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Previous: MAHASKA INVESTMENT CO, DEF 14A, 1998-04-06 |
Next: AMERICAN CABLE TV INVESTORS 3, 15-12G, 1998-04-06 |
UNITED STATES SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 10-K
[mark one] [ X ] ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d)
OF THE SECURITIES EXCHANGE ACT OF 1934
FOR THE FISCAL YEAR ENDED DECEMBER 31, 1997
OR
[ ] TRANSITION REPORT PURSUANT TO SECTION 13
OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
Commission File Number 0-12784
WESTBANK CORPORATION
Massachusetts 04-2830731
(State of Incorporation) (I.R.S. Employer Identification Number)
225 Park Avenue, West Springfield Massachusetts 01090-0149
(Address of principal executive office) (Zip Code)
(413) 747-1400
(Telephone Number)
Securities registered pursuant to Section 12(b) of the Act:
Name of each exchange
Title of each class on which registered
NONE NONE
Securities registered pursuant to Section 12(g) of the Act:
Common stock, $2.00 Par Value
Preferred stock, $5.00 Par Value
(Title of Class)
Indicate by check mark whether the registrant (1) has filed all
reports required to be filed by Section 13 or 15(d) of the
Securities Exchange Act of 1934 during the preceding 12 months (or
for such shorter period that the registrant was required to file
such reports), and (2) has been subject to such filing requirements
for the past ninety days.
Yes X No
Based on the closing sales price on March 2, 1998 the aggregate
market value of the voting stock held by nonaffiliates of the
registrant was $49,180,963.
The number of shares outstanding of the registrants common
stock, $2.00 par value was 3,747,121 on March 2, 1998.
Portions of the Annual Report to Stockholders for the year
ended December 31, 1997 are incorporated by reference into Parts I
and II.
Portions of the Proxy Statement issued by the Corporation in
connection with the Annual Meeting to be held on April 15, 1998 are
incorporated by reference into Part III.
<PAGE>
SIGNATURES
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.
WESTBANK CORPORATION
By: /s/ Donald R. Chase
Donald R. Chase, President
and Chief Executive Officer
Pursuant to the requirements of the Securities Exchange Act of
1934, this report has been signed below by the following persons in
the capacities and on the dates indicated.
Signature Title Date
President and Chief
/s/ Donald R. Chase Executive Officer and Director March 18, 1998
Donald R. Chase
Chairman of the Board
/s/ Alfred C. Whitaker and Director March 18, 1998
Alfred C. Whitaker
Treasurer and Chief Financial
/s/ John M. Lilly Officer March 18, 1998
John M. Lilly
/s/ Roland O. Archambault Director March 18, 1998
Roland O. Archambault
/s/ Mark A. Beauregard Director March 18, 1998
Mark A. Beauregard
/s/ David R. Chamberland Director March 18, 1998
David R. Chamberland
/s/ Leroy F. Jarrett Director March 18, 1998
Leroy F. Jarrett
Vice Chairman of the Board
/s/ Ernest N. Laflamme, Jr. and Director March 18, 1998
Ernest N. Laflamme, Jr.
/s/ Paul J. McKenna Director March 18, 1998
Paul J. McKenna
/s/ Robert J. Perlak Corporate Clerk and Director March 18, 1998
Robert J. Perlak
/s/ George R. Sullivan Director March 18, 1998
George R. Sullivan
/s/ James E. Tremble Director March 18, 1998
James E. Tremble
<PAGE>
EXHIBIT INDEX
Page No.
3. Articles of Organization, as amended **
(a) Articles of Organization, as amended *
(b) By-Laws, as amended *
10.1 Employment Contract dated October 1, 1986, between
William A. Franks, Jr. and Westbank Corporation ***
10.12 Termination Agreement dated February 20, 1987, between
Donald R. Chase and Park West Bank and Trust Company ***
10.14 Termination Agreement dated February 20, 1987, between
Stanley F. Osowski and CCB, Inc. ***
10.15 1985 Incentive Stock Option Plan for Key Employees *
10.16 1995 Directors Stock Option Plan ****
10.17 1996 Stock Incentive Plan *****
13. 1995 Annual Report to Stockholders ARS (IFC 1-36 IBC)
21. Subsidiaries of Registrant TO BE INCLUDED
27. Financial Data Schedule TO BE INCLUDED
* Incorporated by reference to identically numbered exhibits
contained in Registrant's Annual Report on Form 10-K for the
year ended December 31, 1988
** Incorporated by reference to identically numbered exhibits
contained in Registrant's Annual Report on Form 10-K for the
year ended December 31, 1987
*** Incorporated by reference to identically numbered exhibits
contained in Registrant's Annual Report on Form 10-K for the
year ended December 31, 1986
**** Incorporated by reference to identically numbered exhibits
contained in Registrant's Annual Report on Form 10-K for the
year ended December 31, 1995
***** Incorporated by reference to identically numbered exhibits
contained in Registrant's 1996 Proxy Statement
27.1 Financial Data Schedule (RESTATED) TO BE INCLUDED
Form 10-K for the year ended December 31, 1995
Form 10-K for the year ended December 31, 1996
Form 10-Q for the three months ended March 31, 1996
Form 10-Q for the six months ended June 30, 1996
27.2 Financial Data Schedule (RESTATED) TO BE INCLUDED
Form 10-Q for the nine months ended September 30, 1996
Form 10-Q for the three months ended March 31, 1997
Form 10-Q for the six months ended June 30, 1997
Form 10-Q for the nine months ended September 30, 1997
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<NAME> WESTBANK CORPORATION
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<INT-BEARING-DEPOSITS> 509 48 582 792
<FED-FUNDS-SOLD> 900 12890 14300 2200
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<LIABILITIES-OTHER> 935 904 724 993
<LONG-TERM> 0 0 0 0
17703 0 0 0
0 0 0 0
<COMMON> 0 19745 18025 18415
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<TOTAL-LIABILITIES-AND-EQUITY> 253777 284909 261208 269510
<INTEREST-LOAN> 17681 17942 4335 8693
<INTEREST-INVEST> 2312 2383 536 1162
<INTEREST-OTHER> 268 275 81 150
<INTEREST-TOTAL> 20261 20600 4952 10005
<INTEREST-DEPOSIT> 8269 8503 2008 4094
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<NET-INCOME> 2353 2248 564 1069
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<EPS-DILUTED> .72 .66 .17 .32
<YIELD-ACTUAL> 4.94 4.73 4.84 4.76
<LOANS-NON> 6180 2079 4481 2992
<LOANS-PAST> 277 282 185 43
<LOANS-TROUBLED> 439 0 437 78
<LOANS-PROBLEM> 6896 2361 5103 3113
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<CHARGE-OFFS> 2483 2463 223 1856
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</TABLE>
<TABLE> <S> <C>
<ARTICLE> 9
<RESTATED>
<CIK> 0000742070
<NAME> WESTBANK CORPORATION
<MULTIPLIER> 1000
<S> <C> <C> <C> <C>
<PERIOD-TYPE> 9-MOS 3-MOS 6-MOS 9-MOS
<FISCAL-YEAR-END> DEC-31-1996 DEC-31-1997 DEC-31-1997 DEC-31-1997
<PERIOD-START> JAN-01-1996 JAN-01-1997 JAN-01-1997 JAN-01-1997
<PERIOD-END> SEP-30-1996 MAR-31-1997 JUN-30-1997 SEP-30-1997
<CASH> 12141 11397 13990 12283
<INT-BEARING-DEPOSITS> 1195 66 60 91
<FED-FUNDS-SOLD> 10995 8310 7600 10350
<TRADING-ASSETS> 0 0 0 0
<INVESTMENTS-HELD-FOR-SALE> 14718 15942 17578 17405
<INVESTMENTS-CARRYING> 20986 29685 29272 35199
<INVESTMENTS-MARKET> 20899 29483 29275 35395
<LOANS> 215553 223286 233641 240004
<ALLOWANCE> 2735 2424 2560 2755
<TOTAL-ASSETS> 281640 294494 307896 320845
<DEPOSITS> 253577 264117 274362 287507
<SHORT-TERM> 7994 8394 10778 9842
<LIABILITIES-OTHER> 988 1563 1504 1224
<LONG-TERM> 0 0 0 0
0 0 0 0
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<COMMON> 19081 20420 21252 22272
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<INTEREST-LOAN> 13222 4643 9512 14614
<INTEREST-INVEST> 1792 670 1462 2273
<INTEREST-OTHER> 181 115 152 218
<INTEREST-TOTAL> 15195 5428 11126 17105
<INTEREST-DEPOSIT> 6268 2354 4805 7483
<INTEREST-EXPENSE> 6460 2411 4945 7685
<INTEREST-INCOME-NET> 8735 3017 6181 9420
<LOAN-LOSSES> 668 150 190 190
<SECURITIES-GAINS> 112 0 0 0
<EXPENSE-OTHER> 6870 2293 4616 7013
<INCOME-PRETAX> 2841 1080 2366 3773
<INCOME-PRE-EXTRAORDINARY> 2841 1080 2366 3773
<EXTRAORDINARY> 0 0 0 0
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<NET-INCOME> 1641 637 1374 2192
<EPS-PRIMARY> .50 .19 .41 .64
<EPS-DILUTED> .49 .18 .39 .61
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</TABLE>
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