<MONTCLAIR SAVINGS BANK> INITIAL OFFERING STARTS
Lead underwriters PaineWebber Group Inc
<PWJ> and Ryan, Beck and Co Inc <RBCO> said an initial public
offering of 537,500 shares of Montclair Savings Bank common
stock is under way at 15 dlrs per share.
    Underwriters have been granted an option to purchase up to
an additional 322,500 shares to cover overallotments.
    The company also sold 1,612,500 shares in a subscription
and community offering.
 Reuter
