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Jefferson Security Bank Announces Earnings for 2008 and Dividend for the Second Half of 2008

January 16, 2009 - Jefferson Security Bank Post Office Box 35, 105 East Washington Street, Shepherdstown, West Virginia 25443 (304) 876-9000 FOR IMMEDIATE RELEASE Contact: K. Stephen Morris, President and CEO

Jefferson Security Bank (OTCBB: JFWV) reported net income of $1,674,026 for the year ended December 31, 2008, a decline of 25.6% or $576,325 from net income of $2,250,351 for the year ended December 31, 2007. Earnings per share for the year ended December 31, 2008 were $5.61, a decline of 25.2% or $1.89 per share from earnings per share of $7.50 for the year ended December 31, 2007. The return on average assets was 0.69%, and the return on average equity was 8.43% for the year ended December 31, 2008, as compared to a return on average assets of 0.91% and a return on average equity of 12.32% for the year ended December 31, 2007. At December 31, 2008, net loans to deposits were 77.27% as compared to 74.62% at December 31, 2007.

Net income for the quarter ended December 31, 2008 was $574,573, or $1.95 per share, which was an increase of $80,713, or $0.30 per share, from net income of $493,860, or $1.65 per share, for the quarter ended December 31, 2007.

The Board of Directors declared a cash dividend of $1.25 per share for the second half of 2008, which was paid to shareholders on January 15, 2009. The $1.25 amount was the same as the first half dividend. Dividends paid to shareholders from 2008 earnings totaled $2.50 per share which represents an increase of $0.15 per share, 6.4%, over the $2.35 per share paid to shareholders from 2007 earnings.

Commenting on the results, K. Stephen Morris, President and CEO, said: “The current recession has been more severe than anticipated and our earnings for 2008 reflect this fact. Many experts predict a mid year 2009 recovery. I, on the other hand, do not anticipate a recovery beginning before 2010. Consequently, we are preparing for an extended period of economic hardship by focusing on the fundamentals of net interest income, non-interest income, non-interest expense and the adequacy of our reserve for loan losses. Furthermore, we are fortunate to have a strong liquidity position as evidenced by our balance sheet. This strength, combined with a strong capital ratio and reasonable earnings, will help us through this dire period and we should emerge a stronger institution as better times return.”

Total assets for the Bank as of December 31, 2008 were $244.8 million, which is a decline of $4.2 million or 1.7% from total assets as of December 31, 2007 of $249.0 million. Loans, net of reserve, as of December 31, 2008 were $151.2 million, which is a decline of $9.2 million, or 5.7% from loans, net of reserve, as of December 31, 2007 of $160.4 million. Deposits as of December 31, 2008 were $195.6 million which is a decline of $19.4 million or 9.0 % from deposits as of December 31, 2007 of $215.0 million. Book value per share as of December 31, 2008 was $62.99 per share, a decline of $1.92 per share or 3.0% from book value per share of $64.91 as of December 31, 2007.

Jefferson Security Bank, founded in 1869, is a community bank engaged in the general banking business in Berkeley County and Jefferson County, West Virginia, and Washington County, Maryland. The Bank currently has six offices. This press release may contain forward-looking statements, as defined by federal securities laws, which may involve significant risks and uncertainties. The statements are based on estimates and assumptions made by management in conjunction with other factors deemed appropriate under the circumstances. Actual results could differ materially from current projections. Readers are encouraged to read filings the Bank has made with the Federal Deposit Insurance Corporation for additional information. Offices: 105 East Washington Street, Shepherdstown, WV (304-876-9000) 7994 Martinsburg Pike, Shepherdstown, WV (304-876-2800) 873 East Washington Street, Charles Town, WV (304-725-9752) 277 Mineral Drive, Suite 1, Inwood, WV (304-229-6000) 1861 Edwin Miller Boulevard, Martinsburg, WV (304-264-0900) 103 West Main Street, Sharpsburg, MD (301-432-3900)

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