BankIPO.Com Client Receives Permission to Capitalize

CANAJOHARIE, N.Y. - (BUSINESS WIRE) - Aug. 9, 2005

BankIPO.com announced today that its de novo client, Patriot Federal Bank (In Organization), received permission to commence its Capital Offering from the Office of Thrift Supervision (OTS) on July 15, 2005. The organizers are now approved to formally begin the Capital Offering that will ultimately result in the formation of their federally chartered bank.

Patriot Federal Bank (IO) will be headquartered at 211 Erie Boulevard in Canajoharie, a location that will be acquired through the acquisition of a Trustco Bank Branch office. The acquisition of the Trustco Bank Branch office, an established bank in the Mohawk Valley, enables Patriot Federal Bank (IO) to have an immediate presence in the Canajoharie and mid-Mohawk Valley market.

"The Management, Staff and Directors of Patriot Federal Bank (IO) are eagerly awaiting the opportunity to serve the people of the Mohawk Valley with a new financial institution that is dedicated to personal, friendly, and professional customer service," said Gordon Coleman, President and CEO.

Patriot Federal Bank (IO) will be a community bank owned by the community it serves. The bank intends to distance itself from the level of service being delivered today by the large chain and regional institutions in an effort to deliver exceptional service and enhance customer relationships. The Organizers will achieve this goal by delivering the Bank's products and services through capable and experienced management, well-trained and motivated staff, and user-friendly technology.

For more information about Patriot Federal Bank (IO), or to inquire about their upcoming offering, please visit www.bankipo.com. Investments into Patriot Federal Bank (IO) can be made only by obtaining a printed copy of the Offering Circular by contacting the bank or its representatives. The Offering Circular may be downloaded from this site but investments will still need to be made by contacting the bank or its representatives. Patriot Federal Bank (IO) reserves the right to refuse investments they feel would remove control of the bank from the hands of the community it is chartered in.

Forward-Looking Information

This press release contains forward-looking statements. It should be reviewed in conjunction with the Patriot Federal Bank (IO) Offering Circular, copies of which are available from Patriot Federal Bank (IO) upon request. Such publicly available information provides additional information regarding risks and uncertainties related to Patriot Federal Bank (IO) business that should be considered in evaluating "forward-looking statements."

Contacts

Gordon Coleman, 518-673-4400

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Visit patriotfederalbank.com.