Press Release Regarding Investment Write-Off and Merger Announcement by Jade Financial Corp.

Summary

Jade Financial Corp., the parent company of IGA Federal Savings Bank, announced it will take a one-time after-tax charge of $1.5 million for the year ending December 31, 2000, due to the write-off of its investment in BankZip.com. The company also recently announced a merger with PSB Bancorp, Inc., which is expected to take a similar write-off. This press release informs stakeholders about the financial impact of the investment loss and the ongoing merger process.

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EX-2.1 2 ex2-1.txt Press Release - Jade Financial Corp. Feasterville, PA, February 14, 2001 - Jade Financial Corp. (Nasdaq: PSBI), the holding company for IGA Federal Savings Bank, announced today that it will take a one-time after tax charge of $1.5 million against earnings for the year ended December 31, 2000 to account for the write-off of its investment in BankZip.com, an aggregator of Internet banking services. Jade Financial Corp. recently announced a merger with PSB Bancorp, Inc. (Nasdaq: PSBI), who was also an investor in BankZip.com and is expected to announce a similar write-off of its investment in BankZip.com.