of surcharges;
 increased the "value" in ValuePlus checking by eliminating the nuisance charge
 for foreign ATM usage."
     David Gonci, Senior Vice President/Chief Financial Officer, reported,
 "Our 2000 performance remained quite strong, with a 21% return on equity,
 11% growth in earnings per share, and a 20% increase in the dividend."  He
 reported that, "Last year was the best year ever for growth in the company's
 basic business ... raising significant new deposits in our markets and
 reinvesting these proceeds back into loans serving our markets."  At year-end,
 Alliance was classified as Well Capitalized, the highest regulatory capital
 classification.  In discussing stock performance, Mr. Gonci compared the
 company's stock performance to the losses of the S&P 500 and American Stock
 Exchange Bank Average, noting that Alliance produced a positive total return
 of 4.7% to its investors.  In closing, he acclaimed that, "Alliance has now
 produced five consecutive years of record earnings, and for the last three
 years our adjusted return on equity has exceeded 15%."
 
     Alliance Bancorp of New England, Inc. (Amex:   ANE) is a bank holding
 company for Tolland Bank, a Connecticut-chartered bank serving the markets in
 central and eastern Connecticut. (http://www.alliancebancorp.com)
 (http://www.tollandbank.com)
 
 SOURCE  Alliance Bancorp of New England, Inc.