	boston five bfcs o neworld nwor o to merge boston five cents savings bank said it and neworld bank for savings have agreed to merge forming a new holding company boston five bancorp boston five said the proposal calls for its holders to receive shares of the new company s stock for each share now held and for neworld bank holders to recieve one share for each share held in a tax free exchange boston five said the planned merger with newworld bank for savings will create the largest savings bank in massachusetts and the third largest in new england with combined assets of billion dlrs boston five chairman robert j spiller said there is a natural fit between both banks we consider this to be a merger of equals spiller will become chairman of boston five bancorp and neworld president james m oates will be president and chief executive officer boston five said its president peter j blampied will become vice chairman and chief operating officer of the holding company the board of the holding company will have an equal number of directors from each institution unlike many recent combinations this merger has no uisition premium associated with it blampied said boston five has assetsof billion dlrs and officers neworld has assets of billion dlrs and officers in massachusetts it also has a loan center in new hampshire reuter 
