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SOCIETY FOR SAVINGS ANNOUNCES FEDERAL RESERVE APPROVAL FOR MERGER WITH BANK OF BOSTON

 /REPEATING FROM YESTERDAY
 HARTFORD, Conn., June 9 /PRNewswire/ -- Society for Savings Bancorp,


Inc. (NASDAQ: SOCS) ("Bancorp") announced today that the Board of Governors of the Federal Reserve System has approved the application of Bank of Boston Corporation (NYSE: BKB) to acquire Bancorp in a stock- for-stock transaction, under the terms earlier announced. With the Federal Reserve's approval, the acquisition has now been approved by all banking regulators except the Massachusetts Board of Bank Incorporation (the "BBI"). The Massachusetts BBI is expected to rule on the transaction prior to the closing date, now anticipated to occur in early July.
 Lawrence Connell, president and chief executive officer of Society for Savings Bancorp, Inc., commented, "We are extremely pleased that the merger will soon be consummated, and that this institution will continue to provide service to customers and jobs for the community under the Bank of Boston banner. I am personally delighted that after less than two years, we have achieved the turnaround of a troubled banking organization, and returned significant value to shareholders."
 In a related matter, Bancorp also announced that on May 25, 1993, the Delaware Chancery Court issued a memorandum opinion in Arnold vs. Society For Savings Bancorp, Inc. et al. In the opinion, the court denied plaintiff's motion for a preliminary injunction against the Bancorp-Bank of Boston transaction, based on failure to show a reasonable probability of success on the merits of plaintiff's claim.
 -0- 6/9/93 R
 /CONTACT: Robert W. Beggs, senior vice president-corporate communications, 203-727-5480, or Timothy Curry, senior vice president and legal counsel, 203-727-5489, both of Society for Savings/
 (SOCS BKB)


CO: Society for Savings Bancorp; Bank of Boston Corporation ST: Connecticut IN: FIN SU: TNM

DJ -- NE014 -- 0568 06/10/93 11:16 EST
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Publication:PR Newswire
Date:Jun 10, 1993
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