Century Bank and Trust Company Acquires Haymarket Co-operative Bank.

MEDFORD, Mass.--(BUSINESS WIRE)--June 11, 1998--Marshall M. Sloane, Chairman, President and Chief Executive Officer of Century Bancorp, Inc., announced today that Century Bank and Trust Company had concluded the agreement to purchase Haymarket Co-Operative Bank. The transaction had been approved by both companies' Board of Directors and the various federal and state regulatory agencies.

Haymarket Co-Operative Bank, is a state chartered co-operative bank with assets of $150 million, including loans of $86 million, deposits of $132 million, and two banking offices located in Boston. As a result of the acquisition, Century Bank's assets will increase to approximately $800 million with total deposits of $685 million. With the addition of the two former Haymarket branch locations, Century will have a stronger presence and market share in Boston, further solidifying Century's position as one of the leading independent full-service commercial banks in Eastern Massachusetts.

Mr. Sloane, Chairman of Century Bankcorp, Inc., stated, "I am very pleased that we have completed our acquisition of Haymarket Co-Operative Bank and look forward to maximizing our new customers banking relationships. We are looking to utilize the presence in Boston to further expand our franchise. We believe that Century Bank will offer a wider array of new banking products and services to former Haymarket customers with the same caliber of personalized service that have relied upon in the past."

The future for Century Bank and its expanding customer base will see greater use of personal and business PC banking options, increased hours of service, investment services, and a full range of commercial and corporate lending products. Small and mid-sized companies will find that Century offers resources along with a willingness to lend and provide comprehensive services to assist business owners in achieving their goals.

Century Bancorp, Inc., a bank holding company, and its wholly-owned subsidiary, Century Bank and Trust Company, a Massachusetts bank and trust company, is a state chartered, commercial bank with assets of $800 million. Headquartered at 400 Mystic Avenue in Medford, MA, it will now operate seventeen full-service branches serving Eastern Massachusetts. Century's lines of business include consumer banking, cash management, lockbox, investment services, mortgage banking, consumer finance, commercial lending, asset-based lending, and equipment leasing. Century's Class A Common Stock is listed on the NASDAQ National Market and is traded under the symbol of CNBKA. Century Bank is a member of the FDIC and is an Equal Housing Lender.

CONTACT: Century Bancorp, Inc.

Richard B. Lockwood, III

781/393-4130