EXHIBIT 10.16

                       TERMINATION OF CONSULTING AGREEMENT



     THIS TERMINATION AGREEMENT, entered into this 30th day of July, 2002 by and
between Central  Co-operative Bank,  Somerville,  Massachusetts (the "Bank") and
Joseph R. Doherty (the "Consultant").

     WHEREAS,  the  Bank  and the  Consultant  have  previously  entered  into a
Consulting  Agreement,  dated as of March 31,  1992 and amended as of August 11,
1994 (the "Consulting Agreement"); and

     WHEREAS,  the parties are mutually  desirous of terminating  the Consulting
Agreement.

     NOW, THEREFORE, it is AGREED that the Consulting Agreement be and is hereby
terminated  effective  as of the  date  hereof  and each of the  parties  hereby
releases the other from any and all claims and obligations thereunder.


     IN WITNESS WHEREOF, the parties have executed this Termination Agreement on
the day and year first hereinabove written.

ATTEST:                                 CENTRAL CO-OPERATIVE BANK


/s/ Rhoda K. Astone                     By: /s/ Gregory W. Boulos
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Clerk                                       Chairman of the Finance Committee



WITNESS:                                CONSULTANT


/s/ David W. Kearns                     By: /s/ J. R. Doherty
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                                            Joseph R. Doherty