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                          NEW ENGLAND BANCSHARES, INC.
                               855 Enfield Street
                                Enfield, CT 06082

For Immediate Release

CONTACT:  Scott D. Nogles, Chief Financial Officer
                      (860) 253-5200

              New England Bancshares, Inc. Reports Earnings for the
                      Three Months Ended September 30, 2007

ENFIELD,  CT, October 29, 2007 - New England  Bancshares,  Inc. (the  "Company")
(Nasdaq GM:  NEBS),  the holding  company for Enfield  Federal  Savings and Loan
Association and Valley Bank, reported net income for the quarter ended September
30, 2007 of $247,000,  or $0.04 per diluted  share as compared to  $240,000,  or
$0.05 per diluted  share,  reported  for the same quarter a year ago. Net income
for the six months ended  September 30, 2007 was $296,000,  or $0.05 per diluted
share,  as compared to $510,000,  or $0.10 per diluted  share for the six months
ended September 30, 2006. During the current year six month period,  the Company
sold $6.4 million of  securities,  recording a loss of $222,000  ($199,000 on an
after-tax basis), as it restructured its balance sheet to provide a better yield
on  investments.  Exclusive  of the loss on the sale of  these  securities,  net
income for the six months ended September 30, 2007 would have been $495,000.

Earnings  for the three and six months  ended  September  30,  2007  include the
operations  of Valley  Bank  commencing  on July 12,  2007,  the date that First
Valley Bancorp was acquired by the Company.  In connection with the acquisition,
each share of First Valley Bancorp,  Inc., the former parent of Valley Bank, was
converted into $9.00 in cash and 0.8907 shares of the Company,  resulting in the
issuance of 1,068,885  shares and the payment of $10.8 million in cash.  Through
the acquisition of First Valley Bancorp,  the Company acquired $190.6 million of
assets,  including  $141.0 of net  loans,  and $178.4  million  of  liabilities,
including $168.4 million of deposits and $8.5 million of borrowings.

NET INTEREST AND DIVIDEND INCOME IMPROVES OVER PRIOR YEAR
Net interest and dividend  income for the three months ended  September 30, 2007
increased  by $1.3  million,  or  55.4%,  compared  to the  three  months  ended
September  30,  2006.  The  increase  for the  quarter was  primarily  due to an
increase in average  interest  earning  assets of $161.5  million and a 70 basis
point increase in yield on average interest earning assets,  partially offset by
a $152.3 million  increase in average  interest  bearing  liabilities  and an 89
basis point increase in the rate paid on average interest  bearing  liabilities.
The changes of the yield on average interest earning assets and the rate paid on
average interest bearing  liabilities  caused the Company's interest rate spread
to decrease from 3.15% for the quarter ended September 30, 2006 to 2.97% for the
quarter  ended  September 30, 2007.  The  Company's net interest  margin for the
quarter ended September 30, 2007 was 3.59% compared to 3.82% in the year earlier
period.


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                                                                     Page 2 of 3

NONINTEREST INCOME
Affecting  noninterest  income for the six months ended September 30, 2007 was a
$225,000 loss on sale of investments,  of which $222,000 was related to the sale
of two mutual funds, totaling $6.4 million.  Based on the forecasts for interest
rates and the continued loss position of the funds,  the Company decided to sell
the  funds and  reinvest  the  proceeds  in loans  and  other  investments.  The
Company's  composition of noninterest income has changed with the acquisition of
Valley Bank,  primarily due to its  investment  services  subsidiary,  Riverside
Investments.  For the three and six months ended  September 30, 2007,  Riverside
Investments contributed $36,000 to the Company's noninterest income.

INCOME TAX EXPENSE
Income tax expense  increased from $107,000 for the three months ended September
30, 2006 to $184,000  for the three  months  ended  September  30, 2007 and from
$227,000  for the six months  ended  September  30, 2006 to $332,000 for the six
months ended  September  30, 2007.  The effective tax rates were 42.7% and 30.8%
for the three months ended September 30 2007 and 2006,  respectively,  and 52.9%
and 30.8% for the six months ended September 30 2007 and 2006, respectively. For
the six months ended September 30, 2007, the $225,000 loss on sale of the mutual
funds  described  above is  considered  a capital loss and can only be offset by
capital gains. The Company was able to offset $68,000 of the loss from a capital
gain  recorded two years ago;  however,  the Company is not able to record a tax
benefit on the remaining  $154,000  capital loss.  The $154,000 is allowed to be
carried forward to offset future capital gains, if any.

LOANS AND DEPOSITS GROW
At September 30, 2007,  total assets were $486.8 million,  an increase of $202.7
million,  or 71.3%, from March 31, 2007. Net loans outstanding  increased $151.6
million, or 76.4%, to $350.0 million at September 30, 2007 compared to March 31,
2007.  At  September  30,  2007,  commercial  real estate and  commercial  loans
accounted for 37.9% of the loan portfolio,  residential mortgage loans accounted
for 52.0%;  and consumer loans  accounted for 10.1%.  Total  deposits  increased
$176.6  million to $358.2  million at September 30, 2007 from $181.7  million at
March 31, 2007.  Securities sold under  agreements to repurchase  increased $3.7
million  from $9.2 million at March 31, 2007 to $12.9  million at September  30,
2007.  Borrowed  funds  increased $7.6 million to $41.2 million at September 30,
2007 compared to $33.6 million at March 31, 2007.

Statements  contained in this news release,  which are not historical facts, are
forward-looking  statements  as that term is defined in the  Private  Securities
Litigation  reform Act of 1995. Such  forward-looking  statements are subject to
risks and  uncertainties,  which could cause actual results to differ materially
from those currently anticipated due to a number of factors,  which include, but
are not limited to, factors discussed in documents filed by the Company with the
Securities and Exchange Commission from time to time. Subject to applicable laws
and regulation,  the Company does not undertake - and specifically disclaims any
obligation - to publicly  release the results of any revisions which may be made
to any  forward-looking  statements to reflect events or circumstances after the
date  of  such  statements  or to  reflect  the  occurrence  of  anticipated  or
unanticipated events.

New England  Bancshares,  Inc. is  headquartered  in Enfield,  Connecticut,  and
operates Enfield Federal Savings and Loan Association with eight banking centers
servicing  the  communities  of Enfield,  Manchester,  Suffield,  East  Windsor,
Ellington  and Windsor Locks and Valley Bank with four banking  centers  serving
the communities of Bristol,  Terryville and  Southington.  For more  information
regarding    Enfield   Federal's    products   and   services,    please   visit
www.enfieldfederal.com and for more information regarding Valley Bank's products
and services, please visit www.valleybankct.com.

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Income Statement Data               Three Months Ended       Six Months Ended
                                       September 30,           September 30,
                                   ---------------------   ---------------------
                                     2007        2006        2007        2006
                                   ---------   ---------   ---------   ---------
Net interest and dividend income   $   3,656   $   2,352   $   6,048   $   4,672
Provision for loan losses                108          62         170         123
Non-interest income                      432         218         402         427
Non-interest expense                   3,549       2,161       5,652       4,239
Net income                               247         240         296         510
Earnings per share:
   Basic                           $    0.04   $    0.05   $    0.05   $    0.10
   Diluted                              0.04        0.05        0.05        0.10

Dividend per share                 $    0.03   $    0.03   $    0.06   $    0.06

Balance Sheet Data             September 30, 2007      March 31, 2007
                               ------------------      --------------
Total assets                       $  486,846           $  284,158
Total loans, net                      350,007              198,447
Loan loss reserve                       4,015                1,875
Total deposits                        358,226              181,675
Repurchase agreements                  12,860                9,177
Borrowings                             41,197               33,587
Total equity                           70,764               57,266
Book value per share(1)                 11.76                11.65
Tangible book value per share(2)         8.84                11.30

Key Ratios                  Three Months Ended      Six Months Ended
                               September 30,          September 30,
                           --------------------    --------------------
                             2007        2006        2007        2006
                           --------    --------    --------    --------
Return on average assets       0.21%       0.36%       0.16%       0.39%
Return on average equity       1.35%       1.68%       0.91%       1.79%
Net interest margin            3.59%       3.82%       3.63%       3.86%


(1) Calculation  excludes  unallocated ESOP shares and unvested  incentive stock
grants. Including these shares in the calculation causes book value per share to
decrease  to  $11.02  and  $10.71 at  September  30,  2007 and  March 31,  2007,
respectively.

(2) Calculation  excludes  unallocated ESOP shares and unvested  incentive stock
grants. Including these shares in the calculation causes book value per share to
decrease  to $8.29  and  $10.40  at  September  30,  2007 and  March  31,  2007,
respectively.

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