UNITED STATES SECURITIES AND EXCHANGE COMMISSION
450 Fifth Street, N.W.
Washington, D.C. 20549
FORM 11-K
ANNUAL REPORT
PURSUANT TO SECTION 15(D) OF THE
SECURITIES EXCHANGE ACT OF 1934
[X] Annual Report Pursuant to Section 15(d) of the Securities Exchange Act of
1934.
For the fiscal year ended October 31, 1998
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OR
[ ] Transition Report Pursuant to Section 15(d) of the Securities Exchange Act
of 1934 For the transition period from _______________ to _____________________
Commission File Number 000-24935
A. Full title of the plan and the address of the plan, if different from that
of the issuer named below:
Savings Banks Employees Retirement Association 401(k) Plan
as adopted by Summit Bank
B: Name of issuer of the securities held pursuant to the plan and the address
of its principal executive office:
Service Bancorp, Inc.
81 Main Street
Medway, Massachusetts 02053
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SIGNATURES
The Plan. Pursuant to the requirements of the Securities Exchange Act
of 1934, the trustees (or other persons who administer the employee benefit
plan) have duly caused this annual report to be signed on its behalf by the
undersigned hereunto duly authorized.
SAVINGS BANK EMPLOYEES RETIREMENT
ASSOCIATION 401(k) PLAN AS ADOPTED BY SUMMIT
BANK
Savings Bank Employees Retirement Association, as Trustee
Date: June 9, 1999 By: /s/ Thomas Forese, Jr.
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Title: President
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SUMMARY ANNUAL REPORT
FOR SBERA 401 (K) PLAN AS ADOPTED BY SUMMIT BANK
This is a summary of the annual report for the SBERA 401 (K) PLAN AS ADOPTED BY
SUMMIT BANK, EIN 04-3401480, Plan No. 002, for the period November 1, 1997
through October 31, 1998. The annual report has been filed with the Internal
Revenue Service, as required under the Employee Retirement Income Security Act
of 1974 (ERISA).
Basic Financial Statement
Benefits under the plan are provided through a common collective trust. Plan
expenses were $7,610. These expenses included $7,610 in benefits paid to
participants and beneficiaries. A total of 54 persons were participants in or
beneficiaries of the plan at the end of the plan year, although not all of these
persons had yet earned the right to receive benefits.
The value of plan assets, after subtracting liabilities of the plan, was
$606,091 as of October 31, 1998, compared to $506,822 as of November 1, 1997.
During the plan year the plan experienced an increase in its net assets of
$99,269. This increase includes unrealized appreciation and depreciation in the
value of plan assets; that is, the difference between the value of the plan's
assets at the end of the year and the value of the assets at the beginning of
the year or the cost of assets acquired during the year. The plan had total
income of $106,879 including employer contributions of $30,552, employee
contributions of $80,874, and earnings from investments of $(4,547).
Your Rights To Additional Information
You have the right to receive a copy of the full annual report. To obtain a copy
of the full annual report, or any part thereof, write or call the office of
SUMMIT BANK who is THE PLAN SPONSOR, SUMMIT BANK, 81 MAIN STREET, MEDWAY, MA
02053, (508) 533-4343.
You also have the right to receive from the plan administrator, on request and
at no charge, a statement of the assets and liabilities of the plan and
accompanying notes, or a statement of income and expenses of the plan and
accompanying notes, or both. If you request a copy of the full annual report
from the plan administrator, these two statements and accompanying notes will be
included as part of that report.
You also have the legally protected right to examine the annual report at the
main office of the plan (SUMMIT BANK, 81 MAIN STREET, MEDWAY, MA 02053) and at
the U.S. Department of Labor in Washington, D.C., or to obtain a copy from the
U.S. Department of Labor upon payment of copying costs. Requests to the
Department should be addressed to: Public Disclosure Room, N-5638, Pension and
Welfare Benefits Administration, U.S. Department of Labor, 200 Constitution
Avenue, N.W., Washington, D.C. 20210.
