FOR IMMEDIATE RELEASE: FRIDAY, July 19, 1996

NEW YORK--The Federal Reserve Bank of New York Friday announced that it has no objection to the notice by Stewardship Financial Corporation, Midland Park, N.J., to acquire 100 percent of the outstanding stock of Atlantic Stewardship Bank, Midland Park, N.J. ("Atlantic Bank"), and thereby become a bank holding company with respect to Atlantic Bank.

The Reserve Bank acted under authority delegated by the Board of Governors of the Federal Reserve System.