EXHIBIT 99.1


PRESS RELEASE

FOR IMMEDIATE RELEASE

Contact: Paul R. Bechet
         Chief Financial Officer
         Brookline Bancorp, Inc.
         617-730-3500


                             BROOKLINE BANCORP, INC.
                            COMPLETES ACQUISITION OF
                             MYSTIC FINANCIAL, INC.

     Brookline,  Massachusetts - (January 7, 2005) Brookline Bancorp,  Inc. (the
"Company") (Nasdaq:  BRKL) announced today that it has completed its acquisition
of Mystic Financial,  Inc. ("Mystic") (Nasdaq: MYST). Mystic Financial,  Inc. is
the holding company for Medford  Co-operative  Bank,  headquartered  in Medford,
Massachusetts.

     Shareholders  of Mystic  as of the close of  business  on  January  7, 2005
received total merger consideration consisting of approximately 2,516,724 shares
of  common  stock  of the  Company  and  approximately  $24.4  million  in  cash
(including cash paid in lieu of fractional shares).  Shareholders who elected to
receive all cash or indicated "No  Preference"  will receive  $39.00 in cash for
each of their Mystic shares.  Shareholders who elected to receive all stock will
receive  2.6786 shares of common stock of the Company for 72.55% of their shares
of common stock of Mystic and $39.00 in cash for each of the remaining 27.45% of
their  shares.  Shareholders  who  elected to receive  cash and shares of common
stock of the Company will  receive  $39.00 in cash for the cash portion of their
election, 2.6786 shares of common stock of the Company for 72.55% of their stock
election  shares  and $39.00 in cash for each of the  remaining  27.45% of their
stock  election  shares.  Cash will be issued in lieu of fractional  shares at a
rate of $15.978 per whole share.

     As a result of the merger,  Brookline  Bank,  an  independent  full service
community bank, headquartered in Brookline,  Massachusetts, now has $2.1 billion
in assets and 15 branches serving the Greater Boston market area.