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HINGHAM INSTITUTION FOR SAVINGS ANNOUNCES SETTLEMENT

 HINGHAM, Mass., Feb. 11 /PRNewswire/ -- Paul Bulman, president and CEO of Hingham Institution for Savings (NASDAQ: HIFS) announced that the Bank had received $515,000 from its insurance carrier in settlement of the Bank's claim relating to actions of the Bank's former president. The Bank and its carrier have entered into arrangements regarding the allocation between them of any future recoveries. Bulman said that while the Bank will continue to pursue its claims against the former president, no determination can be made at this time as to whether there will in fact be some future recoveries.
 Bulman also announced that a shareholder and director of the Bank, Robert H. Gaughen, Sr., had filed documents with the Federal Deposit Insurance Corporation relating to his intention to propose an alternative slate of directors for election at the Bank's upcoming Annual Meeting this Spring.
 Hingham Institution for Savings is a State Chartered Savings Bank serving
the South Shore of Massachusetts. On Dec. 31, 1992, total assets were $149,460,000 and stockholders equity totaled $13,712,000 for a book value of $10.94 per share.
 -0- 2/11/93
 /CONTACT: Paul Bulman, president and CEO of Hingham Institution for Savings, 617-740-8506/
 (HIFS)


CO: Hingham Institution for Savings ST: Massachusetts IN: FIN SU:

CH -- NE008 -- 5711 02/11/93 12:36 EST
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Publication:PR Newswire
Date:Feb 11, 1993
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