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                                                                    EXHIBIT 99.5


FOR IMMEDIATE RELEASE                       COMPANY CONTACT: Paul A. Miller
                                                              (978)725-7555


                              LAWRENCE SAVINGS BANK
                     ANNOUNCES PLAN TO FORM HOLDING COMPANY






NORTH ANDOVER, MA, December 21, 2000 - Lawrence Savings Bank announced today
that its Board of Directors voted to approve the reorganization of the Bank into
a holding company structure. When the process of establishing a bank holding
company is completed, the shareholders of the Bank will receive shares of the
holding company in exchange for their holdings of Bank stock. Although the Bank
has no expansion plans at this time, the Board of Directors believes that the
establishment of a bank holding company will afford the Bank and its
stockholders the greatest flexibility to consider opportunities to expand
geographically and into new activities, remain competitive in its marketplace,
and build long term value for shareholders. The establishment of the holding
company will require stockholder and regulatory approval and is expected to be
considered at the annual meeting of stockholders to be held on May 1, 2001.
Assuming timely receipt of required regulatory and stockholder approvals, the
holding company reorganization is expected to be completed in the second quarter
of 2001.

Lawrence Savings Bank is a Massachusetts-chartered savings bank with assets of
$416 million at September 30, 2000. The Bank offers a wide variety of services
to both business and retail customers throughout eastern Massachusetts from five
retail banking locations in Essex County.

This press release contains certain statements that are "forward-looking
statements" within the meaning of Section 21E of the Securities Exchange Act of
1934, as amended. Such statements are not historical facts and include
expressions of management's expectations at a specific point in time regarding
future relationships, structures, opportunities and market conditions. Such
forward-looking statements are subject to certain inherent risks and
uncertainties, including, among other factors the risk factors set forth in the
Bank's filings with the Federal Deposit Insurance Corporation. These also
include, but are not limited to, changes in interest rates, disruption in credit
markets, changes in regional and local economic conditions, changes in the
regulatory environment, and changes in the competitive environment in which the
Bank operates. As a result of such risks and uncertainties, the Bank's actual
results may differ materially from such forward-looking statements. Lawrence
Savings Bank does not undertake, and specifically disclaims any obligation to
publicly release revisions to any such forward-looking statements to reflect the
occurrence of anticipated or unanticipated events or circumstances after the
date of such statements.