Eight months after Robert N. Shuster became chief executive of Mutual Savings Bank in Bay City, Mich., analysts are giving this latest of its would-be turnaround gurus high marks for beginning to tackle rate risk and other problems.

"We applaud the efforts he has made as far as reviving that franchise," said Michael M. Moran, an analyst with Roney & Co., Detroit. "He's taken very logical, very pragmatic, prudent approaches."

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