FOR FURTHER INFORMATION CONTACT:

Donald R. Chase, President                   Robert G. Eggleston, Jr., President
(413) 747-1494                               (860) 963-2265


FOR IMMEDIATE RELEASE

July 15, 1998


WESTBANK CORPORATION AND CARGILL BANCORP, INC. SIGN A
DEFINITIVE MERGER AGREEMENT

West Springfield, Massachusetts and Putnam, Connecticut July 15,
1998 *** Westbank Corporation (NASDAQ: WBKC), and Cargill Bancorp,
Inc. today announced the signing of a definitive merger agreement.
Cargill is the holding company for Cargill Bank, a $47.0 million
asset institution headquartered in Putnam, CT.  It operates three
branches in Putnam, Quinebaug, and Woodstock.

"Westbank's primary objective is to build our franchise with an
affiliation strategy that adds to earnings and shareholder value",
according to Donald R. Chase, President and Chief Executive Officer
of Westbank Corporation.

Under the terms of the agreement, Cargill Bancorp will be merged
into Westbank Corporation.  Cargill Bank will retain its local
identity and remain a separate subsidiary of Westbank Corporation.
Each share of Cargill common stock will be exchanged for 1.3008
shares of Westbank common stock, provided that the average closing
price of Westbank's common stock during the 20-day pricing period
ending five days before the last regulatory approval is obtained is
greater than or equal to $13.07.  If Westbank's average closing
price is less than $13.07 but greater than or equal to $12.00, then
Cargill shareholders will receive shares of Westbank common stock
having a value of $17.00 per share.  Cargill has certain rights to
terminate the agreement if Westbank's average closing price is below
$12.00 per share unless Westbank agrees to deliver shares of
Westbank common stock having a value of $17.00 in exchange for each
share of Cargill common stock.

"We are extremely pleased to have reached this agreement with
Cargill Bancorp.  Cargill Bank is a profitable community bank with
a proven track record of delivering high-quality retail banking
services.  Our shareholders will benefit from a larger earnings
base, a wider variety of markets and an expanded shareholder base",
Chase said.

Based upon Westbank's recent closing price of $14.125 per
share, the 1.3008 exchange ratio has a value of $18.37 per
share.  The price of $18.37 per share equates to a value of $5.92
million or 157.2% of tangible book value, 20.0 times Cargill's
annualized six months earnings, and represents a 7.2 % deposit
premium.



                                    -2-


It is anticipated that this merger will be accretive to Westbank's
book value and earnings per share within twelve months of
consummation of the merger.

In connection with the execution of the merger agreement, Cargill
has issued an option to Westbank to purchase up to 19.9% of
Cargill's common stock at a price of $12.00 per share.  The
transaction is expected to be treated as a tax-free exchange to
holders of Cargill's common stock.

Consummation of the merger is subject to approval by bank
regulatory authorities and the shareholders of Cargill Bancorp,
as well as other customary conditions.

It is planned that Cargill will continue its successful approach to
community banking, providing its customers with personalized
service.  The merger is expected to assist Westbank and Cargill in
achieving their strategic objectives by widening the combined
entities' outreach into Windham County, central Massachusetts, and
northwest Rhode Island.

Robert G. Eggleston, President of Cargill Bank, will continue in
that position.  Mr.  Eggleston remarked, "This merger brings
together two successful banking organizations and combines
Westbank's stronger commercial lending capabilities, broader deposit
products and trust services with Cargill's vibrant consumer banking
franchise.  We are eager to join forces with Westbank to build upon
these strengths in serving the individuals, businesses, and
municipalities of northeast Connecticut.  We believe the merger
will provide fair value to Cargill's shareholders along with the
opportunity to participate in the growth of the combined 
institutions."

Westbank Corporation will be a multi-bank holding company with pro
forma total assets of approximately $400 million.  The Company will
operate, through its two bank subsidiaries, 15 offices.

Westbank Corporation separately announced its June 30, 1998
earnings at $885,000 or $0.24 per share for the quarter and $1.7
million or $0.46 per share for the first six months of 1998, an
increase of 25% over the 1997 period.

Cargill Bancorp, which currently has a fiscal year-end of September
30, recently reported its June 30, 1998 quarterly earnings of
$95,000 and nine months earnings at $209,000, an increase of 86%
over the nine-month period ended June 30, 1997.








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