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                                                                   Exhibit 10.13

                              EMPLOYMENT AGREEMENT



This Agreement made as of this February 24, 2000, by and among Richard J.
D'Ambrosio (the "Employee") and Lawrence Savings Bank (the "Bank") shall be
effective as of February 24, 2000 (the "Effective Date").

WHEREAS, the Board of Directors of the Bank recognizes the Employee's potential
contribution to the growth and success of the Bank and desires to assure the
Bank of the Employee's employment in an executive capacity and to compensate him
therefor; and

WHEREAS, the Employee is desirous of being employed by the Bank and of
committing himself to serve the Bank on the terms herein provided;

NOW, THEREFORE, in consideration of the foregoing and of the respective
covenants and agreements of the parties herein contained, the parties hereto
agree as follows:

1.       POSITION, RESPONSIBILITIES AND TERM OF EMPLOYMENT

1.01     POSITION. The Employee shall serve as Senior Vice President of the Bank
         and in such additional management position(s) as the Chief Executive
         Officer of the Bank shall designate. In this capacity the Employee
         shall, subject to the By-Laws of the Bank and the direction of the
         Board, serve the Bank by performing such duties and carrying out such
         responsibilities as are normally related, in accordance with the
         standards of the banking industry relating to the Employee's position
         and to the Employee's level of experience and training.

1.02     BEST EFFORTS COVENANT. The Employee will, to the best of his ability,
         devote his full professional and business time and best efforts to the
         performance of his duties for, and in the business and affairs of the
         Bank and any subsidiaries and affiliates of the Bank.

1.03     EXCLUSIVITY COVENANT. While employed by the Bank, except with the
         written consent of the Board, the Employee will not undertake or engage
         in any other employment occupation or business enterprise other than a
         business enterprise in which the Employee does not actively
         participate. Further, while employed by the Bank, the Employee agrees
         not to acquire, assume or participate in, directly or indirectly, any
         position, investment or interest adverse or antagonistic to the Bank,
         its business or prospects, financial or otherwise, or take any action
         towards any of the foregoing, except for any investment representing
         less than 1% of the voting shares of any publicly-held corporation.




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1.04     INITIAL TERM AND EXTENSION. Subject to the provision of this section
         and Section 3.03, the term of this Employment Agreement shall be for
         two (2) years commencing with the "Effective Date" hereof (02/24/2000)
         provided, however, that the term shall be extended automatically for
         periods of one (1) year commencing on the second anniversary of the
         Effective Date and on each subsequent anniversary of the Effective Date
         thereafter, unless either party gives written notice to the other,
         prior to the date of such anniversary, of such party's election not to
         extend the term of this Agreement. (This means that after 02/24/2000
         the Employment Agreement will have a 2-year life at each renewal.)

2.0      COMPENSATION.

2.01     ANNUAL BASE SALARY.

         (a)      The Bank shall pay to the Employee for the services to be
                  rendered hereunder a "Base Salary", annually, equal to the
                  salary the Employee was receiving effective 07/01/99.

         (b)      Annually, there shall be a review for merit by the President
                  and the Employee's Base Salary for such year may be set at an
                  amount greater than the salary the Employee was receiving
                  effective 07/01/99 if the President deems such an increase to
                  be appropriate to reflect the value of the services of the
                  Employee.

         (c)      If the President increases the Employee's Base Salary at any
                  time during the term of this Agreement, the Employee's
                  increased annual Base Salary shall become the floor below
                  which the Employee's annual Base Salary shall not fall at any
                  future time during the term of this Agreement.

         (d)      If the Agreement is extended for an additional year(s)
                  following the second anniversary of the Effective Date
                  pursuant to Section 1.04, the Employee's Base Salary for such
                  year(s) shall be at least the salary the Employee was
                  receiving in accordance with the provisions of subpart (c) of
                  section 2.01.

         (e)      The Employee's Base Salary shall be payable in periodic
                  installments in accordance with the Bank's usual practice for
                  its employees.

2.02     INCENTIVE COMPENSATION. In addition to a Base Salary, the Employee
         shall be entitled to receive payments under any formal or informal
         bonus program(s), if any, in such amounts as is determined by the
         President to be appropriate for the Employee.




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2.03     PARTICIPATION IN BENEFIT PLANS.

         (a)      The Employee shall be entitled to participate in, and receive
                  benefits under, all employee benefit plans and arrangements
                  maintained by the Bank in effect on the Effective Date for as
                  long as such plans and arrangements may remain in effect
                  (including, but not limited to, participation in any other
                  pension or 401K plan adopted by the Bank and all group life,
                  health, dental, disability and any or all other insurance and
                  benefit plans), or any substitute or additional plans,
                  policies or arrangements made available in the future to the
                  similarly situated employees of the Bank, subject to and on a
                  basis consistent with the terms, conditions and overall
                  administration of such plans, policies and arrangements. At
                  the date the Employee begins employment with the Bank and to
                  the extent permitted by the documents governing the plans, he
                  shall participate in (at the cost and expense of the Bank) the
                  group life, health plans and other health and welfare plans
                  maintained by the Bank, notwithstanding any waiting period
                  otherwise provided for in such plans.

         (b)      The Bank shall pay all reasonable costs (less any amounts paid
                  by medical insurance plans) associated with an annual physical
                  examination for the Employee.

         (c)      Nothing paid to the Employee under any plan, policy or
                  arrangement presently in effect, or made available in the
                  future, shall be deemed in lieu of other Compensation to the
                  Employee hereunder as described in this Section 2.

2.04     VACATION DAYS. The Employee shall be entitled to the number of paid
         vacation days and paid holidays in each year as is determined by the
         Bank from time-to-time for employees of similar title and/or length of
         service, provided that the aggregate annual number of such vacation
         days and paid holidays shall at no time fall below the number of days
         per year to which he was entitled on the Effective Date.

2.05     EXPENSES. During the term of his employment hereunder, the Employee
         shall be entitled to receive prompt reimbursement for all reasonable
         expenses incurred by him in accordance with the policies and procedures
         established by the Bank for the Employee, in performing services
         hereunder.

3.0      TERMINATION.

3.01     TERMINATION BY THE BANK FOR OTHER THAN CAUSE.

         (a)      If during the term of this Agreement the Bank terminates the
                  employment of the Employee and such termination is not for
                  "cause" (as defined in Section 3.02), then:


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                  (1)      The Bank shall pay to the Employee an amount equal to
                           the Employee's monthly Base Salary (as defined in
                           Section 2.01 and at the monthly salary rate in effect
                           on the date of such termination) multiplied by the
                           greater of (i) 12 months; or (ii) the number of
                           months remaining in the term of this Agreement. This
                           amount shall be paid to the Employee in one (1) lump
                           sum as soon as practicable, but in no event later
                           than 60 days after the date of such termination.

                  (2)      The Bank shall also pay the Employee, throughout the
                           remainder of this Agreement (as defined in Section
                           1.04) following the date that the Employee's
                           employment terminated, such Compensation as is
                           provided to the Employee pursuant to Section 2.02 (to
                           the extent that incentive compensation relates to a
                           period during which the Employee was employed by the
                           Bank), Section 2.03 (except where continuation of
                           benefits cannot be provided as contemplated by this
                           Section 3.01 by reason of a prohibition in the terms
                           of the benefit plan) and Section 2.05. For the
                           purposes of determining the amount of benefits to
                           which the Employee shall continue to be entitled to
                           pursuant to Section 2.03, the Employee shall be
                           deemed, throughout the period of his entitlement
                           pursuant to this Section 3.01, to have continued to
                           have performed services for the Bank at a rate of
                           total compensation equal to the rate in effect on the
                           date of his termination of employment.

         (b)      If the Bank fails to re-appoint (or re-elect) the Employee to
                  the position or positions listed in Section 1.01, fails to
                  comply with the provisions of Section 2 or engages in any
                  other material breach of the terms of this Agreement, a
                  termination of the Employee's employment shall be considered
                  to be a termination of the Employee's employment by the Bank
                  for reasons other than "cause" (as defined in Section 3.02
                  below) pursuant to this Section 3.01.

3.02     TERMINATION BY THE BANK FOR CAUSE.

         (a)      The Bank shall have the right to terminate the employment of
                  the Employee for cause only after (i) giving written notice to
                  the Employee setting forth in reasonable detail the nature of
                  such cause, and (ii) giving the Employee a reasonable and fair
                  opportunity to respond to such written notice. Effective as of
                  the date that the employment of the Employee terminates by
                  reason of cause, this Agreement shall terminate and no further
                  payments of the Compensation described in Section 2 (except
                  for such remaining payments of Base Salary under Section 2.01
                  relating to periods during which the Employee was employed by
                  the Bank, benefits under Section 2.03 which are required by
                  applicable law to be continued and reimbursement of proper
                  expenses under Section 2.05) shall be made.


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         (b)      For the purposes of this Section "cause" shall mean willful or
                  gross neglect of duties for which the Employee is employed
                  (other than on account of a medically determinable disability
                  which renders the Employee incapable of performing such
                  services); committing fraud, misappropriation or embezzlement
                  in the performance of duties as an employee of the Bank;
                  conviction of a felony involving a crime of moral turpitude;
                  materially failing to follow the proper instructions of the
                  Board; or willfully engaging in conduct materially injurious
                  to the Bank and in violation of the covenants contained in
                  Sections 1.03 or 5.04, or any conduct or circumstance
                  warranting removal of the executive by state or federal
                  regulatory authorities under applicable provisions of
                  Massachusetts or federal law.

3.03     TERMINATION FOLLOWING CHANGE OF CONTROL. If there is a "change of
         control" (as defined in subsection (a) below) while this Agreement is
         in effect, the provisions of this Section 3.03 shall apply and shall
         continue to apply for a 2-year period following the "change of control"
         (as defined in subsection (a) below); the provisions of this Section
         3.03 shall continue to apply regardless of whether the Agreement is
         terminated. If during the 2-year period following a change of control
         the Employee's employment is terminated by the Employee following the
         occurrence of any of the events listed in subsection (b) below, the
         Employee shall receive such compensation as is provided to the Employee
         pursuant to subsection (c) below. Similarly, if the Employee's
         employment is terminated without cause (as defined in Section 3.02
         above) by the Bank during the 2-year period following the change of
         control, the Employee shall receive such compensation as is provided to
         the Employee pursuant to subsection (c) below.

         (a)      For the purposes of this Section 3.03, "change of control"
                  shall mean the occurrence of one or more of the following
                  three events:

                  (1)      After the Effective Date, if any "person" (as such
                           term is used in Sections 13(d) and 14(d) of the
                           Securities Exchange Act of 1934, as amended), other
                           than the Bank, becomes a beneficial owner (as such
                           term is defined in Rule 13d-3 as promulgated under
                           the Securities Exchange Act of 1934, as amended)
                           directly or indirectly of securities representing 15%
                           or more of the total number of votes that may be cast
                           for the election of Directors of the Bank and 2/3 of
                           the appropriate Board have not consented to such
                           event prior to its occurrence or within 60 days
                           thereafter, provided that if the consent occurs after
                           the event, it shall only be valid for the purposes of
                           this paragraph (1) if a majority of the consenting
                           Board is comprised of Directors of the Bank, as
                           appropriate, who were Directors of the Bank, as
                           appropriate, immediately prior to the event;

                  (2)      Within two (2) years after a merger, consolidation or
                           sale of assets (other than in the ordinary course of
                           business of the Bank, as appropriate), involving the
                           Bank, or a contested election of a Director of the
                           Bank, as appropriate, or any combination of the
                           foregoing, the individuals who were Directors of the
                           Bank immediately prior thereto shall cease to
                           constitute a majority of the respective Boards;


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                  (3)      Within two (2) years after a tender offer or exchange
                           offer for voting securities of the Bank (other than
                           by the Bank, as appropriate), the individuals who
                           were Directors of the Bank, as appropriate,
                           immediately prior thereto shall cease to constitute a
                           majority of the Board.

         (b)      The "events" referred to in this Section 3.03 shall be as
                  follows:

                  (1)      A reduction of the Employee's annual Compensation (as
                           described in Section 2 above) other than a reduction
                           which is based on the financial performance of the
                           Bank and is similar to the reduction made to the
                           compensation provided to each other Employee of the
                           Bank, provided that such reduction does not exceed
                           25%;

                  (2)      In the judgment of the Employee (such judgment being
                           exercised in good faith), a significant change in the
                           Employee's responsibilities and/or duties which
                           constitutes, when compared to the Employee's
                           responsibilities and/or duties before the "change of
                           control" (as defined in subsection (a) above), a
                           demotion;

                  (3)      A loss of title or office;

                  (4)      An increase in Compensation for the Employee
                           following a "change of control" that, when compared
                           to the increases in Compensation received in the
                           prior three (3) years, is a lower dollar amount or
                           percentage of increase, except that such reduction in
                           increases in Compensation shall not be considered an
                           "event" for purposes of this subsection (b) if such
                           reduction in increases is based on the financial
                           performance of the Bank and is similar to the
                           reduction in increases in compensation provided to
                           other Employees of the Bank; or

                  (5)      A requirement that the Employee relocate to a
                           location that is more than 25 miles from the main
                           office of the Bank in effect immediately prior to the
                           "change in control".

         (c)      If the Employee becomes entitled to receive compensation
                  pursuant to this Section 3.03, he shall receive a lump-sum
                  payment from the Bank within 60 days of the termination of his
                  employment. Such lump-sum payment shall equal three (3) times
                  of the Employee's "base amount" (as defined in Section
                  280G(b)(3) of the Internal Revenue Code of 1986, as amended
                  [the "Code"]), provided that the Board shall have full power,
                  without the prior consent of the Employee, to reduce the
                  amount of the lump-sum payment payable pursuant to this
                  Section, but only to the extent necessary to ensure that such
                  lump-sum payment is not subject to tax pursuant to Section
                  4999 of the Code.



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3.04     OTHER. If the Employee's termination of employment is covered by both
         Section 3.01 and Section 3.03 the Employee shall receive the greater
         of:

         (a)      The compensation described in Section 3.01 net of the amount
                  of tax imposed on such compensation under Section 4999 of the
                  Code; or

         (b)      The compensation described in section 3.03 above.

3.05     TERMINATION BY DEATH OR DISABILITY. If the Employee dies or becomes
         disabled, this Agreement shall terminate and the Employee shall then be
         entitled to such compensation described in Section 2 that relates to
         the period that he performed services for the Bank plus all applicable
         benefits to which the Employee is entitled under employee benefit plans
         maintained by the Bank, incentive compensation or bonus plans, other
         benefit plans or programs maintained by the Bank and all such other
         benefits from employment policies and practices of the Bank.

         For purposes of this section, the Employee shall be regarded as
         "disabled" if he or she is (in the good faith judgement of the Board of
         Directors of the Bank) substantially unable, as a result of physical or
         mental capacity or any combination thereof, to perform his or her
         duties hereunder for a (i) a period of three consecutive months; or
         (ii) for a total of 90 days in any one-year period.

4.       ASSIGNMENT. This Agreement and the rights and obligations of the
         parties hereto shall bind and inure to the benefit of each of the
         parties hereto and shall also bind and inure to the benefit of any
         successor or successors of the Bank by reorganization, merger or
         consolidation and any assignee of all or substantially all of business
         and properties of the Bank, but, except as to any such successor or
         assignee of the Bank, neither this Agreement nor any rights or benefits
         hereunder may be assigned by the Bank or the Employee.

5.       MISCELLANEOUS.

5.01     GOVERNING LAW. This Agreement shall be construed in accordance with and
         governed for all purposes by the laws of the Commonwealth of
         Massachusetts.

5.02     INTERPRETATION. In case any one or more of the provisions contained in
         this Agreement shall, for any reason, be held to be invalid, illegal or
         unenforceable in any respect, such invalidity, illegality or provision
         unenforceability shall not affect any other provisions of this
         Agreement, but this Agreement shall be construed as if such invalid,
         illegal or unenforceable provision had never been contained herein.

5.03     NOTICES. Any notice required or permitted to be given hereunder shall
         be effective when received and shall be sufficient if in writing and if
         personally delivered or sent by pre-paid cable, telex or registered
         mail, return receipt requested, to the party to receive such notice.



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5.04     CONFIDENTIAL INFORMATION. The Employee will not disclose to any other
         person or entity (except as required by applicable law or in connection
         with the performance of his responsibilities hereunder), or use for his
         own benefit, any confidential information of the Bank obtained by him
         incident to his employment with the Bank. The term "confidential
         information" includes, without limitation, financial information,
         business plans, prospects and opportunities which have been discussed
         or considered by the Board or management of the Bank, but does not
         include any information which has been public other than on account of
         the Employee's failure to comply with the provisions of this Section.

5.05     AMENDMENT AND WAIVER. This Agreement may not be amended, supplemented
         or waived except by a writing signed by the party against which such
         amendment or waiver is to be enforced. The waiver by any party of a
         breach of any provision of this Agreement shall not operate to, or be
         construed as a waiver of, any other breach of that provision nor as a
         waiver of any breach of another provision.

5.06     BINDING EFFECT. Subject to the provisions of Section 4 hereof, this
         Agreement shall be binding on the successors and assigns of the parties
         hereto.

5.07     SURVIVAL OF RIGHTS AND OBLIGATIONS. All rights and obligations of the
         Employee or the Bank arising during the term of this Agreement shall
         continue to have full force and effect after the termination of this
         Agreement.

5.08     COUNTERPARTS. This Agreement may be executed in two (2) counterparts,
         each of which is an original, but which shall together constitute one
         and the same instrument.

5.09.    LEGAL EXPENSES. In the event that after a "change of control" the
         Employee's employment is terminated for any reason, including "cause",
         the Bank shall pay such amounts as shall become due all of the legal
         expenses incurred by the Employee to contest such termination, except
         that the Employee shall reimburse the Bank for all such expenses paid,
         and the Bank shall not be further liable for any further expenses,
         should it be finally determined by a court of competent jurisdiction
         that the termination was for "cause" or, if the reason for termination
         was "cause", the Employee fails to pursue his remedies to such a final
         determination.

6.       ARBITRATION.

6.01     ARBITRATION OF DISPUTES. Any controversy or claim arising out of or
         relating to this Agreement or the breach thereof shall be settled by
         arbitration in accordance with the laws of the Commonwealth of
         Massachusetts by three (3) arbitrators, one of whom shall be appointed
         by the Bank, one by the Employee and the third by the first two
         arbitrators. If the first two arbitrators cannot agree on the
         appointment of a third arbitrator, then the third arbitrator shall by
         appointed by the American Arbitration Association in the City of
         Boston. Such arbitration shall be conducted in the City of Boston in
         accordance with the rules of the American Arbitration Association,
         except with respect to the selection of arbitrators which shall be as
         provided in this Section 6.01. Judgment upon the award rendered by the
         arbitrators may be entered in any court having jurisdiction thereof.

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         In any arbitration proceeding brought pursuant to this Section 6.01, or
         in any court proceeding to enforce or review an award of the
         arbitrators, each of the parties shall pay his or its own legal costs,
         expenses and attorney's fees, provided, that if the issue or one of the
         issues if there be more than one, between the parties is whether the
         termination or dismissal of the Employee was for cause, and the
         ultimate conclusion, whether made by the arbitrators, or by a court (in
         a proceeding to enforce or review the arbitration award) is that the
         termination or dismissal was NOT for cause, then the Bank shall pay (or
         the Employee shall be entitled to recover from the Bank, as the case
         may be) the Employee's reasonable legal costs, expenses and attorney's
         fees incurred in the litigation,. The provisions of this Section 6.01
         shall apply regardless of whether the termination or dismissal of the
         Employee for cause was made after or as a result of a "change of
         control".


                                   EXECUTION

Upon execution below by all parties, this Agreement will enter into full force
and effect on the Effective Date as an instrument under seal.




LAWRENCE SAVINGS BANK


By: /s/ Paul A. Miller                  Witness: /s/ illegible
    ----------------------------                 -----------------------------
    Paul A. Miller
    President


EMPLOYEE

    /s/ Richard J. D'Ambrosio           Witness: /s/ illegible
    ----------------------------                 -----------------------------
    Richard J. D'Ambrosio
    Senior Vice President