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BUTLER BANK AND MARLBOROUGH CO-OPERATIVE BANK TO MERGE
John H. Pearson, Jr. to serve as Chairman; Janet M. Bruno to serve as President/CEO

Lowell, MA – September 9, 2008 – Butler Bancorp, MHC today announced the merger of its two bank subsidiaries, Marlborough Co-Operative Bank and Butler Bank, culminating a process that began with a merger of the banks’ respective holding companies nearly two years ago.

The merger of the two banks is expected to be finalized after receipt of all required regulatory approvals. John H. Pearson, Jr. will serve as non-executive Chairman and Janet M. Bruno as President and Chief Executive Officer. The offices of the combined bank will operate under the same names currently used to continue the good will and business growth in the communities they serve.

“We are thrilled about the positive impact this long-anticipated merger will have in our communities. It will enable us to grow stronger, while maintaining our community banking and customer-focused tradition,” Mr. Pearson said. “By consolidating and leveraging the resources of two banks into one, we will better serve our customers, employees, and community.” Mr. Pearson also stated that, “Ms. Bruno is a highly respected professional banker with strong leadership skills and is a great fit for Butler Bank.”

Ms. Bruno commented, “I look forward to working with the Butler Bancorp, MHC Board of Directors to consolidate our two banks into one which will allow us more opportunities to build better products, enhance our customer service and expand our branch network. We all share in the commitment to serve our customers, and as a team, we expect to grow and prosper.” Ms. Bruno also stated that, “Our outstanding employees are our most important resource and the key to our growth and success, and we plan to retain and continually invest in our team.”

Butler Bank is a cooperative bank founded in 1901. Butler Bank has three locations in Massachusetts, including its most recent location in downtown Andover that opened in 2007.

Marlborough Co-Operative Bank was founded in 1890, the same year Marlborough became a city. Its main office is at 175 Main St in Marlborough, MA and it operates a branch office at Post Road Plaza on Boston Post Road. The bank also has ATM locations at the Holiday Inn Hotel and Suites in Marlborough and in all Price Chopper locations in Massachusetts.

Both Butler Bank and Marlborough Co-Operative Bank are wholly-owned subsidiaries of Butler Bancorp, Inc., which is a wholly-owned subsidiary of Butler Bancorp, MHC. The deposits of each of Butler Bank and Marlborough Co-Operative Bank are insured in full by virtue of coverage by the FDIC to the maximum extent permitted by law, and by the Share Insurance Fund of The Co-operative Central Bank for amounts in excess of FDIC coverage limits.

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