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                           [ML BANCORP LETTERHEAD]



                                PRESS RELEASE


FOR IMMEDIATE RELEASE


                  ML BANCORP, INC. COMPLETES ITS ACQUISITION
                  OF PENNCORE FINANCIAL SERVICES CORPORATION


        VILLANOVA, Pennsylvania, September 8, 1997 -- ML Bancorp, Inc.
("Company") (NASDAQ NMS: MLBC), today announced that it has completed its
acquisition of Penncore Financial Services Corporation ("Penncore") effective
at the close of business September 8, 1997.

        Under the terms of the agreement, Penncore shareholders will receive
$36.56 in cash or a combination of cash and the Company's common shares for
each of their shares. Seventy percent of the Penncore shares will be exchanged
for shares of MLBC and thirty percent will be exchanged for cash.

        As a result of the acquisition, the Company will add approximately
$130.0 million in assets, $90.0 million in deposits and expand its retail
franchise in contiguous markets located in Bucks County, Pennsylvania.
Commonwealth State Bank, a wholly-owned subsidiary of Penncore, will be merged
into Main Line Bank, a wholly-owned subsidiary of the Company. Commonwealth
State Bank will operate as a division of Main Line Bank.

        Dennis S. Marlo, President of the Company, stated: "We are enthusiastic
in welcoming Penncore shareholders and Commonwealth State Bank customers and
employees to our family. We are confident that we will continue to provide
excellent service which the Commonwealth State Bank customers are accustomed to
receiving, while being able to add a broader array of financial services to our
new Bucks County communities."

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Contact: Brian M. Hartline, Chief Financial Officer
         (610) 526-6270