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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
November 27, 1996
(Date of Earliest Event reported)
PEOPLE'S BANCSHARES, INC.
(Exact name of registrant as specified in charter)
MASSACHUSETTS 0-7449 04-3272233
(State or other jurisdiction (Commission File Number) (IRS Employer
of incorporation) Identification No.)
545 PLEASANT STREET, NEW BEDFORD, MASSACHUSETTS 02740
(Address of principal executive offices, including zip code)
(508) 991-2601
(Registrant's telephone number, including area code)
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ITEM 5. OTHER EVENTS.
On November 27, 1996, the Registrant announced the resignation of John A.
Williams as President and Chief Executive Officer and Director of the Registrant
and its subsidiary People's Savings Bank of Brockton (the "Bank"), effective
December 6, 1996. This date was extended by agreement to December 11, 1996. The
Registrant also announced that, pending completion of a search for a new
President and Chief Executive Officer of the Registrant and the Bank, Colin C.
Blair, Vice President and Chief Financial Officer of the Registrant, would be
the Registrant's and the Bank's senior executive officer.
The Registrant announced that, in connection with Mr. Williams'
resignation, the Registrant expects to take a one time after tax charge to
earnings of approximately $180,000, or $.05 per share, in the fourth quarter of
1996.
ITEM 7. FINANCIAL STATEMENTS, PRO FORMA FINANCIAL INFORMATION AND EXHIBITS.
The following is a complete list of exhibits filed as part of this report.
20 Press Release dated November 27, 1996
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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 thereunto duly authorized.
PEOPLE'S BANCSHARES, INC.
Date: December 4, 1996 By: /S/ COLIN C. BLAIR
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Colin C. Blair
Vice President, Treasurer and Chief
Financial Officer
2
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EXHIBIT INDEX
EXHIBIT
NUMBER DESCRIPTION
20 Press Release dated November 27, 1996
3
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EXHIBIT 20
CONTACT: Colin C. Blair
Chief Financial Officer & Treasurer
(508) 991-2703
FOR IMMEDIATE RELEASE
PEOPLE'S BANCSHARES, INC. ANNOUNCES
RESIGNATION OF CHIEF EXECUTIVE OFFICER
BROCKTON, MA - NOVEMBER 27, 1996. People's Bancshares, Inc. announced today
that John A. Williams will resign as President and Chief Executive officer of
the Company and its subsidiary Bank, People's Savings Bank of Brockton,
effective December 6, 1996.
The Company will conduct a search for Mr. Williams' replacement as
President and Chief Executive Officer. While the search is being completed,
Colin C. Blair, the Company's Chief Financial Officer, will be the senior
executive officer.
In connection with Mr. Williams' resignation, the Company expects to take a
one time after tax charge to earnings of approximately $180,000, or $.05 per
share, in the fourth quarter of 1996.
People's maintains fourteen banking locations in Southeastern
Massachusetts. Its total assets at September 30, 1996 were $513 million.
People's trades on NASDAQ under the symbol "PBKB."
