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THE BOSTON FIVE REPORTS MORTGAGE PRODUCTION TOTALS

 BOSTON, April 16 /PRNewswire/ -- The Boston Five Bancorp Inc. (NASDAQ: BFCS), today reported that its subsidiary, The Boston Five Cents Savings Bank FSB, had residential mortgage production for the month and five months ending March 31, 1993, totaling $70.2 million and $468 million, respectively. For the comparable periods in 1992 The Boston Five originated residential mortgages totaling $170 million and $641.6 million, respectively.
 During March, 1993, The Boston Five received residential mortgage applications totaling $196.4 million. This compares with applications totaling $187.1 million in March, 1992. The bank's experience has been that approximately 75 percent of mortgage applications subsequently become closed loan production.
 Established in 1825, The Boston Five is one of the largest savings banks headquartered in Massachusetts, with total assets of more than $1.6 billion. It services $3.9 billion in residential mortgages, of which more than $2.9 billion are serviced for investors. The Boston Five operates 15 loan offices in five New England states and conducts correspondent lending operations in 12 New England and Middle Atlantic states.
 On April 13, 1993, The Boston Five Bancorp Inc. announced that it had entered into a definitive agreement to be acquired by Citizens Financial Group of Providence, R.I., subject to certain approvals and conditions.
 -0- 4/16/93
 /CONTACT: Lynn McLaughlin, corporate communications, The Boston Five, 617-742-6000, ext. 2106/
 (BFCS)


CO: The Boston Five Bancorp Inc. ST: Massachusetts IN: FIN SU:

DJ -- NE005 -- 6702 04/16/93 11:17 EDT
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Date:Apr 16, 1993
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