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JOINT STATEMENT BY THE BOARD OF DIRECTORS AND ROBERT H. GAUGHEN OF HINGHAM INSTITUTION FOR SAVINGS

 HINGHAM, Mass., April 27 /PRNewswire/ -- Robert H. Guaghen and the bank's nominating committee have nominated a slate of six nominees for election to the bank's board of directors at the bank's 1993 annual meeting.
 In March 1993 the Hingham Institution for Savings and Gaughen each brought litigation relating to the election and various other matters. On April 19, 1993 the Federal District Court for Massachusetts declined to grant the injunctive relief requested by either party. While it would be possible to continue the litigation, neither side considers that it would be in the best interest of the Bank and its stockholders to do so.
 Accordingly, all of the litigation described in the proxy materials circulated by both sides had been terminated.
 However, the proxy contest continues.
 At the April 26 board meeting, the board unanimously determined that the choice between the two slates should be left to the stockholders. The election will be conducted impartially, and the outcome will be decided by a plurality of the votes cast by all stockholders, with each stockholder having one vote per share.
 The board of directors, including Gaughen, look forward to the stockholders exercising their voting rights in a responsible fashion.
 In order to submit a proxy to either side, stockholders should follow the instructions contained in the parties' prior communications with the stockholders.
 -0- 4/27/93
 /CONTACT: Paul Bulman of Hingham Institution for Savings, 617-740- 8506/
 (HIFS)


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

CH -- NE018 -- 1366 04/27/93 12:20 EDT
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Publication:PR Newswire
Date:Apr 27, 1993
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Federal Reserve Board of Governors and Official Staff.

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