August 23, 2010

Dear Bank of Fall River Customer:

We have some good news to share with you.

We are pleased to announce that Bank of Fall River and Citizens-Union Savings Bank will merge and become one bank. The plan was approved by both Bank Boards. Next, there will be a standard period of regulatory review, and this process should be completed within the next several months. At that time the merger will be official and both banks will operate under the name Citizens-Union Savings Bank.

As a Bank of Fall River customer, you will then have access to a growing number of locations, currently 13, including the nine that Citizens-Union Savings Bank currently operates as well as the four locations of Bank of Fall River.

We envision this being a seamless transition for you. All present branches will remain open, and all but two Bank of Fall River employees are currently scheduled to be part of the new Bank.  

As a Bank of Fall River customer, you will have access to some new programs under this merger, including trust and investment management services, insurance services, and an expanded branch ATM network.

We sought this merger to make our presence stronger in this market. Both Banks are longstanding members of the community, both in financially good shape, both with proud histories, and both with strong futures. In combining the resources and talents of Bank of Fall River with Citizens-Union, we will be a stronger bank, with an even more promising future. And that is good for everyone.

We are proud to forge this new partnership that will help us serve you, our valued customers, even better. If you have any questions, please do not hesitate to contact us. We thank you for being a Bank of Fall River customer and look forward to continuing to serve you in the months and years ahead.

Sincerely,

John H. Clifford
President & CEO, Bank of Fall River