ONEUNITED BANK BECOMES NATION'S LARGEST BLACK-OWNED BANK

New Merger, New Product Offering and New Name
Expands Bank's Leadership in Serving Urban Communities.

(AFRICAN AMERICAN NEWSWIRE)Los Angeles, CA - January 20, 2003 - OneUnited Bank, today announced the closing of its merger with Family Savings Bank, a leading Los Angeles-based minority controlled financial institution, creating the largest Black-owned bank in the country. This historic merger was approved by the FDIC, the Commissioner of Banks of the Commonwealth of Massachusetts, the Office of Thrift Supervision, the State of California and the U.S. Department of Justice. The newly combined entity which comprises Boston Bank of Commerce, Peoples Bank of Commerce in Miami, Founders Bank of Commerce in Los Angeles with Family Savings Bank, reached $500 million in assets under its new name, OneUnited Bank. With added resources, OneUnited Bank has expanded its leadership in serving urban communities by launching the OneUnited Bank Membership Program, an innovative new deposit offering providing customers expanded access to affordable banking.

With the addition of Family Savings Bank, OneUnited Bank has expanded its Los Angeles branch network and increased its lending capabilities. Family Savings Bank brings a powerful lending engine that had recently exceeded its capital capacity resulting in a loan to deposit ratio last year of over 100 percent. Family's loan products and services coupled with OneUnited Bank's higher lending limit will enable the combined entity to expand its community lending in Los Angeles, Boston and Miami. By combining four banks over the past four years, OneUnited Bank has achieved the critical size and scale necessary to expand access to financial services to urban communities.

"Our mission is to empower urban communities by uniting Black banks on a national level and offering affordable financial services for all," stated Kevin Cohee, Chairman & CEO of OneUnited Bank. "Despite our progress, we still see a proliferation of check cashing outlets in inner city communities, while nearly one-third of the residents do not have bank accounts. We believe all customers, regardless of their account balances, need and deserve affordable access to capital to achieve financial security. Our mission is to meet that need. On this historic day, as we celebrate the legacy of Martin Luther King Jr., we are pleased to announce our progress in creating more equal access to banking services for all."
Eliminating traditional banking costs, the OneUnited Bank Membership Program provides members with access to unlimited checking, savings and money market accounts for a low, flat monthly membership fee. No minimum balances are required to avoid fees; there are no check cashing or transaction fees. Membership is free for senior citizens, youth and students.

"Family's lending expertise and OneUnited's new Membership Program expand our ability to serve the banking needs of urban communities across the country," said Jheryl Busby, Director of OneUnited Bank, former President of Motown Records and the original architect of the OneUnited Bank and Family Saving's Bank merger. "Our success symbolizes what inner city businesses and communities can achieve if we unite and share critical resources, management talent, technology and ideas."

About OneUnited Bank
OneUnited Bank (www.oneunited.com) is revolutionizing financial services in urban communities from coast-to-coast by uniquely offering affordable banking services for all and fostering economic growth and individual opportunity. As the first inter-state and fastest growing African-American bank in the U.S. with $500 million in assets and branches in Massachusetts, Florida and California, OneUnited Bank is the premier banking institution for inner city communities across America. OneUnited Bank is backed by A-list celebrity shareholders, including NBA Hall of Famer turned businessman, Earvin "Magic" Johnson; entertainer, Janet Jackson and music executive Jheryl Busby; and led by Kevin Cohee, Chairman & CEO and Kenneth T. Lombard, Vice Chairman of OneUnited Bank and President of Johnson Development Corporation and Magic Johnson Theaters.

###
For more information contact:
Marie McGehee
Causemedia, Inc.
617/558-6850
mmcgehee@causemedia.com

Robert Patrick Cooper
OneUnited Bank
617/457-4415
bcooper@oneunited.com