Naugatuck Valley Financial Corporation Announces Cash Dividend

Naugatuck, Connecticut – October 22, 2008 – The Board of Directors of Naugatuck Valley Financial Corporation (NASDAQ Global Market: “NVSL”) yesterday declared a cash dividend for the quarter ended September 30, 2008, of $.06 per share to stockholders of record on November 4, 2008. Payment of the cash dividend will be made on or about December 2, 2008.

Naugatuck Valley Financial Corporation is the holding company for Naugatuck Valley Savings and Loan and is headquartered in Naugatuck, Connecticut. Naugatuck Valley Savings and Loan operates ten offices in Naugatuck, Beacon Falls, Shelton, Derby, Seymour, Waterbury, Southbury and Cheshire Connecticut.