EXHIBIT 99
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PRESS RELEASE
Gladys N. Partamian Immediately
Vice President
(617) 628-4000
CENTRAL BANCORP, INC., ANNOUNCES
FOURTH STOCK REPURCHASE PROGRAM
SOMERVILLE, MASSACHUSETTS, December 18, 2000 --- Central Bancorp, Inc.
(NASDAQ National Market: CEBK) announced today that its Board of Directors has
authorized the Company's fourth stock repurchase program, under which it will
acquire up to 84,458 shares of its common stock. This represents 5% of the
1,689,164 shares of common stock currently issued and outstanding.
Since the adoption of the first buyback program in April 1999, Central
Bancorp has repurchased a total of 280,836 shares of its common stock at an
average cost of $18.29 per share, representing 14.3% of the common stock issued
and outstanding before the repurchase program was initiated.
Completion of the fourth stock repurchase program is dependent upon market
conditions, and there is no guarantee as to the exact number of shares the
Company will repurchase. In addition, the timing of stock repurchases may be
subject to certain regulatory restrictions.
John D. Doherty, President & Chief Executive Officer of Central Bancorp,
Inc., noted that the Board of Directors and management continue to believe that
repurchasing the Company's common stock is an attractive investment, primarily
because the stock is trading below its book value, which was $21.76 at September
30, 2000. Mr. Doherty also indicated that the reduction in the amount of
outstanding stock is anticipated to benefit the Company's stockholders over the
long term by increasing per-share earnings and book value.
Central Bancorp, Inc., is the holding company for Central Bank, whose legal
name is Central Co-operative Bank, a Massachusetts-chartered co-operative bank
operating eight full-service banking offices in suburban Boston.
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