Century Bancorp Reports Second Quarter Results and Declares Quarterly Dividend.

MEDFORD, Mass.--(BUSINESS WIRE)--July 8, 1997--Century Bancorp Inc. (NASDAQ:CNBKA) today announced second quarter net income of $1,664,000 or $0.29 per share, compared to net income of $1,298,000, or $0.23 per share, for the second quarter ended June 30, 1996. For the first six months of 1997, net income totaled $3,039,000, or $0.53 per share, compared to $2,483,000, or $0.43 per share for the same period a year ago.

Total equity capital was $50.2 million at June 30, 1997, compared to $44.4 million at June 30, 1996. Century's leverage ratio at June 30, 1997, stood at 8.68 percent, compared to a leverage ratio of 8.01 percent on June 30, 1996. Book value at June 30, 1997 was $8.69 per share.

Century's allowance for possible loan losses was $4.4 million, or 1.42 percent of loans outstanding at the end of the second quarter, compared to $4.0 million, or 1.41 percent of loans outstanding at June 30, 1996. Non-accruing loans totaled $1.9 million at June 30, 1997, compared to $1.8 million at the end of the previous quarter.

Century's Board of Directors voted a regular quarterly dividend of 5.00 cents ($0.05) per share on Century Class A common stock, and 0.70 cents ($0.0070) per share on Century Class B common stock. The dividends were declared payable August 15, 1997 to stockholders of record on August 1, 1997.

Century Bancorp Inc. and its subsidiary bank, Century Bank and Trust Co., have 15 offices throughout eastern Massachusetts.

   2nd Quarter, ended June 30,
                                          1997             1996

Net income (000)                         $1,664           $1,298
Earnings per share (a)                   $ 0.29           $ 0.23
Provision for possible loan losses (000) $  135           $  255

(a) Weighted average number of
     shares outstanding               5,769,282        5,736,220

-0-

   Year-to-date, ended June 30,
                                          1997             1996

Net income (000)                         $3,039           $2,483
Earnings per share (b)                   $ 0.53           $ 0.43
Provision for possible loan losses (000) $  390           $  510
Total assets (000)                     $571,193         $531,975

(b) Weighted average number of
     shares outstanding               5,765,302        5,731,224

CONTACT: Century Bancorp Inc.

Paul V. Cusick, [phone]