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BANKWORCESTER EXPECTS TO REPORT FIRST QUARTER EXTRAORDINARY ITEM AND ACCOUNTING CHANGE AGGREGATING APPROXIMATELY $10 MILLION

 BANKWORCESTER EXPECTS TO REPORT FIRST QUARTER EXTRAORDINARY
 ITEM AND ACCOUNTING CHANGE AGGREGATING APPROXIMATELY $10 MILLION
 WORCESTER, Mass., March 16 /PRNewswire/ -- BankWorcester Corporation (NASDAQ: BNKW) today announced that net income in the first quarter ending March 31, 1992, is expected to be positively impacted by an extraordinary item and an accounting change aggregating approximately $10 million or $1.50 per common share.
 The Savings Bank Life Insurance (SBLI) system was merged into a newly formed Massachusetts life insurance company at the end of 1991. In connection with this reorganization, BankWorcester has received stock that will result in an anticipated one time after-tax addition to first quarter net income of approximately $1 million or 15 cents per common share, based on information received from the Savings Bank Life Insurance Company of Massachusetts.
 In the first quarter, the bank will also implement Statement 109, "Accounting for Income Taxes," of the Financial Accounting Standards Board (FASB). This will change the company's method of accounting for income taxes from the deferred method required under APB 11 to the asset and liability method. Adopting this new method is expected to increase net income and stockholders' equity by approximately $9 million or $1.35 per share in the first quarter.
 BankWorcester Corporation has as its sole subsidiary Worcester County Institution for Savings, a state-chartered savings bank with assets in excess of $1.4 billion at the end of 1991.
 -0- 3/16/92
 /CONTACT: Dennis Byrne of BankWorcester, 508-831-4460/
 (BNKW) CO: BankWorcester ST: Massachusetts IN: FIN SU:


EG-SH -- NE016 -- 8406 03/16/92 15:20 EST
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Publication:PR Newswire
Date:Mar 16, 1992
Words:259
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