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WINCHENDON SAVINGS BANK CLOSED; 'YOUR MONEY IS SAFE' CENTRAL FUND TELLS DEPOSITORS

 WINCHENDON SAVINGS BANK CLOSED; 'YOUR MONEY IS SAFE'
 CENTRAL FUND TELLS DEPOSITORS
 BOSTON, Aug. 14 /PRNewswire/ -- In the wake of the Commonwealth's seizure this afternoon of Winchendon Savings Bank, the fund that insures savings bank deposits in excess of $100,000 moved quickly to assure customers that their money is protected.
 The Mutual Savings Central Fund insures all deposits in excess of the $100,000 Federal Deposit Insurance Corporation limit in Winchendon Savings Bank. The insured amount includes accrued interest calculated through the close of business today.
 Central Fund President Leonard Lapidus said, "The Central Fund wants to assure every Winchendon Savings Bank customer that any deposits over $100,000 they have in the bank are fully protected. Deposits will be available without interruption when former Winchendon Savings offices re-open for business on Saturday Aug. 15 as branches of Athol Savings Bank.
 "And because Athol Savings Bank is also a member of the FDIC and the Central Fund, all deposits from the former Winchendon Savings Bank will continue to be insured in full," he said.
 "In the insurance fund's 58-year history, no depositor of a member bank has ever lost a cent when their bank has failed. Winchendon Bank customers will be no different," Lapidus added.
 Winchendon Savings Bank has two offices in the following communities: Winchendon and Baldwinville.
 It is estimated that there are 74 accounts in Winchendon Savings Bank with deposits over $100,000 totaling $3.6 million. Lapidus said that the Central Fund has made a payment of $309,000 to the FDIC to facilitate the assumption of these deposits by Athol Savings Bank. The payment represents the money that depositors would have lost if the excess deposits had not been insured by the Central Fund. The Central Fund's actual liability will be determined within 60 days, and the fund's payment to the FDIC will be adjusted accordingly.
 The Mutual Savings Central Fund manages the Deposit Insurance Fund (DIFM). The Central Fund is a private, industry-sponsored, mutual deposit insurance company that was created by the state legislature in
1932. All state-chartered savings banks must, by law, be members of the Central Fund.
 -0- 8/14/92
 /CONTRACT: David Passafaro of the Mutual Savings Central Fund, 617-261-2200/ CO: Mutual Savings Central Fund ST: Massachusetts IN: FIN SU:


TM -- NE011 -- 0138 08/14/92 15:54 EDT
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Publication:PR Newswire
Date:Aug 14, 1992
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