Contact: Coleman Nee
JKN Strategies
781-741-8100

South Boston - Mt. Washington Bank is pleased to announce it has reorganized several components of its corporate structure in a direct response to the outstanding rate of growth the bank has experienced over the past three years. This restructuring includes several key organizational changes that will enhance the bank's ability to meet the opportunities of the coming years, operate more effectively and continue to provide its signature Ultimate Service to all of its customers.

Effective immediately, the bank has promoted four bank officers and appointed five employees to officer status.

The following promotions are effective immediately:

• Richard Costa to Senior Vice President and Chief Loan Officer
• George Custodio to Senior Vice President, Treasurer and Chief Financial Officer
• Joseph Downey to Senior Vice President, Compliance and Administration
• James Morgan to Senior Vice President, Retail Banking

In addition, the following Bank Employees have been promoted to officer status:

• Paul Comerford as Vice President, Loan Operations
• Carol Ferretti as Assistant Vice President, Management Information Systems
• Lisa Forman as Assistant Vice President, Finance
• Anne Mascal as Assistant Vice President, Ultimate Service
• Doreen Robison as Assistant Vice President, Sales and Training

The bank also reported today that it has hired Laura Dorfman as Vice President, Consumer and Residential Lending. Ms. Dorfman comes to Mt. Washington Bank with an extensive background in mortgage banking and lending. She will report to Richard Costa, Senior Vice President and Chief Loan Officer.

"Mt. Washington is at a milestone in its history and today's announcement reflects a recognition of this fact and our desire to capitalize on the opportunities we have created for the bank," said Edward Merritt, President and CEO, "As we grow, we will continue to become more diversified in our products and services. In accordance with this effort, our managers and officers will narrow their focuses while continuing to provide outstanding service to our customers."

Added Mr. Merritt, "It also gives me great pleasure to announce our promotions and appointments. They are all well deserved and I look forward to working with these valued employees and all of our staff as we grow our business and serve customers over the coming year."

Founded in 1893, Mt. Washington Bank has stayed committed to the promise outlined in its mission statement by being "full-service independent bank, offering financial services to meet the needs of its retail and small business community.

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