BRAINTREE, Mass. -- Braintree Savings said it was holding preliminary merger discussions with an unnamed bank.

"The discussions are in a very preliminary stage," chairman Winthrop Sargent said. "No agreement has been reached as to price or structure. At the present time, I do not know whether the banks will reach agreement as to the terms and conditions of any transaction."

The bank has $178 million assets and $17.5 million in shareholder equity.

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