Acquisition of Public Saving Bank and Public Mortgage

Southampton, Pa. December 21, 2004

H. Jack Miller President of Gelt Holdings, Inc (Gelt) and Jeffrey M. Gatter President of Public Companies (Public) jointly announce that Gelt will acquire Public Finance a bank holding company and it's subsidiaries including Public Savings Bank and Public Mortgage.

Jack Miller says "the acquiring of the Public Companies will fit nicely into its current product line of commercial mortgages. We have a long-term relationship with Public and our knowledge of their lines of business and the staff made this an exciting deal for us. We are looking forward to working with them"

Jeff Gatter says "we are very excited about this transaction, teaming up with Gelt will make Public Savings Bank and Public Mortgage much stronger. We will have the fuel to grow"

Gelt located in Southampton, Pa has been in business since 1989 and is a direct lender specializing in loans to real estate investors and owners of commercial properties.

Public located in Willow Grove in business since 1932 and its two main operating subsidiaries operate a bank as well as a residential mortgage company.

Both agree that the real winners as a result of the acquisition are the customers of both organizations. We are always looking for ways to increase our growth and this will allow us to be more dynamic and competitive within the market place.

You can reach Jack Miller at 215-947-2974 ext 237