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                                  PRESS RELEASE

                    NAUGATUCK VALLEY FINANCIAL CORPORATION
                       ANNOUNCES STOCK REPURCHASE PROGRAM

      Naugatuck, Connecticut. May 2, 2006. - Naugatuck Valley Financial
Corporation (NASDAQ National Market: "NVSL") today announced that the Company's
board of directors has authorized the repurchase of up to 380,218 shares of the
Company's outstanding common stock, or approximately 5% of the outstanding
shares held by persons other than Naugatuck Valley Mutual Holding Company. The
Company expects to begin the program as soon as practicable.

      Repurchases, which will be conducted through open market purchases or
privately-negotiated transactions, will be made from time to time depending on
market conditions and other factors. Repurchased shares will be held in the
Company's treasury.

      Naugatuck Valley Financial Corporation is the holding company for
Naugatuck Valley Savings and Loan, headquartered in Naugatuck, Connecticut. In
addition to its main office, Naugatuck Valley Savings and Loan operates five
branch offices in Southwest Connecticut. A sixth branch office is scheduled to
open in Southford, Connecticut in the third quarter of 2006. Naugatuck Valley
Savings and Loan is a community-oriented financial institution dedicated to
serving the financial service needs of consumers and businesses within its
market area.

      This release contains "forward-looking statements" which may describe
future plans and strategies, including our expectations of future financial
results. Management's ability to predict results or the effect of future plans
or strategies is inherently uncertain. Factors that could affect our actual
results include market interest rate trends, the general regional and national
economic market, our ability to control costs and expenses, actions by our
competitors and their pricing, loan delinquency rates, and changes in federal
and state regulation. As we have no control over these factors, they should be
considered in evaluating any forward-looking statements and undue reliance
should not be placed on such statements. Except as required by applicable law or
regulation, Naugatuck Valley Financial Corporation disclaims any obligation to
update such forward-looking statements.


Contact: Naugatuck Valley Financial Corporation
         John C. Roman, 20.-720-5000