January 23, 2004

Central Bancshares' Fourth Quarter Performance

Lexington, KY. -- President & CEO Luther Deaton, Jr. reported Central Bancshares' assets were $1.244 billion at year ending December 31, 2003. This compared to $1.119 billion on December 31, 2002, up 11.2%. Gross loans and leases were $979 million, rising 17.4% and deposits climbed to $996 million, an increase of 15.3%. Shareholders' equity was $102 million, an increase of 13.5% from December 31, 2002.

Central Bancshares' earnings for twelve months ended December 31, 2003, were $13,486,427, or $38.76 per share, a record for the holding company. This compared to $12,996,810 or $37.36 per share for twelve months ended December 31, 2002. Earnings for the fourth quarter of 2003 were $3,392,730, or $9.75 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 2004. I would like to thank our customers, board and staff who have made this possible."

In addition, the shareholders have reelected the following directors:

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, Foley & Luby, PSC
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
Paul E. Sullivan, partner, Frost Brown Todd, LLC.

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.
William J. Collis, MD, Ophthalmologist, Kentucky Eye Institute
Tom Gandolfo, auto dealer
Larry Hacker, president, Congleton-Hacker Company
David R. Houchin, President/Intech Contracting, Inc.
Douglas P. Johnson, retired senior vice president, Central Bank
Bonnie Quantrell-Jones, president, Quantrell Cadillac, Inc.
William M. Lear, Jr., Partner/Stoll, Kennon & Park Law Firm
Sylvia Lovely, Executive Director/CEO - Kentucky League of Cities
Robert Maxwell, vice president, Sallee Horse Vans, Inc.
Timothy Morris, owner, CMTA, Inc.
Robert C. Mudd, president, Denham-Blythe, Inc.
Ray Rector, President/Rector Realty, Inc.
G. Michael Ritchie, President/Photo Science, Inc.
Warren P. Rogers-President/W. Rogers Company
Charles R. Scoggin, president, Quest Engineers, Inc.
Lisa Ball Sharp, Ball Homes, Inc.
Judy Simpson, Precision Staffing, Inc.
David G. Stone, President/General Rubber and Plastics, Inc.
J. Whitney Wallingford, Attorney at Law
Jim Williams, president, KASP, Inc.
Byron A. Young, MD, Johnston Wright Chair of Surgery, University of Kentucky
Hospital.

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 provides full service banking, mortgage, investment, insurance and trust services in 19 offices and 24 ATMs in Clark, Fayette, Jessamine, Scott and Bath counties.

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