EXHIBIT 99.4

                        REPORT OF INDEPENDENT ACCOUNTANTS



To the Board of Directors and Stockholders of
Springfield Institution for Savings

We have audited the accompanying  consolidated statement of operations,  changes
in  stockholders'  equity and cash flows of Springfield  Institution for Savings
and  subsidiaries  for  the  year  ended  December  31,  1993.  These  financial
statements are the responsibility of the Bank's  management.  Our responsibility
is to express an opinion on these financial statements based on our audit.

We conducted our audit in accordance with generally accepted auditing standards.
Those standards  require that we plan and perform the audit to obtain reasonable
assurance   about  whether  the  financial   statements  are  free  of  material
misstatement.  An audit includes examining, on a test basis, evidence supporting
the amounts and disclosures in the financial statements.  An audit also includes
assessing the  accounting  principles  used and  significant  estimates  made by
management,  as well as evaluating the overall financial statement presentation.
We believe that our audit provides a reasonable basis for our opinion.

In our opinion,  the financial  statements  referred to above present fairly, in
all material respects,  the consolidated results of operations and cash flows of
Springfield Institution for Savings and subsidiaries for the year ended December
31, 1993 in conformity with generally accepted accounting principles.


                                        /s/ Coopers & Lybrand L.L.P.



Springfield, Massachusetts
January 21, 1994