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MULTIBANK FINANCIAL CORP. SIGNS AGREEMENT WITH FEDERAL RESERVE

 MULTIBANK FINANCIAL CORP. SIGNS AGREEMENT WITH FEDERAL RESERVE
 DEDHAM, Mass., Feb. 28 /PRNewswire/ -- Multibank Financial Corp. (NASDAQ: MLTF) announced today that it has entered into a written agreement with the Federal Reserve Bank of Boston. The company has previously reported that it expected to sign an agreement.
 The agreement's provisions include requirements that Multibank submit plans to achieve and maintain an adequate capital position for itself and its subsidiary banks, to service holding company debt, to set forth corporate development and operational strategies for the years 1993 and 1994, and to identify the liquidity needs and programs of its banks. The company may not pay dividends without prior approval of the Reserve Bank.
 Additionally the company has agreed to appoint a senior executive officer to be responsible for loan administration, credit policy and risk control. The board of directors has agreed to review all exisiting personal service contracts, employee incentive plans, senior management, and the company's organizational structure.
 Commenting, David B. Lynch, chairman, said, "As the Agreement is based upon an examination of the company completed in May of 1991, we have already taken a number of steps to satisfy its provisions. We believe that the Agreement will have a positive effect."
 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.
 -0- 2/28/92
 /CONTACT: Alan B. Neville of Multibank, 617-461-5572/
 (MLTF) CO: Multibank Financial Corp. ST: Massachusetts IN: FIN SU:


TM-DH -- NE015 -- 3899 02/28/92 17:03 EST
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Publication:PR Newswire
Date:Feb 28, 1992
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