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STERLING BANK OF WALTHAM EARNS THE TREASURER'S AWARD FOR COMMUNITY REINVESTMENT

 WALTHAM, Mass., July 27 /PRNewswire/ -- State Treasurer Joe Malone today presented Sterling Bank the Treasurer's Award for Community Reinvestment, recognizing the bank's support of and contributions to the community.
 "Sterling Bank has demonstrated an important commitment to its community. My hope is, that as a recipient of the Treasurer's Award, this bank will serve as an example and encourage other banks across the state to do the same," Malone said.
 "Sterling Bank has helped to meet people's need for mortgage, for small business, and community development loans. That's important, because the road to our future runs through Waltham, Mass., and community reinvestment helps us build that road. The investment of time, effort, and resources in Massachusetts means more jobs and a better quality of life for all citizens of the Commonwealth," Malone added.
 John C. Warren, chief executive officer of Sterling Bank, commented, "We are extremely proud of our accomplishments and as a community bank, we believe that it is an important part of our strategic mission to meet the needs of our communities. Additionally, our directors, officers and employees spend hundreds of hours working on projects and programs designed to benefit the many communities we serve. All of our activities are part of an on going effort to be a proactive, supportive corporate citizen."
 The Treasurer's Award for Community Reinvestment recognizes state and federally chartered banks which receive a community reinvestment rating of "outstanding" under the Community Reinvestment Act of 1977. Each bank receiving the award will be given the option to accept a deposit of up to $100,000 in state monies which may be held for as long as that bank retains its "outstanding" rating.
 Banks receive one of four possible ratings: "outstanding," "satisfactory," "needs improvement," and "substantial noncompliance." Ratings for federal banks are issued by one of four federal supervisory agencies: the Comptroller of the Currency, the Board of Governors of the Federal Reserve System, the Federal Deposit Insurance Corporation, and the Office of Thrift Supervision. The state's Division of Banks issues ratings for state-chartered banks.
 -0- 7/27/93
 /CONTACT: Susan Frigoletto of The Commonwealth of Massachusetts, Treasury Department, 617-367-6900, ext. 202; or Karen Wharton of Sterling Bank, 617-894-7790, ext. 215/


CO: Sterling Bank ST: Massachusetts IN: FIN SU:

CM-DJ -- NE003 -- 6096 07/27/93 09:20 EDT
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Date:Jul 27, 1993
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