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THE BOSTON FIVE REPORTS MORTGAGE PRODUCTION TOTALS

 BOSTON, Sept. 15 /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 10 months ending Aug. 31, 1993, totaling $95.9 million and $994.0 million, respectively. For the comparable periods in 1992 The Boston Five originated residential mortgages totaling $122.1 million and $1,273.3 million, respectively.
 During August, 1993, The Boston Five received residential mortgage applications totaling $154.4 million. This compares with applications totaling $200.1 million in August, 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 $3.8 billion in residential mortgages, of which more than $3.0 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- 9/15/93
 /CONTACT: Melanie Prata, corporate communications, of The Boston Five Bancorp, 617-742-6000, ext. 2106/
 (BFCS)


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

DJ-CM -- NE009 -- 2279 09/15/93 13:31 EDT
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Publication:PR Newswire
Date:Sep 15, 1993
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