Bank of Boston To Skip Dividend

Bank of Boston Corp. said Thursday it would omit its dividend in the second quarter and post a smaller loss than the $89 million deficit reported in the first period.

The company expects net chargeoffs and loan-loss provisions to be smaller than in the first quarter, when each was $100 million. Nonperforming assets are expected to be flat or drop slightly.

Chairman Ira Stepanian said in a statement that omitting the 10-cents-a-share dividend will let the company take advantage of acquisition possibilities in New England.

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