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BANK OF BOSTON SET TO OPERATE WORKINGMENS CO-OPERATIVE BANK'S FIVE BRANCHES

 BANK OF BOSTON SET TO OPERATE WORKINGMENS
 CO-OPERATIVE BANK'S FIVE BRANCHES
 BOSTON, May 29 /PRNewswire/ -- The First National Bank of Boston, principal subsidiary of Bank of Boston Corporation (NYSE: BKB), will begin to operate the five Greater Boston-area branch offices of Workingmens Co-operative Bank, effective Saturday, May 30. Bank of Boston acquired Workingmens Co-operative's approximately $189.9 million in deposits, as well as the option to purchase certain assets of the bank's branches, as a result of an action taken today by the Federal Deposit Insurance Corporation (FDIC).
 Workingmens Co-operative Bank, a Massachusetts-chartered bank with approximately $200 million in assets, was declared insolvent today by Massachusetts Banking Commissioner Michael C. Hanson and was immediately placed under FDIC receivership.
 Those branches that have customarily been open for business on Saturdays (1868 Centre St., West Roxbury; 575 Boylston St., Boston; 15 Bartlett Rd., Winthrop; and 100 River St., Dorchester) will open tomorrow morning at 9:30 as usual, but under Bank of Boston's banner. The fifth branch, at 100 Summer St., Boston, will maintain its normal business hours of Monday-Friday from 9 a.m. to 4 p.m.
 "Today's transaction brings together two institutions rich in history, each with well over 100 years of experience, know-how, and community involvement," said Peter J. Manning, chief financial officer at Bank of Boston.
 "We intend to draw upon the wealth of talent at Workingmens Co-operative and are confident that as we work together, we will bring about a smooth transition for our customers," Manning added.
 Bank of Boston's acquisition of Workingmens Co-operative Bank involves the transfer of 23,200 deposit accounts, fully guaranteed student loans, passbook loans and advance accounts. It does not include mortgages or home equity loans, though Bank of Boston will continue to accept payment for those loans on behalf of the FDIC for an interim period of 90 days. Customer Hotline
 Bank of Boston has established a toll-free hotline for customer inquiries, which will be operational beginning tomorrow morning. From Boston, customers should call 617-288-0330; those beyond Boston should call 1-800-745-4464. Customer service representatives may be reached via the hotline tomorrow from 9 a.m. to 1 p.m. or any day next week (beginning Monday) from 8:30 a.m. to 5 p.m. Customers who need to speak with an FDIC representative may do so by calling 1-800-283-3139.
 To ensure as smooth a transition as possible, Bank of Boston intends to retain all 79 full-time and 11 part-time operational and branch support staff of Workingmens Co-operative Bank on a temporary basis for several months, during which time the bank will determine its staffing needs and make the necessary hiring decisions for permanent placements.
 "Having been in this business as long as we have -- 208 years -- we appreciate the premium a customer places not only on the quality of service he or she receives, but on the continuity of service as well," added Manning. "We hope that in situations where we can extend an offer to retain a former employee of Workingmens Co-operative Bank, that employee will choose to join the Bank of Boston team."
 Bank of Boston Corporation, with assets of $31 billion at March 31, 1992, is a New England-based superregional bank holding company. Its major banking subsidiaries are The First National Bank of Boston, headquartered in Boston; Casco Northern Bank, N.A. in Maine; Bank of Boston Connecticut; Rhode Island Hospital Trust National Bank; and Bank of Vermont. The corporation and its subsidiaries provide a broad range of financial services to individual, corporate, institutional and governmental customers, as well as to other banks.
 -0- 5/29/92
 /CONTACT: Constance Hubbell of Bank of Boston, 617-434-6883/
 (BKB) CO: Bank of Boston Corporation ST: Massachusetts IN: FIN SU: TNM


TM-CN -- NE009 -- 5300 05/29/92 16:06 EDT
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Publication:PR Newswire
Date:May 29, 1992
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