Cuttyhunk Bank Letter Composition

April 25, 1986

Dear Member,

This in regards to the Special Meeting required the Members of the Cuttyhunk Bank. One of the agenda of the meeting is usually to seek authorization of the transformation of Cuttyhunk Bank coming from a federal keeping bank into a state-chartered keeping s lender regulated by the Massachusetts Commissioner of Banking companies. Please note that this does not mean alteration to a share form of corporation. Cuttyhunk Bank will continue to remain a mutual savings bank. The conversion to a state rental savings financial institution will enhance Cuttyhunk Bank's ability to provide its buyers and stay a viable, competitive financial institution.

Inspite of the conversion, Cuttyhunk Bank will continue to be covered by the National Deposit Insurance Corporation (FDIC). In addition , as soon as the conversion has taken place, deposits above FDIC limit of hundred buck, 000 will now be insured by the Deposit Insurance of Massachussetts, thereby improving the already good deposit insurance protection.

The second item for the meeting goal is relating to our combination with Harbor State Traditional bank, a small conserving bank located at 1234 Main Street in Roslindale. This merger will have simply no effect on the shoppers of Cuttyhunk Bank.

In accordance with the federal legislation, we are instructed to notify every members with the bank once such a meeting is timetabled and you as a part of the Cuttyhunk Bank are entitled to attend this kind of meeting. If you are unable to go to this getting together with, you can continue to provide us with your proxy election by either signing a merchant account signature greeting card or by simply returning special proxy forms sent early in 1981, which are continue to in force. At the Special Conference the unblock proxies will be in preference of the transformation to state hire and the merger with Harbor State Financial institution. If you wish to show up at the Unique Meeting you could vote face-to-face, even if you have got previously agreed upon a proxy server form.

Yet again, I would like to reassure you that both the alteration from federal government to state hire and the combination with Harbor State Bank, will enhance...