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Bank of Boston Chairman And CEO Retires

July 28, 1995

BOSTON (AP) _ Ira Stepanian, chairman and chief executive officer of Bank of Boston, announced his retirement Thursday night, five days after the collapse of merger talks with CoreStates Financial Corp. of Philadelphia.

The merger talks ended after details became known to investors who protested saying the offer of $38 a share or $4.2 billion was too low for 211-year-old institution.

The bank announced the retirement in a prepared statement late Thursday night. When asked if failed merger entered into Stepanian’s decision, a bank spokesman refused further comment, saying that Stepanian’s written statement was the only information forthcoming.

The bank’s board elected Bank of Boston president Charles K. Gifford to serve as the bank’s new chairman and CEO, effective immediately. He will retain his current position as well.

``After 32 years at Bank of Boston, I feel that it is time to move on and let others help direct this fine institution,″ Stepanian, 58, said in his announcement.

Stepanian became president of the bank in 1983; he was named chief executive officer in 1987 and chairman in 1989.

Bank of Boston had assets of $45.3 billion as of June 30, 1995. The bank on Thursday approved a 37 percent increase in the corporation’s common stock dividend, from 27 cents a share to 37 cents a share.

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