Bank Appoints Gilbert S. Johnson Chief Executive Officer

(Princeton, NJ – February 13, 2007) – Princeton NJ based College Savings Bank, the exclusive provider of the CollegeSure CD, and a subsidiary of Pacific LifeCorp, has begun its twentieth year of operation. Founded in 1987, the Bank has already helped more than 25,000 families nationwide save for higher education. As the exclusive provider of the CollegeSure CD, a certificate of deposit indexed to college costs, College Savings Bank offers a safe means for families to save for a child’s college education through an investment that is indexed to college costs. College Savings Bank manages two state 529 programs, The Montana Family Education Savings Program and the Arizona Family College Savings Program.

In February 2007, College Savings Bank announced Gilbert S. Johnson has been promoted to Chief Executive Officer of College Savings Bank. Mr. Johnson joined College Savings Bank in 1989 and previously served as its Chief Operating Officer, Chief Financial Officer and Chief Compliance Officer. During his tenure with the Bank, the Company has grown from $50 million in assets to over $650 million as of December 31, 2006.

“Based upon Gil’s deep understanding of the Bank’s operations, his strategic insight and exceptional guidance in financial and regulatory matters, we expect great things from College Savings Bank through his leadership,” said Khanh T. Tran, chairman of College Savings Bank and Chief Financial Officer of Pacific LifeCorp - College Savings Bank’s parent company. “Gil has effectively been with College Savings Bank since the business began and has been instrumental in its development.”

Prior to his career at College Savings Bank, Mr. Johnson served from 1976 to 1989 as a certified public accountant at the Chicago and New York offices of Arthur Andersen & Co. He was the advisor to domestic and foreign, commercial and investment banking institutions on accounting ramifications of new financial products, public and private securities offerings, mergers and acquisitions, and financial techniques as well as financial reporting and compliance. Mr. Johnson has a B.S. in business administration from the University of Notre Dame.

According to Johnson, the CollegeSure CD is an ideal investment for any family interested in helping a loved one earn a diploma ? and the financial and socioeconomic benefits that accompany a college education. They include a higher lifetime earning potential, reduced unemployment rate, greater opportunity to hold health care insurance, even a longer life expectancy.

“While overall investing strategies include conservative, aggressive and moderate approaches,” explains Johnson, “I believe everyone should take a conservative view to saving for college because of what is at stake.”

Some of the advice that Johnson gives to parents interested in saving for college:

• Start by evaluating your state’s 529 plan. Some states, such as Montana, offer taxpayers additional state tax incentives for investing in the state-sponsored program.
• Invest in a 529-plan product that charges little or no fees that will erode your earnings.
• Look for a 529-plan product that offers a good rate of return on your money without risking principal, such as the CollegeSure CD, which is FDIC insured and indexed to college costs.

Supporting Johnson’s leadership at the Bank are Dan Davenport, Chief Marketing Officer; Elizabeth Mahoney, Vice President Operations; and Marie Mueller, Chief Accounting Officer.

About College Savings Bank
Founded in 1987, College Savings Bank is a member of the Federal Deposit Insurance Corporation (FDIC), and the first savings bank chartered by New Jersey since 1893. The Bank helps families across the country meet the rising costs of postsecondary education by offering safe and effective financial products. College Savings Bank is the exclusive provider of the CollegeSure CD, an innovative, unique, saving-for-college investment backed by the full faith and credit of the U.S. Government up to $100,000 per depositor. College Savings Bank is a program manager to the Montana and Arizona qualified tuition programs. In 2002, Pacific LifeCorp acquired College Savings Bank. College Savings Bank can be reached online at www.collegesavings.com or by calling 800-888-2723.