Contact: Anthony P. Costa                                  FOR IMMEDIATE RELEASE
         Chairman and                         Press Release dated August 4, 2008
         Chief Executive Officer
         (866) 646-0003


                               ES Bancshares, Inc.
                 Announces Exercise of 40,000 Organizer Warrants

     Newburgh,  New York- (August 4, 2008) ES Bancshares,  Inc. (the  "Company")
(OTCBB:  ESBS)  announced today that on July 30, 2008, four members of its Board
of Directors  exercised each of their 10,000  Organizer  Warrants at an exercise
price of $6.75. This action raised $270,000 in capital for the Company.

     Effective  June 30, 2008,  the Company  reduced the  exercise  price of its
Organizer Warrants and Common Stock Purchase Warrants (OTCBB: ESBSW) from $10.00
to $6.75.  The reduced  exercise price for the Organizer  Warrants is applicable
only for a period  ending on October 31, 2008,  after which the  exercise  price
will revert back to $10.00 per share.  The Organizer  Warrants,  which expire on
June 28, 2009,  were granted to the Company's 19  organizers in connection  with
the opening of Empire State Bank.

     The Company's  Common Stock Warrants were  originally  issued in connection
with its  initial  public  offering on April 28,  2004.  Each  purchaser  in the
offering  was  provided  with a Common  Stock  Warrant to purchase one share for
every five  shares  purchased.  The Common  Stock  Purchase  Warrants  expire on
October 31, 2008.

     Anthony P. Costa,  Chairman and Chief Executive  Officer indicated that "we
are  pleased  that  several  of our Board  members  have shown  their  continued
commitment  to the  Company.  They  supported  our Company  since they served as
organizers  of Empire  State  Bank  over five  years  ago.  It is this  level of
dedication that can help position us for the future"

     Philip Guarnieri, President and Chief Operating Officer commented that "the
Board of  Directors  is pleased to have this  additional  capital,  and hopes to
raise  additional  capital through the exercise of other Organizer  Warrants and
Common Stock Purchase  Warrants.  The Board intends for the increased capital to
allow the Bank to continue  to grow at a managed  pace and  potentially  add new
branch locations."

         The Company has engaged American Stock Transfer and Trust Company as
its Exchange Agent to facilitate the exercise of its Organizer Warrants and its
Common Stock Purchase Warrants.

     The  Company  is the  holding  company  for  Empire  State  Bank,  N.A.,  a
full-service, community-oriented commercial bank providing financial services to
individuals,  families and  businesses  in and around the Town of Newburgh,  the
Village of New Paltz and the borough of Staten Island.

     This  release  contains  "forward-looking  statements"  as  defined  in the
Private  Securities  Litigation  Reform Act of 1995. A variety of factors  could
cause ES Bancshares,  Inc.'s actual



results to differ  from those  expected  at the time of this  release  including
changes in the market price of our common  stock and in stock prices  generally,
competition,  changes  in  general  and local  economic  conditions,  changes in
interest rates,  our ability to  successfully  carry out our plan and regulatory
concerns.  Investors  are urged to  carefully  review and  consider  the various
disclosures  in our  periodic  reports  filed with the  Securities  and Exchange
Commission, including our Annual Report on Form 10-K for the most recently ended
fiscal year.  Copies of these  filings are available at no cost on the SEC's web
site  at   http://www.sec.gov   or  on  ES   Bancshares,   Inc.'s  web  site  at
http://www.esbna.com.