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MULTIBANK REPORTS 1992 ANNUAL AND FOURTH QUARTER EARNINGS

 DEDHAM, Mass., Jan. 21 /PRNewswire/ -- Multibank Financial Corp. (NASDAQ: MLTF) reported earnings of $4,602,000, or $.50 per share, for the year ended Dec. 31, 1992, compared with a net loss of $15,241,000, or $1.66 per share, in 1991.
 For the fourth quarter of the year, the company recorded earnings of $2,266,000, or $.25 per share, compared with fourth quarter 1991 earnings of $3,114,000, or $.34 per share.
 The company's improved performance for the year reflects a reduction in the level of non-performing assets resulting in lower needed additions to the company's allowance for possible credit losses.
 At Dec. 31, 1992, non-performing assets were $135,316,000, reduced from $176,943,000 at the end of 1991. Non-performing loans were $72,640,000 at year end, down from $101,884,000 at the previous year end. The company's allowance for possible credit losses at year end was $45,784,000, providing 63 percent coverage against non-performing loans.
 Commenting on the company's improved performance, Multibank Chairman David B. Lynch said, "We are pleased with the turn-around the company has achieved in the past year. We have now had five consecutive quarters of profitability, and asset quality continues to improve. We look forward to continued progress in 1993."
 As previously announced, on Sept. 9, 1992 Multibank's Board of Directors voted to accept an exchange of stock merger offer from Bank of Boston Corporation. Under the agreement covering the proposed merger, Bank of Boston will issue 1.125 shares of its common stock in exchange for each share of Multibank stock. If Bank of Boston's stock price during a period prior to closing is greater than $25 per share, the exchange ratio will be adjusted downward to provide $28.13 per share market value of Bank of Boston stock for each share of Multibank stock. The exchange will be tax free to Multibank shareholders.
 The merger is subject to the approval of Multibank shareholders as well as regulatory approval. A special Multibank Shareholders Meeting is planned for March 11, 1993 to vote on the merger. It is hoped that all necessary approvals will be obtained and the merger closed before mid-year.
 Multibank Financial Corp. is a registered bank holding company with three 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 under the symbol MLTF.
 MULTIBANK FINANCIAL CORP.
 (unaudited)
 (in thousands, except per share amounts)
 Twelve Months Ended Three Months Ended
 12/31/92 12/31/91 12/31/92 12/31/91
 Total operating
 income $220,292 $274,782 $52,882 $70,103
 Net interest income 106,409 103,527 27,795 26,664
 Net income (loss) 4,602 (15,241) 2,266 3,114
 Return on average
 assets .18 pct (.56 pct) .37 pct .47 pct
 Return on average
 stockholders'
 equity 2.81 pct (9.20 pct) 5.43 pct 7.81 pct
 Daily average balances:
 Assets $2,502,081 $2,736,540 $2,460,815 $2,657,258
 Deposits 2,183,600 2,384,249 2,144,105 2,308,655
 Loans and leases-
 net 1,634,557 1,894,856 1,603,192 1,774,119
 Securities 563,949 528,982 562,102 561,496
 Stockholders'
 equity 163,528 165,660 166,082 158,189
 Average shares
 outstanding 9,179,258 9,167,006 9,198,114 9,167,006
 Per share data:
 Net income (loss) 50 cents ($1.66) 25 cents 34 cents
 Book value $18.18 $17.69
 Market value $24.50 $4.63
 Full-time Equivalent
 Employees 1,367 1,442
 Equity Ratios:
 Year end equity
 to year end assets 6.73 pct 6.16 pct
 Tier "1" Capital
 (Post 1992 rules) 8.75 pct 8.04 pct
 Tier "1 and 2" Capital
 (Post 1992 rules) 10.02 pct 9.31 pct
 -0- 1/21/93
 /CONTACT: Peter F. Russo, senior vice president, treasurer and chief financial officer, of Multibank, 617-461-5590/
 (MLTF)


CO: Multibank Financial Corp. ST: Massachusetts IN: FIN SU: ERN

SJ -- NE0019 -- 7554 01/21/93 15:35 EST
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Date:Jan 21, 1993
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