CORRECTING and REPLACING NewAlliance Announces Meeting Results and Increases Dividend

NEW HAVEN, Conn.--(Business Wire)--
In the second to last graph, the last sentence should read: The
dividend will be paid on May 16, 2008 to shareholders of record on May
6, 2008. (sted The dividend will be paid on May 16, 2007 to
shareholders of record on May 6, 2007.)

The corrected release reads:

NEWALLIANCE ANNOUNCES MEETING RESULTS AND INCREASES DIVIDEND

NewAlliance Bancshares, Inc. (NYSE: NAL) today held its fourth
Annual Meeting of Shareholders at the Chevrolet Theatre in
Wallingford, Connecticut. In her opening remarks, Peyton R. Patterson,
Chairman, President and Chief Executive Officer, commented that the
bank is celebrating its 170th year anniversary this month as a banking
institution serving the personal and business needs of customers.

At the meeting, voting results supported Management's
recommendations on all items, as follows.

Four members of the Board of Directors were voted in for
three-year terms: Douglas K. Anderson, Former President and Chief
Operating Officer, Savings Bank of Manchester; Roxanne J. Coady,
Founder, President and Chief Executive Officer of R.J. Julia
Booksellers, Ltd.; John F. Croweak, former Chairman and Chief
Executive Officer of Anthem Blue Cross and Blue Shield of Connecticut;
and Sheila B. Flanagan, Executive Director of SBM Charitable
Foundation, Inc. Each was elected to a term expiring at the Annual
Meeting of Shareholders in 2011.

Shareholders also voted to approve the NewAlliance Bank Executive
Incentive Plan. The plan is a carryover from a plan that was in place
before the Bank's conversion. However, to allow payments under the
plan to be eligible for tax deductibility, shareholder approval of the
plan is required periodically.

Shareholders also voted to ratify PricewaterhouseCoopers, LLP as
the independent auditors for 2008.

In a separate meeting prior to the Annual Shareholders' Meeting,
the Board of Directors voted to increase the Company's quarterly
dividend from 6.5 cents to 7.0 cents per share, a 7.7 percent
increase. The dividend will be paid on May 16, 2008 to shareholders of
record on May 6, 2008.

NewAlliance Bancshares is the parent company of NewAlliance Bank,
headquartered in New Haven, Connecticut, with $8.2 billion in assets
and a network of 89 branches in Connecticut and western Massachusetts.
In addition to offering a full range of consumer and commercial
banking products and services, NewAlliance Bank also provides trust
services and investment and insurance products and services.

NewAlliance Bank
Judith E. Falango, 203-789-2814
Vice President

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