ACTON, Mass. - Cooperative Bank of Concord reported net income for 1994 of $7 million, down from $9.2 million in 1993.

But 1993 net income included a change in accounting principles and the acceleration of the unearned discount on loans totaling 70 cents per share.

Net income in the fourth quarter of 1994 was $1.5 million, down from $1.8 million in 1993 due to a pretax charge of $500,000 for restructuring.

The $784 million-asset Cooperative has 16 branches in Middlesex, Norfolk, and Plymouth counties.

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