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                                                                     EXHIBIT 5.1

                               July 19, 2001

LSB Corporation
30 Massachusetts Avenue
North Andover, Massachusetts  01845

Ladies and Gentlemen:

     This opinion is furnished to you in connection with the registration
statement on Form S-8 (the "Registration Statement") being filed on the date
hereof with the Securities and Exchange Commission for the registration of
714,180 shares (the "Shares") of Common Stock, $.10 par value, of LSB
Corporation., a Massachusetts corporation (the "Company"). We understand that
the Shares will be offered and sold to directors, officers, employees,
consultants and advisors of the Company or other persons upon exercise of
options granted pursuant to: (i) the Lawrence Savings Bank 1986 Stock Option
Plan and (ii) the Lawrence Savings Bank 1997 Stock Option Plan, each of which
was assumed and adopted by the Company as stock option plans of the Company
(the "Plans") on July 1, 2001 pursuant to the Plan of Reorganization and
Acquisition between Lawrence Savings Bank and the Company dated as of March 12,
2001.

     We have examined such documents, records and matters of law as we have
deemed necessary for purposes of this opinion, and based thereon we are of the
opinion that the Shares which may be issued and sold pursuant to the Plans, upon
the exercise or conversion of stock options granted thereunder, have been duly
authorized and, when issued and sold in accordance with the terms of the Plans,
will be validly issued, fully paid and nonassessable.

     We hereby consent to the filing of this opinion as Exhibit 5.1 to the
Registration Statement.

                                        Very truly yours,

                                        /s/ Goulston & Storrs, P.C.


KJH/TBB