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BANKWORCESTER REPORTS RISE IN FOURTH QUARTER AND 1991 NET INCOME; NON-PERFORMING ASSETS DECLINE; DECLARES QUARTERLY DIVIDEND

 BANKWORCESTER REPORTS RISE IN FOURTH QUARTER AND 1991 NET INCOME;
 NON-PERFORMING ASSETS DECLINE; DECLARES QUARTERLY DIVIDEND
 WORCESTER, Mass., Jan. 29 /PRNewswire/ -- BankWorcester Corporation (NASDAQ: BNKW) today reported net income of $1.8 million or 28 cents per common share for the fourth quarter ended Dec. 31, 1991, compared to a net loss of $23.3 million or $3.52 per share in the corresponding quarter of 1990. The Board of Directors of BankWorcester yesterday also declared a quarterly dividend of 3 cents per share of common stock. The dividend is payable on April 3, 1992 to stockholders of record on Feb. 28, 1992.
 For the year ended Dec. 31, 1991, net income rose to $5.3 million or 81 cents per share from a net loss of $29.5 million or $4.46 per share in 1990. Non-performing assets on Dec. 31, totaled $61.8 million a decrease from $65.6 million at the end of the 1991 third quarter, but higher than $54.4 million at the end of 1990.
 BankWorcester's 1991 earnings recovery from last year was due to a combination of factors including higher net interest and dividend income, increased fee income, a lower provision for possible loan losses and lower income taxes as a result of benefits recognized on loan charge-offs. Net charge-offs for the fourth quarter totaled $1.2 million, and management provided $2.1 million for possible loan losses. After the provision and net charge-offs, the allowance for possible loan losses totaled $23.0 million or 101.6 percent of non-performing loans compared to $29.2 million or 91.2 percent at the end of 1990.
 Harold Cabot, president of BankWorcester, stated, "In addition to 1991 being a profitable year, we increased deposits and expanded our branch network through failed bank acquisitions. These acquisitions, done at relatively modest cost, strategically strengthened our banking franchise and added to our market share in Northern Worcester County."
 Deposits on Dec. 31, 1991 were $1.3 billion vs. $1.1 billion on the same date last year. Total loans were $1.0 billion at Dec. 31, for both years. Assets on Dec. 31, 1991, were $1.4 billion compared to $1.3 billion last year.
 BANKWORCESTER CORPORATION
 Consolidated Statement of Operations
 (In thousands except per share data)(Unaudited)
 Three Months Years Ended
 ended Dec. 31, ended Dec. 31,
 1991 1990 1991 1990
 Interest & dividend income $26,750 $27,527 $108,602 $105,969
 Interest expense 15,043 17,954 65,869 67,549
 Net interest and
 dividend income 11,707 9,573 42,733 38,420
 Provision for possible
 loan losses 2,100 27,500 8,100 44,711
 Other income 3,053 1,873 9,274 5,594
 Other expense 9,690 11,943 37,380 33,587
 Income (loss) before taxes 2,970 (27,997) 6,527 (34,284)
 Income tax expense (benefit) 1,128 (4,703) 1,202 (4,804)
 Net income (loss) $1,842 $(23,294) $5,325 $(29,480)
 Net income (loss) per
 common share 28 cents $(3.52) 81 cents $(4.46)
 Weighted average common
 shares outstanding 6,610 6,610 6,610 6,610
 Balance Sheet Data
 (in thousands except per share) At December 31
 1991 1990
 Deposits $1,270,391 $1,141,265
 Commercial loans, net 365,286 405,961
 Mortgage loans 473,647 462,418
 Consumer loans 183,243 160,101
 Total assets 1,414,507 1,287,946
 Total liabilities 1,297,007 1,176,099
 Stockholder's equity 117,500 111,847
 Stockholders' equity per share 17.78 16.92
 SELECTED STATISTICS - BANKWORCESTER
 (Dollars in thousands)
 12/31/91 9/30/91 6/30/91 3/31/91 12/31/90
 Non-accrual loans $16,589 $25,483 $31,972 $40,781 $27,431
 Loans 90 days past
 due and still
 accruing 6,087 6,079 6,270 4,994 4,534
 Total non-performing
 loans 22,676 31,562 38,242 45,775 31,965
 Real estate acquired
 through foreclosure
 & loans substantively
 repossessed 16,925 12,479 13,492 11,806 9,181
 Restructured loans 22,181 21,605 21,105 21,073 13,248
 Total non-performing
 assets $61,782 $65,646 $72,839 $78,654 $54,394
 Total loans 1,022,176 1,004,936 1,012,760 1,028,023 1,028,480
 Allowance for
 possible loan
 losses $23,044 $22,098 $24,274 $26,611 $29,157
 Allowance as percent
 of non-performing
 loans 101.6 70.0 63.5 58.1 91.2
 Allowance as a percent
 of non-performing
 assets 37.3 33.7 33.3 33.8 53.6
 Allowance as a percent
 of total loans 2.3 2.2 2.4 2.6 2.8
 ----
 -0- 1/29/92
 /CONTACT: Dennis Byrne of BankWorcester, 508-831-4460/
 (BNKW) CO: BankWorcester Corporation ST: Massachusetts IN: FIN SU: ER


PB-TM -- NE008 -- 4613 01/29/92 09:53 EST
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Date:Jan 29, 1992
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