Bid To Save Lucrative Board Seats AtCU-Convert

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CRANFORD, N.J. - (03/09/06) – Embattled directors at formercredit union Synergy Financial made a last-ditch plea Tuesday tothe ex-credit union’s other 1,000 stockholders to save theirlucrative board seats from a dissident ownership group. “Thefuture of your Company is at stake–do not vote for PLCapital’s nominees...throw away the green proxy card!”the management, headed by director John Fiore, pleaded in proxysolicitations filed with the Securities and Exchange Commission.Fiore claimed that he and two other directors who helped flip thecredit union to savings bank have not unjustly enriched themselves,as charged by PL Capital, with a 9.9 stake the bank’s largestshareholder. Management, which paid Fiore $4.5 million the pastthree years, claimed that more than $14 million paid to directorsand management since the credit union-convert went public threeyears ago was awarded “to encourage directors and employeesto maximize the long-term value of your investment in SynergyFinancial Group.” Two of the other directors up forreelection, Nancy Davis and Phil Scott were each paid $500,00 thelast two years. PL Capital is seeking to win two of the three boardseats up for election this month and replace two of Fiore, Davis orScott, all of who helped take the ex-credit union public. SynergyFinancial was known as Synergy FCU until January 1999.

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