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FORMER PRESIDENT OF HINGHAM INSTITUTION FOR SAVINGS INDICTED

 BOSTON, April 7 /PRNewswire/ -- The former president of Hingham Institution for Savings, Hingham, Mass., was arrested today on federal felony charges relating to loans granted by the bank.
 United States Attorney A. John Pappalardo announced that Wilfred H. Creighton, age 59, of Hingham, Mass., was arrested today at his home pursuant to a warrant issued in connection with an Indictment returned yesterday by a federal Grand Jury in Boston, and unsealed today. The 25 count Indictment charges 14 counts of willful misapplication of bank funds, eight counts of corrupt receipt of payments by a bank officer in connection with loans, and three counts of subscribing to a false federal individual income tax return. According to the Indictment, Hingham Institution for Savings incurred losses in excess of $2.4 million, in connection with the loans alleged in the Indictment, while Creighton was personally receiving in excess of $240,000 in illegal payments in connection with the same loans.
 The misapplication and illegal payment charges relate to loans granted by the bank during the period January, 1986 to November, 1988 relating to nine separate properties in Hingham, Cohasset, Plymouth, and Scituate, Mass. Among other things, the Indictment alleges Creighton issued a loan in the name of a borrower, when the true purpose of the loan was to pay a debt of Creighton; authorized advances on construction loans at the bank to fund payments by the borrowers to Creighton; and approved construction and other loans without disclosing to the bank's Board of Investment his personal financial interest in the loans. According to the Indictment, Creighton began his employment at the bank in 1959, was appointed president and CEO of the bank in 1978 and was terminated by the bank in February, 1989. Hingham Institution for Savings, a state chartered bank initially organized in 1834, has been a member of the Federal Deposit Insurance Corporation (FDIC) since July 1, 1985.
 The investigation leading to this Indictment was conducted by Special Agents assigned to the Boston Offices of the Federal Bureau of Investigation (FBI) and the Internal Revenue Service (IRS) with the assistance of the Massachusetts State Police and the Plymouth County District Attorney's Office. The case is being prosecuted by Assistant U.S. Attorney Peter A. Mullin.
 -0- 4/7/93
 /CONTACT: Press Officer of the U.S. Attorney's Office, 617-223-9445/


CO: ST: Massachusetts IN: SU:

DJ -- NE010 -- 3834 04/07/93 14:36 EDT
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Date:Apr 7, 1993
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