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FIRST FEDERAL'S ACQUISITION OF WARREN FIVE ANDOVER BRANCH FINAL

 FIRST FEDERAL'S ACQUISITION OF WARREN FIVE ANDOVER BRANCH FINAL
 ANDOVER, Mass., April 6 /PRNewswire/ -- First Federal Savings Bank of Boston has finalized its purchase of the branch in Andover center from the Warren Five Cents Bank, headquartered in Peabody, Mass.
 First Federal acquired certain assets and assumed the deposit liabilities of approximately $11.2 million.
 "This acquisition achieves our goal to establish a retail banking presence in the vicinity of the headquarters of our mortgage subsidiary, First Eastern Mortgage Corporation. We are thrilled to have the opportunity to serve the residents of Andover and its surrounding towns and look forward to offering the community our competitively priced programs and personalized services," said Robb J. Osinski, executive vice president of First Federal Savings Bank of Boston. Osinski noted that, in respect to the operations of the branch, customers will be relating with the same employees and the same types of products; however, First Federal with its mortgage subsidiary, First Eastern Mortgage Corporation, will be offering a much more aggressive program for financing one-to-four family residential properties.
 Frist Federal Savings Bank of Boston, headquartered in Boston, is the parent company of First Eastern Mortgage Corporation, one of the largest one-to-four family residential mortgage lenders in Massachusetts with branch offices in Massachusetts, New Hampshire, Maine, Connecticut, and Rhode Island.
 -0- 4/6/92
 /CONTACT: Robb J. Osinski of First Federal Bank of Boston, 508-749-3100/ CO: First Federal Bank of Boston; Warren Five Cents Savings Bank ST: Massachusetts IN: FIN SU: TNM


TM -- NE015 -- 5473 04/06/92 15:22 EDT
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Publication:PR Newswire
Date:Apr 6, 1992
Words:257
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