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Non-Tech : Firstfed America Bancorp Inc. IPO-FAB
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To: Kenneth Xavier who wrote (9)2/14/1997 3:02:00 AM
From: Patrick Beck   of 21
 
Ken & Jim,

I'm another Ma. guy who's been doing the account routine for a year or so. Recently, I've encountered trouble opening accounts because
when the banks do their security check, they turn me down, the reason: excessive amount of accounts. Have you encountered this?
The other thing that seems to be happening is that the banks are raising the amount necessary to open the accounts. Many don't want to bother with $10 accounts, they want $500 or $1,000.

FYI: Compass is a mutual bank with a Holding company. They have authorized shares for the bank insiders. Generally, when these type of
institutions go public, the return isn't all that great because the insiders
have taken care of themselves first.
I can't imagine Cambridge SB going public soon. They are trying to do a pretty drastic renovation in Harvard Square & they are meeting with stiff opposition from the community. It seems like a battle that will be drawn out for approx. 2 years. In the interim, the community will give them a lot of grief if they go commercial. They don't call it the "Peoples Republic of Cambridge" for nothing.

Let's share some ideas....

Patrick
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