April 25, 2003

Central Bancshares Reports First Quarter Performance

Lexington, KY. -- Chairman, president & CEO Luther Deaton, Jr. reported assets for Central Bancshares Inc., reached $1.127 billion at first quarter end. This compared to $1.001 billion on March 31, 2002, up 12.5%. Net loans and leases were $849 million, rising 17.8%. Deposits climbed to $889 million, an increase of 12.0%. Shareholders' equity was $93 million, an increase of 15.2% from March 31, 2002. Central Bancshares' earnings for the quarter ended March 31, 2003, were $3,061,330, or $8.80 per share, compared to $3,103,939, or $8.92 per share in 2002.

Commenting on performance, Deaton explained, "Without the support of our customers, board and staff, Central Bancshares could not be achieving strong performance quarter after quarter. We are continuing to invest in technology, facilities and our human resources to enable our bankers to serve all of our customers' financial needs."

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 full service banking centers, 26 ATMs and a mortgage origination office in Clark, Fayette, Jessamine, Scott and Bath counties.

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