SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549
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) January 26, 1999
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Beverly National Corporation
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(Exact name of registrant as specified in its charter)
A Massachusetts Corporation 33-22224-B 04-2832201
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(State or other jurisdiction of (Commission (IRS Employer
incorporation or organization) File Number) Identification No.)
240 Cabot Street Beverly, Massachusetts 01915
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(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code (978) 922-2100
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BEVERLY NATIONAL CORPORATION
Item 1. Changes in control of Registrant
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None
Item 2. Acquisition and Disposition of Assets
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None
Item 3. Bankruptcy and Receivership
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None
Item 4. Changes in Registrant's Certified Accountant
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None
Item 5. Other Events
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On January 26, 1999, Beverly National Corporation issued the
following press release relating to earnings and dividend payment.
Item 6. Resignation of Registrant's Directors
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None
Item 7. Financial Statements and Exhibits
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None
Item 8. Changes in Fiscal Year
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None
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FOR IMMEDIATE RELEASE Contact: Peter E. Simonsen
978-922-2100
Martha A. Lewis
978-922-2100
BEVERLY NATIONAL BANK POSTS YEAR-END PROFITS
BEVERLY, Mass., January 25, 1999 -- Lawrence M. Smith, President and Chief
Executive Officer of Beverly National Corporation and its subsidiary, Beverly
National Bank, announced today that Beverly National Corporation reported
profits of $2,139,911 for the twelve-month period which ended
December 31, 1998.
Smith further reported that the Board of Directors has approved a dividend
increase of $.02 per share to all shareholders of record January 19, 1999.
This increases the regular quarterly dividend to $.14 per share which is
payable January 26, 1999.
Beverly National Bank, a subsidiary of Beverly National Corporation, is
headquartered in Beverly, MA, and operates full-service branch offices at
Cummings Center -- Beverly, North Beverly, Hamilton and Topsfield. The Bank
offers a full array of consumer products and services including full
electronic banking, financial planning, trust and investment services and
business specialties. Incorporated in 1802, Beverly National Bank is the
oldest community bank in the U.S. The Bank's deposits are insured by the FDIC
in accordance with the Federal Deposit Insurance Act.
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Beverly National Corporation
December 31, 1998
Year to Date 1998 1997
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Net Income $2,139,911 $2,170,013
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Basic Shares Outstanding 1,540,943 1,476,632
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Net Income per share $ 1.39 $ 1.47
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Diluted Shares Outstanding 1,721,177 1,644,832
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Net income per share $ 1.24 $ 1.32
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Fourth Quarter
Net Income $ 665,968 $ 705,798
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Basic Shares Outstanding 1,540,943 1,476,632
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Net Income per share $ 0.43 $ 0.48
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Diluted Shares Outstanding 1,721,177 1,644,832
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Net income per share $ 0.39 $ 0.43
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The 1997 Earnings Per Share calculations have been adjusted to reflect a
2-for-1 stock split on April 7, 1998.
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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 hereunto duly authorized.
Beverly National Corporation
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Date: January 26, 1999 /S/PETER E. SIMONSEN
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Peter E. Simonsen
Treasurer
