Annual Meeting of the Shareholders

The 2003 Annual Meeting of the Shareholders of Castle Bank and Trust Company was held in the boardroom of Castle Bank at 100 Hanover Street at 10:00 am on Wednesday, May 28, 2003.

Dear Shareholders of Castle Bank,

Castle Bank continued to grow in 2002, however the impact of a sluggish economy and historically low interest rates created an economic environment which slowed our profitability.

Assets increased by $24.1 million to $74.3 million, of which $17.3 million represented the Equity Enhancement arbitrage we executed in March.  Our loan portfolio increased 58.4% to $23.7 million.  Deposits increased 19.8% to $35.3 million.  The extraordinarily low interest rates created a significant compression of our net interest margin, resulting in a decline in our net income before taxes from $283,267 to $251,067.

In spite of the slow economic environment, we will continue to explore potentially profitable products and services.  We are targeting several new services to increase our non-interest income, including insurance, securities, residential mortgage brokerage and trust services.  Increasing this type of revenue will make the Bank less vulnerable to interest rate swings in the future.

We continue to dedicate ourselves to improving our community, both by being a significant financial resource to businesses and individuals as well as by providing leadership in many community organizations.  During 2002, Castle Bank�s Quarterly Economic Development Luncheons continued to be a forum for community leaders to work together.  Guests included Congresswoman Nancy Johnson and the Director of the Norwalk Redevelopment Agency.  Senior Officers of the Bank serve as Directors of MEDCO, the Chamber of Commerce, the United Way, MidState Medical Center and the Rotary Club.  Castle Bank has become a major sponsor of The Daffodil Festival and supports many local charitable events organized or participated in by our staff, including Relay-For-Life, March of Dimes, Quinnipiac River Clean-Up, Bread for Life and Salvation Army.

In summary, although the economic environment in 2002 slowed our growth, we have continued to be profitable and to add to the value of our franchise.  One of our marketing focuses in 2003 will be to reach out to our shareholders to encourage you to use Castle Bank for all your financial service needs.  To do so will only enhance your investment.

We thank you as always for your support.

Lawrence M. McGoldrick
President and Chief Executive Officer

Wednesday, May 28, 2003

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Banking Where It Belongs

Main Office
100 Hanover Street
Meriden, CT 06451

Castle Bank and Trust Company
Castle Bank and Trust Company

East Side Office
852 East Main Street
Meriden, CT 06450

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