Exhibit 99

FOR IMMEDIATE RELEASE
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                               CARNEGIE TO RETAIN

                            WARRANT CONVERSION AGENTS

PRINCETON, NEW JERSEY -- JUNE 5, 1997. Carnegie Bancorp announced today that it
retained the investment banking firm of Janney Montgomery Scott, Inc. and First
Colonial Securities Group, Inc. to provide certain advisory and investment
banking services in connection with the exercise of the Company's outstanding
common stock purchase warrants. The warrants, which expire on August 18, 1997,
permit each warrant holder to exercise each warrant at an exercise price of
$15.09, enabling a holder to purchase 1.157 shares of the Company's common stock
(an effective per share price of $13.04).

Pursuant to the terms of the engagement, Janney Montgomery Scott and First
Colonial Securities Group will assist the Company in maximizing the number of
warrants which will be exercised by direct solicitation of warrant holders, and
by providing warrant holders with assistance in the exercise process. In
addition, once Janney Montgomery Scott and First Colonial Securities Group began
their conversion agent activities, they will, from time to time, purchase
warrants that become available on the open market, exercise the warrants and
then resell the common stock purchased. Purchase of the warrants, which trade on
the Nasdaq National Market, will be made at prevailing market prices.

Carnegie Bank, N.A. is the single subsidiary of Carnegie Bancorp. The bank
serves small businesses, professionals and high net worth individuals through
its branch offices located in Princeton, Hamilton, Marlton, Denville, Toms
River, Montgomery Township and Flemington, New Jersey and Langhorn,
Pennsylvania. The Company's stock is listed on the Nasdaq National Market
System. Its trading symbol for common stock is CBNJ and CBNJW for warrants.


FOR FURTHER INFORMATION, PLEASE CONTACT:  Thomas L. Gray, Jr.
                                          President
                                          (609) 243-7500


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