Colonial Bankshares, Inc. Announces Corrections to Second Quarter 2008 Selected Balance...

Colonial Bankshares, Inc. Announces Corrections to Second Quarter 2008
Selected Balance Sheet Data

VINELAND, N.J., July 31 /PRNewswire-FirstCall/ -- Colonial Bankshares,
Inc. (Nasdaq: COBK) (the "Company") the mid-tier stock holding company for
Colonial Bank, FSB (the "Bank") announced corrections to selected balance
sheet data that was released on July 24, 2008. Selected income statement data
released on July 24, 2008 has not changed. The table below represents the
selected balance sheet data as corrected.
Colonial Bankshares, Inc. is the mid-tier stock holding company for
Colonial Bank, FSB. Colonial Bank, FSB is a federally chartered savings bank
which was originally chartered in 1913. Colonial Bank conducts business from
its newly opened headquarters and main office in Vineland, New Jersey as well
as six offices located in Cumberland and Gloucester Counties in Southern New
Jersey and its operating subsidiary, CB Delaware Investments, Inc.
Statements contained in this news release, which are not historical facts,
contain forward-looking statements as that term is defined in the Private
Securities Reform Act of 1995. Such forward-looking statements are subject to
risk and uncertainties, which could cause actual results to differ materially
from those currently anticipated due to a number of factors, which include,
but are not limited to, factors discussed in documents filed by the Company
with the Securities and Exchange Commission from time to time.

Selected Balance Sheet Data (Unaudited)
(Dollars in thousands except per share data)

At June 30, At December 31,
2008 2007
Assets $502,295 $457,860
Cash and cash equivalents 20,358 15,978
Investment securities 184,507 180,762
Net loans receivable 275,588 241,040
Deposits 412,881 371,382
Federal Home Loan Bank borrowings 49,071 45,939
Total stockholders' equity 38,807 39,028
Book value per share (1) 8.58 8.63
Stockholders' equity to total assets 7.73% 8.52%

(1) Total stockholders' equity divided by shares issued of 4,521,696.

SOURCE Colonial Bankshares, Inc.

Mr. Edward Geletka, President and CEO of Colonial Bankshares, Inc.,
+1-856-205-0058