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                      Granite State: Dividend News Release

  







FOR IMMEDIATE RELEASE

Contact:  William G. Pike
          Executive Vice President & CFO
          (603) 352-1600


             GRANITE STATE BANKSHARES, INC. ANNOUNCES   
                         QUARTERLY DIVIDEND

Keene, New Hampshire -- June 9, 1998 -- Granite State Bankshares, Inc. today 
announced that the Board of Directors has declared a regular quarterly cash
dividend of $ 0.125 per share of common stock outstanding. The dividend will
be payable July 7, 1998 to stockholders of record June 22, 1998.

Granite State Bankshares, Inc. is the parent company for Granite Bank, a
New Hampshire state-chartered commercial bank with 20 offices operating
throughout southern New Hampshire. Granite Bank is the largest independent
bank in the State of New Hampshire.


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