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FEDERAL RESERVE APPROVES MULTIBANK ACQUISITION BY BANK OF BOSTON

 DEDHAM, Mass., June 10 /PRNewswire/ -- The Federal Reserve Board yesterday announced its approval of the acquisition of Multibank Financial Corp. (NASDAQ: MLTF) by Bank of Boston Corporation (NYSE: BKB). The approval is conditioned upon Bank of Boston Corporation, prior to consummation, fulfilling certain commitments made by it including a commitment to raise $100 million in subordinated debt and $70 million in preferred stock as additional capital. Additionally, the transaction cannot be consummated until the expiration of a mandatory 30 day waiting period, and is also subject to the approval of the Massachusetts Board of Bank Incorporation.
 The Federal Reserve Board also approved the acquisition by Bank of Boston Corporation of Society for Savings Bancorp, Inc. of Hartford, Conn.
 As previously announced, on Sept. 9, 1992, Multibank's Board of Directors voted to approve the terms of the Bank of Boston proposal, and the agreement was approved by Multibank stockholders at a special meeting on March 19, 1993.
 Multibank is a registered bank holding company with three Massachusetts banks: Mechanics Bank in Worcester County, Multibank West in Berkshire, Hampden and Hampshire counties and South Shore Bank in Norfolk, Bristol and Barnstable counties.
 The company's stock is traded in the over-the-counter market and is listed and quoted through the NASDAQ National Market System under the symbol MLTF.
 -0- 6/10/93
 /CONTACT: Alan B. Neville, vice president of Multibank, 617-461-5572/
 (BKB MLTF)


CO: Multibank Financial Corporation; Bank of Boston Corporation ST: Massachusetts IN: FIN SU: TNM

DD -- NE001 -- 0448 06/10/93 08:30 EST
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Publication:PR Newswire
Date:Jun 10, 1993
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