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HINGHAM INSTITUTE FOR SAVINGS ANNOUNCES DISSIDENT SLATE

 HINGHAM, Mass., May 5 /PRNewswire/ -- Hingham Institution for Savings (NASDAQ: HIFS) announced today that its Annual Meeting of Shareholders voted overwhelmingly to replace management's directors and nominees with a dissident slate. The dissident's slate prevailed by a margin of 805,000 shares to 309,000 shares.
 On Thursday, April 29, after the Annual Meeting, the Bank's board of directors elected Robert H. Gaughen, Jr., as chairman and president of the bank. Gaughen, one of the dissident directors, stated that the Bank's new management team would focus on the reduction of the non- performing assets and the return of the bank to a profit based on core operating earnings. Gaughen stated that the bank's market area is one of the finest in the state and that attention to banking basics is expected to return the bank to operating profitability in the future. Gaughen stated, however, that the legal expenses incurred in management's attempt to keep itself in power, an amount estimated to be approximately one million dollars, will substantially impact the bank's second quarter earnings.
 The Bank further announced that Paul E. Bulman, its president for the last four years, and Gerard Pyne, the chairman of the board of directors and marketing officer, have been separated from their respective positions with the bank. The dissident slate had charged that the bank had been mismanaged and made allegations of violations of federal and state laws by senior management.
 -0- 5/5/93
 /CONTACT: Robert H. Gaughen, Jr., president at Hingham Institution for Savings 617-749-2200/
 (HIFS)


CO: Hingham Institution for Savings ST: Massachusetts IN: FIN SU: PER

DJ -- NE015 -- 4984 05/05/93 15:12 EDT
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Publication:PR Newswire
Date:May 5, 1993
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