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MAYFLOWER CO-OPERATIVE BANK ANNOUNCES SECOND QUARTER RESULTS

 MAYFLOWER CO-OPERATIVE BANK ANNOUNCES SECOND QUARTER RESULTS
 MIDDLEBORO, Mass., Dec. 4 /PRNewswire/ -- The Mayflower Co-operative Bank (NASDAQ: MFLR) announced a net loss of $470,000, or 55 cents per share, for the second quarter ended Oct. 31, 1991, compared to earnings of $34,000, or 4 cents per share, for the same quarter last year.
 The net loss for the six months ended Oct. 31, 1991, was $642,000, or 75 cents per share, compared to earnings of $79,000, or 9 cents per share, for the comparable period one year ago.
 William C. MacLeod, president and chief executive officer, stated, "The loss for the quarter is mainly due to the substantial increase in provision for loan losses and to the increase in losses on real estate held. During the second quarter, Mayflower Co-operative Bank replenished its loan loss reserve by $720,000 and recorded losses on real estate held of $79,000. For the six months, these numbers were $914,000 and $121,000, respectively."
 MacLeod continued, "Our equity-to-asset ratio at Oct. 31, 1991, was 11.02 percent, substantially above all regulatory requirements."
 As of Oct. 31, 1991, the bank's loans delinquent 90 days or more totaled $5.1 million or 7.02 percent of total loans and 5.59 percent of total assets. At Oct. 31, 1991, the bank's reserve for loan losses totaled $1.23 million which was 24.13 percent of loans delinquent 90 days or more and 1.69 percent of total loans.
 The Mayflower Co-operative Bank, with three offices in Southeastern Massachusetts, is a state-chartered co-operative bank and has its deposits insured by the Federal Deposit Insurance Corporation (FDIC) and the Share Insurance Fund (SIF) of Massachusetts.
 MAYFLOWER CO-OPERATIVE BANK
 Selected Consolidated Financial and Statistical Data
 (Dollars in thousands, except per share amounts)
 10/31/91 4/30/91
 Balance sheet data:
 Total assets $91,153 $91,491
 Loans receivable 72,660 72,171
 Federal funds sold 1,525 2,355
 Investment securities 9,447 9,082
 Deposits 80,379 80,065
 Borrowed funds 47 58
 Stockholders' equity 10,049 10,649
 Equity-to-assets ratio 11.02 pct 11.64 pct
 Book value per share $11.80 $12.50
 Three months ended Six Months ended
 10/31/91 10/31/90 10/31/91 10/31/90
 Operating data:
 Interest income $2,012 $2,229 $4,021 $4,501
 Interest expense 1,259 1,435 2,584 2,888
 Net interest income 753 794 1,437 1,613
 Provision for possible
 loan losses 720 120 914 200
 Total 33 674 523 1,413
 Gain on sale of
 investment securities 10 --- 9 ---
 (Loss) on other real
 estate (79) (6) (121) (6)
 Other non-interest
 income 78 91 153 175
 Operating expenses (779) (710) (1,548) (1,448)
 Equity in earnings
 (losses) of joint
 ventures 12 (7) (3) (11)
 Income (loss) before
 income taxes (725) 42 (987) 123
 Income taxes (255) 8 (345) 44
 Net income (loss) $(470) $34 $(642) $79
 Earnings (loss) per
 share (55 cents) 4 cents (75 cents) 9 cents
 Dividends per share --- --- --- 5 cents
 Annualized return on
 average assets (2.06 pct) .15 pct (1.41 pct) .17 pct
 Annualized return on
 average equity (18.17 pct) 1.29 pct (12.41 pct) 1.50 pct
 Net interest spread 3.13 pct 3.34 pct 2.99 pct 3.40 pct
 Net interest margin 3.52 pct 3.76 pct 3.37 pct 3.81 pct
 Analysis of Loans Past Due
 (Dollars in thousands)
 10/31/91 4/30/91
 Loans past due over 90 days:
 Residential mortgages $954 $1,160
 Commercial and constuction mortgages 2,877 2,650
 Commercial time and demand loans 1,251 1,239
 Consumer and other loans 16 40
 ------ ------
 Total $5,098 $5,089
 Loans past due over 90 days as a
 percentage of:
 Total loans receivable 7.02 pct 7.05 pct
 Total assets 5.59 pct 5.56 pct
 Non-performing assets:
 Non-accrual loans (included above) $4,358 $2,684
 Real estate acquired by foreclosure 915 611
 Total $5,273 $3,295
 Non-performing assets as a percentage of:
 Total loans receivable 7.26 pct 4.57 pct
 Total assets 5.78 pct 3.60 pct
 -0- 12/4/91
 /CONTACT: Maria Vafiades of Mayflower Co-operative Bank, 508-947-4343/
 (MFLR) CO: Mayflower Co-operative Bank ST: Massachusetts IN: FIN SU: ERN


SH-DD -- NE003 -- 9139 12/04/91 11:05 EST
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Date:Dec 4, 1991
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