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BANKWORCESTER ACQUIRES MERCHANTS NATIONAL BANK OPERATIONS

 BANKWORCESTER ACQUIRES MERCHANTS NATIONAL BANK OPERATIONS
 WORCESTER, Mass., Dec. 13 /PRNewswire/ -- BankWorcester Corporation (NASDAQ: BNKW) announced that today at approximately 5 p.m., its subsidiary, Worcester County Institution for Savings (WCiS), assumed the deposits and banking operations of Merchants National Bank, Leominster, Mass. WCiS paid a premium of $2,710,000 for the right to receive transferred deposits of approximately $150 million.
 The five offices of Merchants National Bank located in Leominster, Fitchburg, and Townsend, Mass., will reopen for normal business hours on Monday, Dec. 16, 1991, as offices of WCiS. The full amount of each customer's deposits has been transferred to WCiS, where they will now be insured in full by the FDIC and the DIFM.
 BankWorcester and WCiS President Harold Cabot stated, "As with the other three failed bank acquisitions over the past 12 months, this one is further evidence of our strategic commitment to be the leading bank in Central Massachusetts. Merchants National Bank maintained a very strong position in
its local markets and we intend to continue that tradition. We fully expect this significant expansion of our franchise into the northern section of Worcester County to be beneficial to our customers and our shareholders."
 Worcester County Institution for Savings and BankWorcester are headquartered in Worcester, the second largest city in New England. Assets at Sept. 30, 1991, were approximately $1.3 billion.
 -0- 12/13/91 R
 /CONTACT: Harold Cabot of BankWorcester, 508-831-4265/
 (BNKW) CO: BankWorcester Corporation ST: Massachusetts IN: FIN SU:


DH -- NE009 -- 2363 12/16/91 08:58 EST
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Publication:PR Newswire
Date:Dec 16, 1991
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