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PRESS RELEASE
| FROM: |
Robert
H. Gaughen, Jr., President Hingham Institution for Savings Hingham, MA (NASDAQ - HIFS) |
| DATE: | September 27 , 2001 |
| CONTACT: | William M. Donovan, Jr., Vice President (781) 749-2200 |
QUARTERLY DIVIDEND ANNOUNCED
HINGHAM INSTITUTION FOR SAVINGS (Nasdaq - HIFS), Hingham, Massachusetts, announced that its Board of Directors declared a quarterly cash dividend of $0.15 per share. The dividend will be paid on October 22, 2001 to stockholders of record as of October 10, 2001.
In announcing the dividend, Robert H. Gaughen, Jr., President and Chief Executive Officer of the Bank, stated "We remain committed to a dividend policy that recognizes our strong earnings momentum. As previously announced, second quarter earnings increased by 19% over those of the same quarter in 2000. As we manage through the realities of the current economic environment, we are confident in the strength of our balance sheet and our ability to generate core earnings. Conditions in our local marketplace remain stable, and our margins are well protected. This thirty-first consecutive quarterly dividend reflects our continued confidence in our basic startegies."
In addition to regular quarterly cash dividends, Hingham Institution for Savings has declared special cash dividends in each of the last six years. Future dividends will be considered by the Board of Directors on a quarterly basis.
Hingham Institution for Savings is a Massachusetts-chartered savings bank located in Hingham, Massachusetts. Incorporated in 1834, it is the oldest financial institution headquartered in Hingham and one of the oldest in Massachusetts. The Bank's main offices are located on Main Street, Hingham, Massachusetts 02043, phone (781) 749-2200. The Bank also maintains branch offices in South Hingham and the neighboring towns of Hull, Cohasset, Scituate, and South Weymouth.
The Bank's shares of common stock are listed and traded on The Nasdaq Stock Market under the symbol HIFS.
