Contact: Michael J. Hartl
         Senior Vice President and Chief Financial Officer
         Connecticut Bancshares, Inc.
         (860) 645-2596


                  SHAREHOLDERS OF CONNECTICUT BANCSHARES, INC.
                APPROVE MERGER WITH NEWALLIANCE BANCSHARES, INC.


     Manchester,  CT (March 30, 2004) - Connecticut Bancshares,  Inc.
(the "Company") (Nasdaq: SBMC), announced today that its  shareholders
overwhelmingly  approved  the  pending  merger  with NewAlliance Bancshares,
Inc. (Nasdaq:  NABC),  New Haven,  Connecticut,  at a meeting  held  today.  The
merger is expected to close on or about April 1, 2004, subject to receipt of all
regulatory approvals.

     Connecticut Bancshares, Inc. is the holding company for The Savings Bank of
Manchester. Established in 1905, The Savings Bank of Manchester is one of
Connecticut's oldest and largest banks. The bank is headquartered in Manchester,
Connecticut, with 28 branch offices serving 22 communities throughout central
and eastern Connecticut.

FORWARD-LOOKING STATEMENTS

     This news release contains certain forward-looking statements about the
merger of the Company and NewAlliance Bancshares, Inc. These statements include
statements regarding the anticipated closing date of the transaction and
anticipated future results. Forward-looking statements can be identified by the
fact that they do not relate strictly to historical or current facts. They often
include words like "believe," "expect," "anticipate," "estimate," and "intend"
or future or conditional verbs such as "will," "would," "should," "could" or
"may." Certain factors that could cause actual results to differ materially from
expected results include delays in completing the merger, difficulties in
achieving cost savings from the merger or in achieving such cost savings within
the expected time frame, difficulties in integrating the Company and NewAlliance
Bancshares, Inc., increased competitive pressures, changes in the interest rate
environment, changes in general economic conditions, legislative and regulatory
changes that adversely affect the business in which the Company and NewAlliance
Bancshares, Inc. are engaged, and changes in the securities markets.


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