January 18, 2005

Central Bancshares' Fourth Quarter Performance

Lexington, KY. – Chairman, President & CEO Luther Deaton, Jr. reported Central Bancshares' assets were $1.336 billion at year ending December 31, 2004. This compared to $1.244 billion on December 31, 2003, up 7.5%. Gross loans and leases were $1.052 billion, rising 7.4% and deposits climbed to $1.071 billion, an increase of 7.6%. Shareholders' equity was $115 million, an increase of 12.8% from December 31, 2003.

Central Bancshares' earnings for twelve months ended December 31, 2004, were $15,029,774, or $43.20 per share, a record for the holding company. This compared to $13,486,427 or $38.76 per share for twelve months ended December 31, 2003. Earnings for the fourth quarter of 2004 were $3,869,692, or $11.12 per share.

Commenting on performance, Deaton explained, "We are excited by these results. With the economy showing signs of improvement, we will work hard to continue this type of progress for 2005. I would like to thank our customers, board and staff who have made this possible."

At the Annual Shareholders’ Meeting the following directors were reelected: Luther Deaton, Jr., chairman of the board, president & chief executive officer; Joan Kincaid, vice chairman, Central Bancshares, Inc; Jane W. Kincaid, vice chairman, Central Bank & Trust Co.; Michael D. Foley, president, Ray, Foley, Hensley & Co., PLLC; Gerald F. Healy, II, owner-operator, McDonald's; Richard W, Furst, Professor, Gatton College of Business & Economics University of Kentucky; Orlando "Tubby" Smith, men’s Head Basketball Coach at the University of Kentucky; and Paul E. Sullivan, partner, Frost Brown Todd, LLC.

At the Annual Shareholders Meetings of Central Bancshares’ other subsidiaries: Central Bank, FSB, Salt Lick Deposit Bank, Central Investment Center, Inc., and Central Bank Insurance Agency Inc., the officers and directors of those companies were also reelected.

Furthermore, the following advisory board members for Central Bank & Trust Co., Lexington, have been appointed: Huston Barger, president, Huston Barger Masonry, Inc.; Anthany Beatty, chief of police, Lexington Fayette Urban County Government; William C. Carl, President/Old Colony Insurance Service, Inc.; Sherman Davis, vice president, Landmark Sprinkler, Inc.; Douglas C. Gibson, owner, The Gibson Company; Clay Green II, owner, Green’s Toyota City; Larry Hacker, president, Congleton-Hacker Company; David R. Houchin, President/Intech Contracting, Inc.; William M. Lear, Jr., Partner/Stoll, Kennon & Park Law Firm; Sylvia Lovely, Executive Director/CEO - Kentucky League of Cities; Jamal Mashburn, NBA professional; Robert Maxwell, vice president, Sallee Horse Vans, Inc.; Robert C. Mudd, president, Denham-Blythe, Inc.; Rodney D. Parsons, president, Equipment Sales and Rentals, LLC; Ray Rector. President/Rector Realty, Inc.; G. Michael Ritchie, President/Photo Science, Inc.; Bobby Rogers, executive director, Kentucky Medical Services Foundation Inc.; Warren P. Rogers-President/W. Rogers Company; Lisa Ball Sharp, Ball Homes, Inc.; Judy Simpson, Precision Staffing, Inc.; David G. Stone, President/General Rubber and Plastics, Inc.; Hank Whitman, president, Lexington Paint & Supply Co., Inc.; Jim Williams, president, KASP, Inc.;

Central Bancshares, Inc. is the holding company of Central Bank & Trust Co., Central Bank, FSB, Salt Lick Deposit Bank, Central Bank Insurance Agency Inc. and Central Investment Center, Inc. The bank operates 19 offices and 25 ATMs in Clark, Fayette, Jessamine, Scott and Bath counties and provides full service banking, mortgage, investment, insurance and trust services. On December 27, 2004, Central Bancshares announced a definitive agreement to purchase First Bank in Jefferson County. First Bank operates three offices in Jefferson County.

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