The corrected release reads:

NEWALLIANCE REPORTS STRONG REVENUES AND BUSINESS MOMENTUM

Credit Quality Remains Solid

NewAlliance Bancshares, Inc. (NYSE: NAL), the holding company for NewAlliance Bank, today announced net income for the quarter of $10.1 million or $0.10 per diluted share. Excluding the FDIC special assessment of $2.6 million after taxes, net income was $12.7 million or $0.13 per diluted share for the second quarter of 2009. This compares to $11.6 million or $0.12 per diluted share for the first quarter of 2009 and $11.8 million or $0.12 per diluted share for the second quarter of 2008.

"Raising the bar on our financial performance remains our main priority. Our favorable earnings momentum coupled with our strong credit culture and capital position make NewAlliance a standout in the industry. The second quarter of 2009 underscores the viability of our business model to deliver shareholder value while maintaining an intense focus on our customers and the communities we serve," stated Peyton R. Patterson, Chairman, President and Chief Executive Officer.

Financial Highlights:

Net interest income before provision and non-interest income increased by $3.0 million to $65.2 million compared with $62.2 million for the linked quarter and by $2.5 million compared with $62.8 million for the prior year quarter;

Net interest income before provision for loan loss increased $1.9 million for the linked quarter and $1.7 million compared with the prior year quarter;

The net interest margin increased to 2.63% compared to 2.58% on a linked quarter basis continuing an upward trend, even though down 4 basis points from the prior year quarter primarily due to the elimination of the FHLB dividend;

The provision for loan losses was $5.0 million for the quarter which is an increase on a linked quarter and prior year quarter basis of $900,000 and $1.3 million, respectively;

Total Deposits increased $200.3 million, or 4.3%, from the linked quarter and $531.5 million, or 12.3%, from the prior year quarter mainly due to core deposit growth;

Deposit costs were reduced by $3.5 million from the prior year quarter while average balances of interest-bearing core deposits increased $561.2 million. On a linked quarter basis, deposit costs decreased $1.6 million as the average balance of interest-bearing core deposits increased $349.3 million and total average deposits increased $240.4 million;

Total non-interest income increased $1.1 million on the linked quarter and $772,000 from the prior year quarter;

Approximately $403.5 million in total loan originations were made in the second quarter compared with $396.0 million in originations made in the first quarter of 2009. Mortgage loans totaling $292.3 million were originated during the quarter resulting in total 2009 originations of approximately $580.0 million;

Gains recorded from mortgage banking activity and loan sales remain strong at $1.5 million for the second quarter, down from $2.0 million recorded in the prior quarter and up $825,000 compared to the prior year quarter;

Net security gains during the quarter decreased $249,000 on a linked quarter basis and increased $1.5 million from the quarter ended June 30, 2008. As of June 30, 2009, there are unrealized gains in our available-for-sale securities portfolio of $26.6 million;

Total non-interest expenses, excluding the FDIC special assessment, remained flat on a linked quarter basis and was down $912,000 compared to the prior year quarter; and

The Board of Directors voted to pay a quarterly dividend of $0.07 per share on August 20, 2009 to shareholders of record on August 10, 2009. This will be the Company's 21st consecutive quarterly dividend payment.

Net Interest Income

Net interest income before the provision for loan loss was $50.0 million for the quarter, an increase of $2.0 million or 4.0% from the prior quarter and $1.7 million or 3.5% for the same period last year. This increase is primarily due to the reduction in the average rate paid on interest-bearing liabilities attributable to an increase in core deposits coupled with letting higher-cost time deposits run off and the pay down of higher-cost borrowings. The weighted average cost of total deposits for the month of June is 1.70%, down from 1.97% for the month of March and 2.29% as of June 30, 2008.

The net interest margin increased to 2.63% compared to 2.58% on a linked quarter basis and decreased from 2.67% for the prior year quarter. The decline from the prior year quarter was due in part to the Federal Home Loan Bank of Boston ("FHLB") eliminating their quarterly dividend in the first quarter of 2009. Based on fourth quarter 2008 results, we estimate that the loss of the FHLB dividend approximates a 4 basis point impact to the margin.

Non-Interest Income and Non-Interest Expense

Non-interest income for the quarter increased $1.0 million on a linked quarter basis and increased $772,000 compared to the prior year quarter. The increase in non-interest income on a linked quarter basis is primarily due to an increase in depositor service charges.

Non-interest expense increased by $4.0 million, or 10.0%, on a linked quarter basis. Included in non-interest expense for the quarter is the FDIC special assessment of approximately $4.0 million, before tax. Absent this item, non-interest expense was essentially flat relative to the prior quarter. In May, the FDIC announced that an additional special assessment is probable in the fourth quarter of 2009, although the amount remains uncertain at this time.

Without the FDIC special assessment, our efficiency ratio for the quarter is 63.42% compared to the prior quarter of 65.71% and compared to the prior year quarter of 66.62%. Additionally, our expenses to average assets ratio of 1.88% improved from the prior quarter ratio of 1.91% and the prior year quarter of 2.02%.

"As outlined at the beginning of the year, improved operating efficiency is a priority in 2009 and we are encouraged about our progress to date. Excluding the FDIC special assessment and any additional special assessments by the FDIC during 2009, our goal continues to be that we will hold our 2009 expenses in line with 2008 levels," stated Ms. Patterson.

Credit Quality

"Credit quality remains one of the hallmarks of NewAlliance. While our results continue to be adversely impacted by a higher loan loss provision we continue to outperform the industry. We are extremely pleased with our efforts regarding nonperforming assets as their growth has slowed considerably during this quarter," said Don Chaffee, Interim Chief Financial Officer, Executive Vice President and Chief Credit Officer.

Key Developments:

Nonperforming loans to total loans were 1.13% as compared to 1.02% in the prior quarter and nonperforming assets to total assets were 0.65% as compared to 0.61% for the same period;

Nonperforming assets increased by $4.4 million, or 8.5%, in the second quarter compared to an increase of $11.2 million, or 27.6%, in the first quarter of 2009;

NewAlliance experienced an increase in net charge-offs of $757,000 to $4.1 million on a linked quarter basis. The Company's net charge-offs, while up slightly from year-earlier levels remain at levels considerably below comparable peer company norms;

Total delinquencies are 1.51% at quarter end, up from 1.33% from the prior quarter;

Nonperforming loans increased $4.8 million to $54.9 million on a linked quarter basis, primarily in the residential and commercial business portfolios; and

The allowance for loan losses to total loans increased, on a linked quarter basis, from 1.03% to 1.06%.

Capital Management

The tangible common equity ratio was 10.49% and total shareholder's equity was $1.41 billion at June 30, 2009. Our Tier 1 leverage and total risk-based capital ratios were 10.88% and 20.58%, respectively, far exceeding the regulatory benchmarks for ˜well-capitalized' banks, which is the highest regulatory capital rating given to financial institutions. "Our healthy capital levels position the Company well for growth while protecting us in this current economic environment," stated Ms. Patterson.

At June 30, 2009, NewAlliance Bancshares, the parent company of NewAlliance Bank, had $8.58 billion in assets and operated 87 banking offices in Connecticut and Massachusetts.

NewAlliance Bank provides a full range of consumer and commercial banking products and services, trust services and investment and insurance products and services. The Bank's website is at www.newalliancebank.com. Shareholders are particularly urged to monitor the Investor Relations section of the Company's website.

NewAlliance will hold a conference call on second quarter earnings at 10:00 a.m. Eastern Time on Wednesday, July 29, 2009. The call is being webcast and will be available at the Investor Relations section of the Company's website at www.newalliancebank.com. Individuals can dial in to the call at 1-800-860-2442. The international dial-in number is 1-412-858-4600.

A replay of the webcast and call will be available after noon on July 29th through August 13, 2009. To access the replay, dial 1-877-344-7529. For international access, dial 1-412-317-0088. The passcode for either replay number is 431344.

Note: In discussing financial results, management may refer to certain non-GAAP (Generally Accepted Accounting Principles) measures. The Company's management believes these non-GAAP measurements are essential to a proper understanding of the operating results of the Company's core business. These non-GAAP measurements are not a substitute for operating results determined in accordance with GAAP nor do they necessarily conform to non-GAAP performance measures that may be presented by other companies. A reconciliation of GAAP and non-GAAP information is included in this release.

Statements in this news release, if any, concerning future results, performance, expectations or intentions are forward-looking statements. Actual results, performance or developments may differ materially from forward-looking statements as a result of known or unknown risks, uncertainties and other factors, including those identified from time to time in the Company's filings with the Securities and Exchange Commission, press releases and other communications. Actual results also may differ based on the Company's ability to successfully maintain and integrate customers from acquisitions.

The Company intends any forward-looking statements to be covered by the Litigation Reform Act of 1995 and is including this statement for purposes of said safe harbor provisions. Readers are cautioned not to place undue reliance on forward-looking statements, which speak only as of the date of this news release. Except as required by applicable law or regulation, the Company undertakes no obligation to update any forward-looking statements to reflect events or circumstances that occur after the date as of which such statements are made.

The Company's capital strategy includes deployment of excess capital through acquisitions. Future acquisitions are expected to continue to impact the Company's results in future periods.

  NewAlliance Bancshares, Inc.                                                                                                                             Consolidated Statements of Income (Unaudited)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  Three Months Ended                  Six Months Ended                                                                                                     June 30,                            June 30,                         (In thousands, except per share data)                                               2009               2008             2009               2008                                                                                                                                                                   Interest and dividend income                                                     $  94,082          $  99,180        $  188,837         $  201,394       Interest expense                                                                    44,155             50,932           90,917             107,140                                                                                                                                                                 Net interest income before provision for loan losses                               49,927             48,248           97,920             94,254        Provision for loan losses                                                           5,000              3,700            9,100              5,400            Net interest income after provision for loan losses                              44,927             44,548           88,820             88,854                                                                                                                                                                 Non-interest income                                                                                                                                       Depositor service charges                                                          6,953              6,708            12,906             13,340         Loan and servicing income                                                          357                264              176                645            Trust fees                                                                         1,392              1,678            2,651              3,348          Investment management, brokerage & insurance fees                                  1,564              1,844            3,814              4,376          Bank owned life insurance                                                          899                1,291            1,770              2,820                                                                                                                                                                   Other-than-temporary impairment losses on securities                               (2,522      )      -                (2,522      )      -              Less: Portion of loss recognized in other comprehensive income (before taxes)      1,896              -                1,896              -              Net impairment losses on securities recognized in earnings                         (626        )      -                (626        )      -              Net gain on sale of securities                                                     2,243              87               4,109              1,225          Net gain on securities                                                             1,617              87               3,483              1,225                                                                                                                                                                   Mortgage banking activity & loan sale income                                       1,481              656              3,500              913            Other                                                                              1,028              1,991            1,254              3,518            Total non-interest income                                                        15,291             14,519           29,554             30,185                                                                                                                                                                 Non-interest expense                                                                                                                                      Salaries and employee benefits                                                     21,607             22,935           42,838             46,624         Occupancy                                                                          4,644              4,320            9,399              9,214          Furniture and fixtures                                                             1,453              1,654            2,929              3,340          Outside services                                                                   4,455              4,471            9,805              8,744          Advertising, public relations, and sponsorships                                    1,056              2,036            2,269              3,745          Amortization of identifiable intangible assets                                     2,129              2,364            4,257              4,728          Merger related charges                                                             22                 23               24                 78             FDIC insurance premiums                                                            5,893              182              6,838              366            Other                                                                              3,146              3,332            6,427              6,716            Total non-interest expense                                                       44,405             41,317           84,786             83,555                                                                                                                                                                    Income before income taxes                                                       15,813             17,750           33,588             35,484                                                                                                                                                                 Income tax provision                                                                5,705              5,968            11,890             10,768                                                                                                                                                                    Net income                                                                    $  10,108          $  11,782        $  21,698          $  24,716                                                                                                                                                                  Earnings per share                                                                                                                                        Basic                                                                          $  0.10            $  0.12          $  0.22            $  0.25            Diluted                                                                           0.10               0.12             0.22               0.25                                                                                                                                                                    Weighted average shares outstanding                                                                                                                       Basic                                                                             99,278,162         100,112,529      99,266,268         100,194,898     Diluted                                                                           99,310,611         100,282,161      99,309,719         100,215,006    -------------------------------------------------------------------------------  

  NewAlliance Bancshares, Inc.