Mass. thrift hires an investment bank.

Grove Bank, Brookline, Mass., said it has retained an investment bank to explore "strategic alternatives available to the bank in the current economic environment."

Grove, with assets of $452 million, said it had received expressions of interest from various entities but has no substantive agreement with any of them. The bank said it had not decided how to proceed, and it did not name the investment banking firm.

As of March 31, Grove reported stockholders' equity of $29.3 million, or 6.5% of assets.

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