EverTrust Financial Group Announces New Board Director.

Business Editors

EVERETT, Wash.--(BUSINESS WIRE)--May 8, 2003

EverTrust Financial Group, Inc. (Nasdaq:EVRT) announced today that its Board of Directors has appointed Robert G. Wolfe to serve in a newly created board position.

Mr. Wolfe, age 46, brings a broad range

of financial experience to EverTrust, including having served as president and chief operating officer of GT Group Telecom, Canada's largest independent telecommunications company and chief financial officer of Trillium Corporation, a Bellingham, Washington based private investment company. He is a former investment banker, serving with Goldman Sachs in Hong Kong, England, Japan and New York. Currently Mr. Wolfe is a general partner with Northwest Venture Associates and a part owner and a managing member of Phillips Real Estate Services.

"As EverTrust expands its presence in King County, particularly through our commercial real estate lending, we knew we needed to increase the Board's depth of experience and expertise," said Michael B. Hansen, EverTrust chairman and chief executive officer. "Bob is a powerful addition to the Board and his background and skills will serve to reinforce oversight in this area, as well as further strengthen our existing board resources required in this new regulatory environment required by the U.S. Securities and Exchange Commission."

Mr. Wolfe becomes the third independent financial expert for EverTrust Financial Group's audit committee, joining Louis H. Mills, the former managing partner of the Seattle, Washington office of Moss Adams LLP (a public accounting firm that provides accounting, tax, financial and business advisory services) and Thomas J. Gaffney, the managing partner of the Everett, Washington office of Moss Adams LLP.

"Our shareholders and others who follow us should be comforted to know that our audit committee, with its three independent financial experts, is in place to objectively assess the quality and integrity of our financial disclosure and adequacy of internal controls," said Mr. Hansen. "This will help ensure appropriate oversight and managerial accountability is maintained."

Mr. Wolfe received his Master of Business Administration from Pacific Lutheran University, Tacoma, Washington, and his Bachelor of Arts degree from Washington State University, Pullman, Washington. He is a resident of Bellevue, Washington.

EverTrust Financial Group is a diversified financial services holding company (regulated by the Federal Reserve) that serves the Puget Sound region of Washington state through its EverTrust Bank of Washington branches in Seattle, Bellevue, and Snohomish County; Commercial Mortgage Banking Group in Tacoma, and EverTrust Asset Management office in Seattle.

For additional information, visit EverTrust Financial Group at www.EVRTonline.com.