The savings industry of 1994 is far different from that of just a few years ago. The industry has had 11 consecutive profitable quarters, including a record annual profit of $7 billion in 1993. Capital is also at an all-time high. From my home state of Massachusetts and all across the country, the 2,200 institutions that comprise the savings business are stable, healthy, and profitable, significantly contributing to their communities in both traditional and innovative ways.

It is an exciting time to be in the business, perhaps, the most exciting in my 30 years. One reason is the ferocious competition in the marketplace.

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