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To our valued customers,

There has been much in the news of late regarding the nation’s financial institutions and their financial health.  In these challenging times, we at Middlesex Savings Bank feel it is important to communicate with you on the condition of the Bank and the continued safety of your deposits.

Let me reassure you that Middlesex Savings Bank is sound, strong and secure.  You can be confident that your deposits are safe with us.  Here are some reasons why:

·         Financial Strength – Middlesex Savings Bank is in strong financial condition.  We continue to operate profitably.  We have capital (a bank’s net worth) at almost twice the level at which a bank is considered well capitalized by bank regulators.  Veribanc, an independent rating agency, recently awarded us their highest rating (rating for the quarter ending 3/31/08).  This Blue Ribbon rating is awarded to banks that demonstrate exceptional attention to safety, soundness, and financial strength.

·         Liquidity – We are one of the most liquid banks in Massachusetts.  That means we have enormous flexibility in responding to changing conditions and an ability to continue lending to consumers and businesses.

·         Sound Lending – We did not engage in subprime or other related types of lending and we have always taken a prudent approach to our lending activities.  We only make loans that make sense for our customers, our communities, and the Bank.

·         Sound Investing – We did not invest in securities backed by subprime or related loans.  Our investment portfolio is of very high quality, with over 93 percent of the securities rated AAA by both Moody’s Investor Services and Standard & Poor’s.

·         Regulatory Oversight – Unlike so many of the non-bank entities, we are regulated by two government agencies, the Federal Deposit Insurance Corporation (FDIC) and the Massachusetts Division of Banks.  We are required by our regulators to meet strict asset quality, capital, and liquidity standards, and we continue to meet and exceed those standards.

·         Deposit Insurance – Standing behind our financial strength is a combination of federal and private deposit insurance.  On October 3, 2008, FDIC deposit insurance temporarily increased from $100,000 to $250,000 per depositor through December 31, 2009.  Additionally, all deposits above FDIC levels are insured by the Depositor’s Insurance Fund (DIF).  That means all of your deposits are fully insured.  And nobody has ever lost a penny in FDIC and DIF insured deposits. For more information, please visit www.FDIC.gov and www.DIFXS.com.

We value the continued trust you place in Middlesex Savings Bank, and look forward to serving you for many years to come.  If you have any questions, please call us at 1-877-463-6287, or visit one of our 25 branches.

Sincerely,

John R. Heerwagen

Chairman, President & Chief Executive Officer