For Immediate Release

Contact: Coleman Nee
JKN Strategies, Inc.
781-741-8100 or 617-359-6000

March 3, 2003, South Boston - Mt. Washington Bank today announced the creation of the Mt. Washington Charitable Foundation, Inc.

The Mt. Washington Charitable Foundation is a non-profit charitable corporation organized under Chapter 180 of the Massachusetts General Laws. To help fund this new foundation, Mt. Washington Bank will donate 10% of its annual net income yearly to assist the Foundation in furthering its mission to benefit people, services, organizations and charities in the communities that the Bank serves.

Commenting on today's announcement, Mt. Washington Bank CEO Edward Merritt said, "The creation of the Mt. Washington Charitable Foundation is a symbol of the bank's commitment and dedication to our customers and the communities we serve. In these tough economic times, non-profit organizations need help more than ever. We are proud to make this effort to assist these groups on behalf of our customers, employees and Board of Directors."

Merritt also added, "Because we are an independent mutual bank, we are able to commit 10% of annual net income to fund this foundation. We believe commitments such as this highlight the important role that independent community banks continue to play.

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." Serving as a community contact for the Mt. Washington Charitable Foundation will be Jack Forbush who can be reached at 617-269-5773.

###