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SOCIETY SHAREHOLDERS APPROVE MERGER AGREEMENT

 HARTFORD, Conn., March 4 /PRNewswire/ -- Society for Savings Bancorp, Inc. (NASDAQ: SOCS) announced today that Society shareholders approved a merger agreement with Bank of Boston Corporation (NYSE: BKB). The number of shares voted for the merger agreement was 7,182,000, approximately 76 percent of the total shares voted at the meeting and 60 percent of the total shares outstanding. The agreement is subject to the approval of regulatory authorities. Necessary applications have been filed. Consummation of the merger is currently expected to take place in the second quarter of 1993.
 In making the announcement, Society's President and Chief Executive Officer, Lawrence Connell said, "I am pleased that our shareholders have approved the merger agreement as recommended by the board of directors. Joining forces with the Bank of Boston will provide significant new opportunities and additional benefits for our shareholders, customers, employees and the community."
 Society for Savings Bancorp, Inc., has 1,076 employees, of which 465 are located in Connecticut. Society with $2.6 billion in assets has 19 branches in Hartford County. Bank of Boston Corporation has 16,100 employees worldwide and offers a full array of global banking services to businesses and individuals in 25 countries and maintains 236 branches in New England. Bank of Boston Connecticut, with $2.4 billion in assets, has 10 branches in Hartford County and 40 overall in the state.
 Bank of Boston announced in January that its $3 billion Credit Initiative program aimed at easing the credit crunch for small and mid- sized businesses in New England has been expanded to $6 billion. So far, the Bank has made $2 billion in new loans to 1,200 New England businesses. In Connecticut the Bank has made nearly $300 million to over
25 companies in Connecticut. Connell said, "Bank of Boston's initiative underscores their commitment to Connecticut and their determination to play a leadership role in the State's recovery."
 Bank of Boston Corporation reported 1992 earnings of $263 million. Society for Savings Bancorp reported 1992 earnings of $9.7 million.
 Bank of Boston Corporation, with assets of $32.3 billion at Dec. 31, 1992, is a New England-based superregional bank holding company with both national and international operations. Its major banking subsidiaries are The First National Bank of Boston, with headquarters in Massachusetts; Casco Northern Bank, N.A., in Maine; Bank of Boston, Connecticut; Rhode Island Hospital Trust National Bank, and Bank of Vermont. The corporation's common and preferred stocks are listed on the New York and Boston Stock Exchanges.
 Society separately announced that it, most of its directors and Bank of Boston Corporation have been named as defendants in a suit brought in Delaware Chancery court by the holder of 500 shares of Society stock. The complaint, which purports to be brought on behalf of a class of all Society shareholders (other than officers, directors and certain related parties), alleges that in approving the merger the directors recklessly breached their fiduciary duty to the shareholders. The complaint also alleges that the proxy statement used to solicit shareholder votes at today's meeting failed to fully and accurately disclose all material facts with respect to the merger. The plaintiff seeks to enjoin consummation of the merger.
 Sociey stated that it believes the suit is without merit.
 -0- 3/4/93
 /CONTACT: Robert W. Beggs, Jr., senior vice president of Society for Savings, 203-727-5480/
 (SOCS)


CO: Society for Savings, Bank of Boston ST: Connecticut, Massachusetts IN: FIN SU: TNM

DJ -- NE009 -- 3166 03/04/93 16:42 EST
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Publication:PR Newswire
Date:Mar 4, 1993
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