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HOME PORT BANCORP ANNOUNCES ELECTION OF NEW CHAIRMAN, PRESIDENT AND CHIEF EXECUTIVE OFFICER; AGREEMENT WITH FEDERAL RESERVE BANK OF BOSTON

HOME PORT BANCORP ANNOUNCES ELECTION OF NEW CHAIRMAN, PRESIDENT AND CHIEF EXECUTIVE OFFICER; AGREEMENT WITH FEDERAL RESERVE BANK OF BOSTON
 NANTUCKET, Mass., July 30 /PRNewswire/ -- Home Port Bancorp, Inc. (NASDAQ: HPBC) announced today that its board of directors has elected Karl L. Meyer, chairman, president, and chief executive officer of Home Port Bancorp, Inc., subject to the required regulatory approval of the Federal Reserve Board. Meyer, currently a director of Home Port, would assume these positions upon regulatory approval, thereby replacing current Home Port Chairman, President and Chief Executive Officer Robert G. Stover. Stover will remain as chairman, president, and chief executive officer of Nantucket Bank, Home Port's banking subsidiary. The other officers of Home Port and the bank currently remain unchanged.
 Home Port also announced today that it had agreed to enter a written agreement with the Federal Reserve Bank of Boston. This agreement requires the prior approval of the Federal Reserve Bank for cash dividends by Home Port, additional borrowings, and certain other payments; requires Home Port to submit a plan to improve and maintain capital at Nantucket Bank; requires prior notice to the Federal Reserve of transactions between Home Port and Nantucket Bank; and requires the submission of certain written plans, policies and reports to the Federal Reserve, among other items.
 The management of Home Port and the bank will continue to work to improve core earnings and to serve community needs and to comply fully with the terms of its agreement with the Federal Reserve.
 -0- 7/30/92
 /CONTACT: Robert G. Stover or William P. Hourihan, Jr., of Home Port Bancorp, 508-228-0580/
 (HPBC) CO: Home Port Bancorp ST: Massachusetts IN: FIN SU: PER


TM -- NE021 -- 5248 07/30/92 15:58 EDT
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Publication:PR Newswire
Date:Jul 30, 1992
Words:287
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