FOR IMMEDIATE RELEASE
July 28, 2003

For further information contact:
John S. Fiore
President and Chief Executive Officer
Ralph A. Fernandez
Vice President and Chief Financial Officer
Synergy Financial Group, Inc.
(800) 693-3838, extension 3292

                          Synergy Financial Group, Inc.
                          Announces Plan of Conversion

Cranford,  New  Jersey,  July 28,  2003 - Synergy  Financial  Group,  Inc.  (the
"Company") (OTCBB:  SYNF), the middle-tier stock holding company of Synergy Bank
(the "Bank") and Synergy  Financial  Services,  Inc.,  announced  today that the
Company  has  adopted a Plan of  Conversion  and  Reorganization  (the  "Plan").
Pursuant to the Plan,  the Company,  Synergy,  MHC (the "MHC") and the Bank will
convert from the mutual  holding  company form of  organization  to a full stock
company.

The Bank  previously  converted from a federal mutual savings bank to the mutual
holding  company form of organization in 2001, with all of the stock of the Bank
owned by the Company  and all of the stock of the  Company  owned by the MHC. In
September  2002, the Company  undertook a minority stock offering and sold 43.5%
of the outstanding stock of the Company to the public.  The remaining shares are
held by the MHC.  Pursuant  to the Plan,  the Bank will  establish  a New Jersey
stock holding company ("New Company"),  and the shares of the Company stock that
are currently  owned by public  stockholders  will be converted,  pursuant to an
exchange  ratio,  into shares of the New Company.  Pursuant to the Plan, the MHC
will be eliminated and the Bank will become a wholly-owned subsidiary of the New
Company, which will be owned entirely by public stockholders.

                                     -More-


John S. Fiore,  President and Chief Executive Officer of the Company,  announced
"through our prior acquisition of First Bank of Central Jersey, the expansion of
our branch network and the growth of our loan  portfolio,  we have  successfully
put to work the capital  raised in our initial public  offering.  The additional
capital that we raise in the new stock offering will help support future growth.
Our  existing  stockholders  and  eligible  depositors  will  receive  the first
opportunity to purchase stock in the new offering,  which we expect to undertake
during the fourth quarter of 2003."

Synergy  Financial  Group,  Inc.  is the holding  company  for Synergy  Bank and
Synergy  Financial  Services,  Inc. The Company is a financial  services company
that  provides a  diversified  line of products and  services to  consumers  and
small- to  mid-sized  businesses.  Synergy  offers  consumer  banking,  mortgage
lending,  commercial banking,  consumer finance,  Internet banking and financial
services through a network of 18 offices located in Middlesex,  Monmouth, Morris
and Union  counties  New  Jersey.  As of June 30,  2003,  the  Company had total
consolidated assets of $562 million.

The foregoing  information contains  forward-looking  statements  concerning the
financial  condition,  results of operations and business of the Company and its
plans, objectives,  expectations, estimates and intentions. The Company cautions
that such statements are subject to a number of uncertainties and actual results
could differ  materially and therefore,  readers should not place undue reliance
on  any  forward-looking   statements.  The  Company  does  not  undertake,  and
specifically disclaims, any obligation to update any forward-looking  statement,
whether  written or oral,  that may be made from time to time by or on behalf of
the Company.

The  foregoing  information  does  not  constitute  an  offer  to  sell  or  the
solicitation of an offer to buy any  securities.  The offer will be made only by
the prospectus.

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