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Medford Savings Bank declares special cash dividend and regular fourth quarter dividend.

MEDFORD, Mass.--(BUSINESS WIRE)--Nov. 27, 1996--

Dividends declared increased 17 percent over prior year

The board of directors of Medford Savings Bank (NASDAQ:MDBK) voted to pay the bank's shareholders a special cash dividend for the fourth consecutive year.

The special dividend of $.15 per share is a 25 percent increase over last year's special dividend and will be paid with the regular quarterly dividend of $.17 per share on Jan. 15, 1997 to shareholders of record on Dec. 13, 1996. Dividends declared during 1996 totalled $.83 per share, a 17 percent increase over dividends declared during 1995.

"The declaration of our regular and fourth consecutive special cash dividend continues to reflect the board and management's commitment to a dividend policy which rewards our shareholders," stated Arthur H. Meehan, chairman, president and CEO. "We are pleased that our performance this year has made it possible to increase the special dividend."

The annual meeting of stockholders of Medford Savings Bank has been set for April 28, 1997 at 10 a.m. at the Colonial Hilton, Lynnfield, Mass. The record date for determining stockholders entitled to vote at the annual meeting has been set for March 3, 1997.

Medford Savings Bank is a Massachusetts-chartered savings bank with over $1 billion in assets. The bank offers a wide variety of services to both business and retail customers throughout eastern Massachusetts from 16 retail banking locations in Middlesex County.

CONTACT: Medford Savings Bank

Mona Bishlawi, 617/395-7700
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Publication:Business Wire
Date:Nov 27, 1996
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