SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
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FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
Date of Report (Date of earliest event reported) March 15, 2000
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Ipswich Bancshares, Inc.
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(Exact Name of Registrant as Specified in Charter)
Massachusetts 000-26663 04-3459169
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(State or other jurisdic- (Commission (IRS Employer
tion of incorporation) File Number) Identification Number)
23 Market Street, Ipswich, Massachusetts 01938
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(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code (978) 356-7777
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Not Applicable
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(Former Name or Former Address, if Changed Since Last Report)
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Item 5. Other Events.
On March 15, 2000, the Board of Directors of Ipswich Bancshares, Inc.
(the "Registrant") authorized the repurchase of up to 252,543 shares of the
Registrant's common stock, representing approximately 10% of the Registrant's
outstanding common stock. The Board delegated to the discretion of senior
management the authority to determine the timing of the repurchase program's
commencement, the timing of subsequent purchases and the prices at which
repurchases will be made. Repurchases may be made for a period of one year
without further Board authorization.
(c) Exhibits.
(99) Press release dated March 16, 2000
Pursuant to the requirements of the Securities Exchange Act of 1934, the
Registrant has duly caused this report to be signed on its behalf by the
undersigned thereunto duly authorized.
IPSWICH BANCSHARES, INC.
By: /s/ Francis Kenney
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Francis Kenney
Treasurer
For Immediate Release
MARCH 16, 2000 For Further Information Contact:
Francis Kenney, SVP & CFO
Ipswich Bancshares, Inc. (978) 356-7777
23 Market Street or log on to www.ipswichbank.com
Ipswich, MA 01938 and click the "investor information" button
IPSWICH BANCSHARES
10% SHARE REPURCHASE ANNOUNCED;
DECLARES $.10 QUARTERLY CASH DIVIDEND
Ipswich, Massachusetts (NASDAQ: IPSW). Ipswich Bancshares, Inc., a single bank
holding company for IpswichBank today announced that the Board of Directors has
authorized the repurchase of up to 252,543 shares of common stock (approximately
10% of the company's outstanding common stock) in privately negotiated
transactions or open market purchases in accordance with applicable regulations
of the Securities and Exchange Commission. The Board delegated to the discretion
of Ipswich Bancshares, Inc.'s senior management, the authority to determine the
timing of the repurchase program's commencement, the timing of subsequent
purchases and the prices at which repurchases will be made. Ipswich Bancshares
may repurchase its common stock without further Board authorization for one
year.
Stated David Grey, President and Chief Executive Officer, "The Board of
Directors and management of Ipswich Bancshares are committed to enhancing
shareholder value. This stock repurchase program is being implemented to provide
management with an additional tool to optimize the company's use of equity
capital. Ipswich Bancshares, Inc.'s capital position and strong profitability
have both contributed to the initiation of this new program".
Additionally, the Board of Directors of Ipswich Bancshares, Inc. declared a
quarterly cash dividend of $.10 per share. The dividend is payable April 20,
2000 to stockholders of record at the close of business on April 6, 2000.
Ipswich Bancshares, Inc. is a Massachusetts chartered stock holding company with
$276 million in assets at December 31, 1999. Its subsidiary, IpswichBank,
presently operates eight full-service banking offices, including its
headquarters in Ipswich, Massachusetts. The Bank's deposits are insured by the
Federal Deposit Insurance Corporation and the Depositors Insurance Fund.
