CFX: Declares Quarterly Dividend

Contact:  Mark A. Gavin, Executive Vice President &
       Chief Operating Officer
       (603) -352-2502







                         CFX CORPORATION
                   DECLARES REGULAR QUARTERLY
                         COMMON DIVIDEND
                                
                                



Keene,  N.H.,  March 12, 1997 -- The Board of  Directors  of  CFX
CORPORATION  (AMEX: CFX) has declared a regular quarterly  Common
Stock  dividend  of  $.22 per share, payable April  18,  1997  to
shareholders of record, March 21, 1997.

CFX Corporation is a multi-bank holding company with total assets
of  $1.6  billion  as of December 31, 1996. The  Company's  three
banking  subsidiaries are CFX Bank, headquartered in  Keene,  New
Hampshire,   Orange  Savings  Bank,  headquartered   in   Orange,
Massachusetts,  and The Safety Fund National Bank,  headquartered
in  Fitchburg,  Massachusetts. CFX  Mortgage,  Inc.,  CFX  Bank's
mortgage banking subsidiary, services approximately $765  million
in mortgage loans for others. In addition, CFX Funding L.L.C.,  a
51% owned subsidiary of CFX Bank that engages in the facilitation
of  lease financing and rated securitizations, now services  over
$100  million in leases for others. The Company operates 42  full
service  offices,  2 loan production offices,  and  68  automated
teller and remote service banking locations in New Hampshire  and
central  Massachusetts, and operates a trust division  with  $370
million in assets under management.


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