CAMBRIDGE, MASSACHUSETTS, April 7, 2004 …Arthur C. Spears was elected as the thirteenth president of East Cambridge Savings Bank at the Bank's Annual Meeting of Corporators held on March 22.

Spears joined the Bank in October 2001 as executive vice president and chief operating officer. He retains the position of chief operating officer along with new responsibilities as president. William F. McGilvreay, formerly president and chief executive officer, will remain chief executive officer. McGilvreay will retire in July 2004 after 47 years with East Cambridge Savings Bank.

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

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.

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