FOR IMMEDIATE RELEASE


    THE SANDWICH CO-OPERATIVE BANK COMPLETES HOLDING COMPANY
                         REORGANIZATION

     (Sandwich, Massachusetts) The Sandwich Co-operative Bank
today announced that it had completed its holding company
reorganization.  Under the Plan of Reorganization and
Acquisition approved by the stockholders at a special meeting of
stockholders held on May 14, 1997, the Bank became a subsidiary
of a Massachusetts holding company, Sandwich Bancorp, Inc., and
each currently outstanding share of the Bank's common stock has
been converted into a share of holding company common stock. 
The Bank will continue to conduct business from the same
locations and in the same manner as before the reorganization. 

     "The holding company reorganization will give the Bank more
operating flexibility than it currently has and will facilitate
expansion and diversification," Frederic D. Legate, President of
the Bank, explained. 

     The Sandwich Co-operative Bank is a stock Massachusetts
chartered bank that maintains 11 offices on Cape Cod and in
adjacent communities and has its deposits insured by the federal
deposit Insurance Corporation (FDIC).

     Sandwich Bancorp, Inc.'s common stock is traded on the
Nasdaq National Market under the trading symbol "SWCB".