PRESS RELEASE


BUCS Financial Corp                       Contact:        Mr. Herbert J. Moltzan
10455 Mill Run Circle                                     President and CEO
Owings Mills, Maryland                                    (410) 998-5304


                              For Immediate Release
                                February 14, 2002

                    OTS FAILS TO APPROVE BUCS FINANCIAL CORP
                            STOCK REPURCHASE PROGRAM

         BUCS  Financial  Corp,  Owings  Mills,  Maryland (the  "Company"),  the
holding company of BUCS Federal Bank (the "Bank") filed a notice with the Office
of  Thrift  Supervision  ("OTS")  on  October  1,  2001  seeking  permission  to
repurchase up to 5% of the Company's  outstanding stock within the first year of
the conversion of the Bank from the mutual to stock form of organization.  After
receiving OTS comments and filing  additional  materials with the OTS to support
its  application,  on February  12,  2002,  the OTS  notified  the Bank that the
Company's application had been denied.

         Based upon the trading price of the  Company's  stock and the Company's
level of capitalization, the Board of Directors of the Company believes that the
5% stock repurchase program would be in the best interest of the Company and its
shareholders. However, pursuant to applicable OTS regulations, stock repurchases
are prohibited, without OTS approval, until one year after the completion of the
Bank's conversion to stock form. The Bank completed its conversion to stock form
on March 14, 2001. Accordingly,  since the Company did not receive approval from
the OTS of its October 1, 2001  request,  it will not be permitted to repurchase
stock until March 14, 2002,  at which time the Board of  Directors  will examine
the price of the Company's  stock, the financial  condition of the Company,  the
market  and other  factors  to  determine  whether  to adopt a stock  repurchase
program.

         The Company  conducts  its  business  through its main office in Owings
Mill, Maryland and its branch office in Columbia,  Maryland. The Company expects
to open a third office at the Columbia  Crossings II Shopping Center,  Columbia,
Maryland in late 2002. As of December 31, 2001, the Company had total assets and
stockholders'  equity  of $84.6  million  and $9.7  million,  respectively.  The
Company's stock is traded on the Over-the-Counter Market under the symbol "BUCS"
with quotations available through the OTC Electronic Bulletin Board.