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MULTIBANK FINANCIAL CORP. DEVELOPING PLANS TO MERGE ITS THREE EASTERN MASSACHUSETTS BANKS

 MULTIBANK FINANCIAL CORP. DEVELOPING PLANS TO MERGE
 ITS THREE EASTERN MASSACHUSETTS BANKS
 DEDHAM, Mass., April 24 /PRNewswire/ -- Multibank Financial Corp. (NASDAQ-NMS: MLTF) today announced that it is developing plans to merge its three eastern Massachusetts banks later this year. The three banks are South Shore Bank in Norfolk County, Durfee Attleboro Bank in Bristol County and The Falmouth National Bank in Barnstable County. The merger would be subject to board approval as well as regulatory approval.
 Plans call for the new bank to be headquartered in Quincy, with regional centers to be maintained in Fall River and Falmouth.
 With assets of nearly $1.5 billion, the new bank will rank eighth in size among commercial banks in Massachusetts. The bank will serve the state's eastern region through 46 banking offices. Forrest R. Cook, Jr., president of South Shore Bank, is expected to be named president and chief executive officer of the new bank.
 Multibank expects to gain operating efficiencies and reduce costs as a result of the planned merger. Some consolidation of functions will occur. Customer service will be uninterrupted as the merger proceeds.
 Commenting, Multibank Chairman David B. Lynch said, "We believe the proposed merger will provide excellent potential for further growth and cost effectiveness. The combined bank will be a superior banking resource to individuals and businesses in eastern Massachusetts, possessing a broad range of capabilities and the size and strength to satisfy the diverse needs of present and prospective customers. As separate entities, South Shore Bank, Durfee Attleboro Bank and The Falmouth National Bank have each enjoyed long and proud histories as community leaders in the towns and cities they serve. We expect to continue this heritage within the combined bank."
 Multibank Financial Corp. is a registered bank holding company with five Massachusetts banks. The company's stock is traded on the over-the-counter market and is listed and quoted through the NASDAQ National Market System (NMS) under the symbol MLTF.
 -0- 4/24/92
 /CONTACT: Alan B. Neville, vice president-commercial marketing, of Multibank Financial Corp., 617-461-5572/
 (MLTF) CO: Multibank Financial Corp. ST: Massachusetts IN: FIN SU: TNM


SH -- NE008 -- 2526 04/24/92 14:00 EDT
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Publication:PR Newswire
Date:Apr 24, 1992
Words:358
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