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Central Bank receives endorsement from leading independent shareholder advisory firm.

SOMERVILLE, Mass.--(BUSINESS WIRE)--Nov. 22, 1996--Central Bank (NASDAQ:CEBK) announced today that Institutional Shareholder Services Inc. (ISS) has recommended that its clients vote to support Central Bank in opposition to Genesis Financial Partners L.P., a California-based hedge fund, in connection with one of the stockholder proposals submitted by Genesis regarding the sale of Central Bank.

Central Bank's Annual Meeting of Stockholders is scheduled for Monday, Dec. 2.

Institutional Shareholder Services, based in Bethesda, Md., is a long-standing, independent advisor on proxy contests, corporate governance and related issues to many major institutional shareholders.

In its recommendation, ISS said, "In light of the company's improved earnings, management's efforts to improve the company's competitiveness and the board's stated intention to evaluate any future tender offer for the company, we believe that proposing that the company be immediately put up for sale would not be appropriate at this time. We recommend a vote AGAINST."

John D. Doherty, president and chief executive officer of Central Bank, commented, "We are, of course, pleased that ISS's independent recommendation matches our own views on this issue. More important, however, ISS provides a source for stockholders, both big and small, who are looking for the judgment of a neutral party, well-experienced in these issues, to guide their vote."

Central Bank is a Massachusetts-chartered co-operative bank operating eight full-service banking offices in suburban Boston.

CONTACT: Central Bank

Gladys N. Partamian, 617/628-4000
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Publication:Business Wire
Date:Nov 22, 1996
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