Wakefield-based bank expands its investment management
and trust services with acquisition of Newton-based firm

WAKEFIELD, MASSACHUSETTS, May 13, 2005 … The Savings Bank announced today it has received final regulatory approval for its acquisition of First Financial Trust, N.A., a federally chartered investment management and trust firm with offices in Newton and Leominster, Mass. The acquisition had already been approved by First Financial Trust shareholders. The new subsidiary of The Savings Bank combines assets, staff and clients of First Financial Trust and the bank’s TSB Asset Management Group under the name First Financial Trust. The result is a full-service investment and trust group with more than 20 employees and more than $477 million in assets under management.

The new subsidiary will retain the First Financial Trust offices in Newton and Leominster, as well as the former TSB Asset Management Group office in Wakefield. John Cullinane of the TSB Asset Management Group will serve as President of First Financial Trust. Clients of both firms will continue to work with their existing advisors. No reduction in personnel at either firm is expected.

“This is tremendously positive news for everyone—clients, employees and shareholders,” said Brian D. McCoubrey, President and CEO of The Savings Bank. “We have created an investment management and trust firm that truly is greater than the sum of its parts.”

Joseph A. Giovino, former President and CEO of First Financial Trust, N.A., added, “As a combined organization, we have the critical mass to deliver even greater capabilities to the clients and communities we serve, without compromising the personalized service for which both firms have been known.”

McCoubrey and Giovino, who will remain with First Financial Trust as Sr. Vice President and Chief Investment Officer, emphasized that all staff are committed to ensuring a seamless transition for clients of both firms. Existing accounts and advisor relationships will not be affected.

First Financial Trust, N.A. provides investment management, financial planning, trust administration, and estate settlement services. It manages assets for individuals, non-profit organizations, corporations, retirement plans, foundations, and endowment funds. The firm has offices in Newton, Wakefield and Leominster and its web site can be found at www.firstfinancialtrust.com.

The Savings Bank is a Massachusetts mutual savings bank with $427 million in bank assets and 8 offices in Wakefield, Lynnfield, Andover, Methuen, and North Reading.