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Somerset Hills Bank and Property Title Group Form Joint Venture

August 26, 2004

BERNARDSVILLE, N.J., /PRNewswire-FirstCall/ -- (Nasdaq: SOMH - News) Under Somerset Hills Bank's leeway investment powers, it has struck a deal with Property Title Group to form Somerset Hills Title Group, LLC, which will provide title services in connection with the closing of real estate transactions and operate as a title agency, primarily in connection with real estate transactions originated by Somerset Hills Bank, its affiliates and law firms referred to the new company by the Bank. Property Title Group (PTG) is a joint venture between Donald Cohen Associates LLC and Progressive Title Agency, Inc. Marilyn Henshaw, founder and sole owner of Progressive, has been in the title insurance business for over 20 years and personally handles all production requirements for the firm. Donald Cohen, sole owner of Donald Cohen Associates, has been in real estate development and related businesses for over 25 years and is responsible for PTG's marketing and sales operations.

The LLC will be managed by Stew McClure, Marilyn Henshaw, and Donald Cohen.

According to Stewart E. McClure, Jr., President and Chief Executive Officer of Somerset Hills Bank, "We are excited at the opportunities this new venture will provide to our Bank's commercial and residential mortgage customers. Property Title Group, under the leadership of Marilyn Henshaw and Don Cohen, is one of the largest and fastest growing title insurance agencies in the state of New Jersey. This relationship will quickly add a new dimension to Somerset Hills Bank's products and services, and contribute to the Bank's profitability as well."

Source: Somerset Hills Bancorp



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