Exhibit 20
FIRST SENTINEL BANCORP, INC.
1000 Woodbridge Center Drive, PO Box 5003, Woodbridge, New Jersey 07095
Phone: (732) 726-9700 Internet: www.firstsentinelbancorp.com
NEWS RELEASE
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FOR IMMEDIATE RELEASE CONTACT: Ann C. Clancy
May 25, 2000 Investor Relations
Ph: (732) 726-9700 x5514
Fax: (732) 726-5541
FIRST SENTINEL BANCORP ANNOUNCES APPOINTMENT OF NEW CHAIRMAN
Woodbridge, NJ - The Board of Directors of First Sentinel Bancorp, Inc.,
(Nasdaq: FSLA) the holding company for First Savings Bank, announced today that
it had appointed Philip T. Ruegger, Jr. as its new Chairman. Mr. Ruegger was
also appointed Chairman of the Board of First Savings. The appointments were
made after the presiding Chairman, Walter K. Timpson, resigned his position as
Chairman of the Board of Directors of both First Sentinel and First Savings.
In accepting his new position, which is effective immediately, Mr. Ruegger
acknowledged the Board's appreciation for Mr. Timpson's years of leadership and
reaffirmed the Company's commitment to enhancing shareholder value. "On behalf
of the Board, we would like to thank Mr. Timpson for his dedicated service as
Chairman over the last four years, as well as for the past 35 years as a member
of the Board. We are pleased that he will continue to lend his expertise to the
Company as a director." Mr. Ruegger also commented on his objectives as the new
Chairman. "Our Board considers improvement of shareholder value to be the
Company's top priority. We will continue to explore opportunities to effectively
deploy our capital, improve and expand our product lines and delivery channels,
and increase market share in our ongoing effort to provide greater returns to
our shareholders," Ruegger stated.
Mr. Ruegger has served as a director of First Savings since 1983. A graduate of
Dartmouth College, he previously served as President of Northwest Construction
Co., a residential and commercial real estate construction and management firm
based in Metuchen, New Jersey, for more than 20 years. Mr. Ruegger also has a
background in commercial banking, having served as a director of the National
Bank of New Jersey for 13 years prior to his affiliation with First Sentinel.
Mr. Ruegger is active in civic and charitable organizations in the central New
Jersey area.
First Sentinel common stock trades on the Nasdaq National Market under the
symbol "FSLA." The Company currently operates 23 retail banking offices in
Middlesex, Monmouth, Mercer and Union Counties.
