CAMBRIDGE, MASSACHUSETTS, August 20, 2004 …Arthur C. Spears was elected as Chief Executive Officer of East Cambridge Savings Bank at a recent meeting of the Board of Trustees held on July 28, 2004.

Spears joined the Bank in October 2001 and currently serves as president. He retains the position of president along with new responsibilities as chief executive officer.

Previous to joining the Bank’s senior management team, Spears was the lead auditor for East Cambridge Savings Bank for 12 years in his role as auditor and consultant with Wolf & Company, P.C., the Bank’s auditing firm.

He originally joined Wolf as a senior auditor in 1978, and returned to that company in 1984, serving as audit manager, principal, and subsequently as a member of the firm. He also held auditing and accounting positions with BayBanks, Inc., where he was vice president, and with Worcester County National Bank, where he began his career as an accounting officer. His experience in financial institutions spans more than three decades.

A Certified Public Accountant, Spears holds a Bachelor of Science degree in business administration from Northeastern University, where he was an accounting major. He earned an MBA at Clark University.

Until recently he served on the Board of Trustees and as treasurer of the Northborough Free Library, and was a coach, Board member and field scheduler for Northborough Youth Soccer. He resides in that community with his wife Mary and their three children.

William F. McGilvreay, who had served as chief executive officer since 1999, retired in July 2004 and will remain active on the Bank’s Boards of Trustees.

East Cambridge Savings Bank, a mutual savings bank established by Massachusetts charter in 1854, has six full-service locations in Cambridge, Belmont, Somerville and Waltham, and maintains an Educational Training Facility at Cambridge Rindge and Latin School. The Bank is a member of FDIC and a member of DIF. For more information on East Cambridge Savings Bank visit www.ecsb.com.

The Bank is observing its 150th anniversary this year.

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