<PAGE>
SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549
SCHEDULE 13D
(Amendment No. 2)
Under the Securities Exchange Act of 1934
People's Bancshares, Inc.
- --------------------------------------------------------------------------------
(Name of Issuer)
Common Stock, par value $0.10 per share
- --------------------------------------------------------------------------------
(Title of Class of Securities)
709795105
- --------------------------------------------------------------------------------
(CUSIP Number of Class of Securities)
Thomas F. Gillen
c/o RCG Kingston, L.L.C.
757 Third Avenue, 27th Floor
New York, New York 10017
(212) 845-7990
- --------------------------------------------------------------------------------
(Name, Address and Telephone Number of Person
Authorized to Receive Notices and Communications)
November 5, 1999
- --------------------------------------------------------------------------------
(Date of Event which Requires
Filing of this Schedule)
If the filing person has previously filed a statement on Schedule 13G to
report the acquisition which is the subject of this Schedule 13D, and is filing
this schedule because of Rule 13d-1(b)(3) or (4), check the following:
<PAGE>
SCHEDULE 13D
- ------------------- ------------------
CUSIP No. 709795108 Page 1 of 19 Pages
- ------------------- ------------------
- ----------- --------------------------------------------------------------------
1 NAME OF REPORT PERSON
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
RCG Kingston Fund, Ltd.
- ----------- --------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) [X]
(b) [ ]
- ----------- --------------------------------------------------------------------
3 SEC USE ONLY
- ----------- --------------------------------------------------------------------
4 SOURCE OF FUNDS*
WC
- ----------- --------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDING IS REQUIRED PURSUANT
TO ITEMS 2(d) or 2(e) [ ]
- ----------- --------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
Cayman Islands
- --------------------- --------- ------------------------------------------------
7 SOLE VOTING POWER
-0-
--------- ------------------------------------------------
NUMBER OF SHARES 8 SHARED VOTING POWER
BENEFICIALLY OWNED
BY EACH REPORTING 129,800
PERSON WITH
--------- ------------------------------------------------
9 SOLE DISPOSITIVE POWER
-0-
--------- ------------------------------------------------
10 SHARED DISPOSITIVE POWER
129,800
- ----------- --------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH PERSON
129,800
- ----------- --------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN
SHARES* [ ]
- ----------- --------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
3.90%
- ----------- --------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
PN
- ----------- --------------------------------------------------------------------
*SEE INSTRUCTIONS BEFORE FILLING OUT!
INCLUDE BOTH SIDES OF THE COVER PAGE, RESPONSES TO ITEMS 1-7
(INCLUDING EXHIBITS) OF THE SCHEDULE, AND THE SIGNATURE ATTESTATION.
<PAGE>
SCHEDULE 13D
- ------------------- ------------------
CUSIP No. 709795108 Page 2 of 19 Pages
- ------------------- ------------------
- ----------- --------------------------------------------------------------------
1 NAME OF REPORT PERSON
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
RCG Kingston, L.L.C.
- ----------- --------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) [X]
(b) [ ]
- ----------- --------------------------------------------------------------------
3 SEC USE ONLY
- ----------- --------------------------------------------------------------------
4 SOURCE OF FUNDS*
AF
- ----------- --------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDING IS REQUIRED PURSUANT
TO ITEMS 2(d) or 2(e) [ ]
- ----------- --------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
Delaware
- --------------------- --------- ------------------------------------------------
7 SOLE VOTING POWER
-0-
--------- ------------------------------------------------
NUMBER OF SHARES 8 SHARED VOTING POWER
BENEFICIALLY OWNED
BY EACH REPORTING 129,800
PERSON WITH
--------- ------------------------------------------------
9 SOLE DISPOSITIVE POWER
-0-
--------- ------------------------------------------------
10 SHARED DISPOSITIVE POWER
129,800
- ----------- --------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH PERSON
129,800
- ----------- --------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN
SHARES* [ ]
- ----------- --------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
3.90%
- ----------- --------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
IA, OO
- ----------- --------------------------------------------------------------------
*SEE INSTRUCTIONS BEFORE FILLING OUT!
INCLUDE BOTH SIDES OF THE COVER PAGE, RESPONSES TO ITEMS 1-7
(INCLUDING EXHIBITS) OF THE SCHEDULE, AND THE SIGNATURE ATTESTATION.
<PAGE>
SCHEDULE 13D
- ------------------- ------------------
CUSIP No. 709795108 Page 3 of 19 Pages
- ------------------- ------------------
- ----------- --------------------------------------------------------------------
1 NAME OF REPORT PERSON
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
Kingston Fund, LP
- ----------- --------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) [X]
(b) [ ]
- ----------- --------------------------------------------------------------------
3 SEC USE ONLY
- ----------- --------------------------------------------------------------------
4 SOURCE OF FUNDS*
AF
- ----------- --------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDING IS REQUIRED PURSUANT
TO ITEMS 2(d) or 2(e) [ ]
- ----------- --------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
Delaware
- --------------------- --------- ------------------------------------------------
7 SOLE VOTING POWER
-0-
--------- ------------------------------------------------
NUMBER OF SHARES 8 SHARED VOTING POWER
BENEFICIALLY OWNED
BY EACH REPORTING 129,800
PERSON WITH
--------- ------------------------------------------------
9 SOLE DISPOSITIVE POWER
-0-
--------- ------------------------------------------------
10 SHARED DISPOSITIVE POWER
129,800
- ----------- --------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH PERSON
129,800
- ----------- --------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN
SHARES* [ ]
- ----------- --------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
3.90%
- ----------- --------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
PN
- ----------- --------------------------------------------------------------------
*SEE INSTRUCTIONS BEFORE FILLING OUT!
INCLUDE BOTH SIDES OF THE COVER PAGE, RESPONSES TO ITEMS 1-7
(INCLUDING EXHIBITS) OF THE SCHEDULE, AND THE SIGNATURE ATTESTATION.
<PAGE>
SCHEDULE 13D
- ------------------- ------------------
CUSIP No. 709795108 Page 4 of 19 Pages
- ------------------- ------------------
- ----------- --------------------------------------------------------------------
1 NAME OF REPORT PERSON
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
Ramius Capital Group, LLC
- ----------- --------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) [X]
(b) [ ]
- ----------- --------------------------------------------------------------------
3 SEC USE ONLY
- ----------- --------------------------------------------------------------------
4 SOURCE OF FUNDS*
AF
- ----------- --------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDING IS REQUIRED PURSUANT
TO ITEMS 2(d) or 2(e) [ ]
- ----------- --------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
Delaware
- --------------------- --------- ------------------------------------------------
7 SOLE VOTING POWER
-0-
--------- ------------------------------------------------
NUMBER OF SHARES 8 SHARED VOTING POWER
BENEFICIALLY OWNED
BY EACH REPORTING 129,800
PERSON WITH
--------- ------------------------------------------------
9 SOLE DISPOSITIVE POWER
-0-
--------- ------------------------------------------------
10 SHARED DISPOSITIVE POWER
129,800
- ----------- --------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH PERSON
129,800
- ----------- --------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN
SHARES* [ ]
- ----------- --------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
3.90%
- ----------- --------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
OO
- ----------- --------------------------------------------------------------------
*SEE INSTRUCTIONS BEFORE FILLING OUT!
INCLUDE BOTH SIDES OF THE COVER PAGE, RESPONSES TO ITEMS 1-7
(INCLUDING EXHIBITS) OF THE SCHEDULE, AND THE SIGNATURE ATTESTATION.
<PAGE>
SCHEDULE 13D
- ------------------- ------------------
CUSIP No. 709795108 Page 5 of 19 Pages
- ------------------- ------------------
- ----------- --------------------------------------------------------------------
1 NAME OF REPORT PERSON
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
C4S & Co., LLC
- ----------- --------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) [X]
(b) [ ]
- ----------- --------------------------------------------------------------------
3 SEC USE ONLY
- ----------- --------------------------------------------------------------------
4 SOURCE OF FUNDS*
AF
- ----------- --------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDING IS REQUIRED PURSUANT
TO ITEMS 2(d) or 2(e) [ ]
- ----------- --------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
Delaware
- --------------------- --------- ------------------------------------------------
7 SOLE VOTING POWER
-0-
--------- ------------------------------------------------
NUMBER OF SHARES 8 SHARED VOTING POWER
BENEFICIALLY OWNED
BY EACH REPORTING 129,800
PERSON WITH
--------- ------------------------------------------------
9 SOLE DISPOSITIVE POWER
-0-
--------- ------------------------------------------------
10 SHARED DISPOSITIVE POWER
129,800
- ----------- --------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH PERSON
129,800
- ----------- --------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN
SHARES* [ ]
- ----------- --------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
3.90%
- ----------- --------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
OO
- ----------- --------------------------------------------------------------------
*SEE INSTRUCTIONS BEFORE FILLING OUT!
INCLUDE BOTH SIDES OF THE COVER PAGE, RESPONSES TO ITEMS 1-7
(INCLUDING EXHIBITS) OF THE SCHEDULE, AND THE SIGNATURE ATTESTATION.
<PAGE>
SCHEDULE 13D
- ------------------- ------------------
CUSIP No. 709795108 Page 6 of 19 Pages
- ------------------- ------------------
- ----------- --------------------------------------------------------------------
1 NAME OF REPORT PERSON
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
Jennings & Gillen
- ----------- --------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) [X]
(b) [ ]
- ----------- --------------------------------------------------------------------
3 SEC USE ONLY
- ----------- --------------------------------------------------------------------
4 SOURCE OF FUNDS*
AF
- ----------- --------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDING IS REQUIRED PURSUANT
TO ITEMS 2(d) or 2(e) [ ]
- ----------- --------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
Delaware
- --------------------- --------- ------------------------------------------------
7 SOLE VOTING POWER
-0-
--------- ------------------------------------------------
NUMBER OF SHARES 8 SHARED VOTING POWER
BENEFICIALLY OWNED
BY EACH REPORTING 129,800
PERSON WITH
--------- ------------------------------------------------
9 SOLE DISPOSITIVE POWER
-0-
--------- ------------------------------------------------
10 SHARED DISPOSITIVE POWER
129,800
- ----------- --------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH PERSON
129,800
- ----------- --------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN
SHARES* [ ]
- ----------- --------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
3.90%
- ----------- --------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
PN
- ----------- --------------------------------------------------------------------
*SEE INSTRUCTIONS BEFORE FILLING OUT!
INCLUDE BOTH SIDES OF THE COVER PAGE, RESPONSES TO ITEMS 1-7
(INCLUDING EXHIBITS) OF THE SCHEDULE, AND THE SIGNATURE ATTESTATION.
<PAGE>
SCHEDULE 13D
- ------------------- ------------------
CUSIP No. 709795108 Page 7 of 19 Pages
- ------------------- ------------------
- ----------- --------------------------------------------------------------------
1 NAME OF REPORT PERSON
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
D.B. Jennings, Inc.
- ----------- --------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) [X]
(b) [ ]
- ----------- --------------------------------------------------------------------
3 SEC USE ONLY
- ----------- --------------------------------------------------------------------
4 SOURCE OF FUNDS*
AF
- ----------- --------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDING IS REQUIRED PURSUANT
TO ITEMS 2(d) or 2(e) [ ]
- ----------- --------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
Delaware
- --------------------- --------- ------------------------------------------------
7 SOLE VOTING POWER
-0-
--------- ------------------------------------------------
NUMBER OF SHARES 8 SHARED VOTING POWER
BENEFICIALLY OWNED
BY EACH REPORTING 161,802
PERSON WITH
--------- ------------------------------------------------
9 SOLE DISPOSITIVE POWER
-0-
--------- ------------------------------------------------
10 SHARED DISPOSITIVE POWER
161,802
- ----------- --------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH PERSON
161,802
- ----------- --------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN
SHARES* [ ]
- ----------- --------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
4.86%
- ----------- --------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
CO
- ----------- --------------------------------------------------------------------
*SEE INSTRUCTIONS BEFORE FILLING OUT!
INCLUDE BOTH SIDES OF THE COVER PAGE, RESPONSES TO ITEMS 1-7
(INCLUDING EXHIBITS) OF THE SCHEDULE, AND THE SIGNATURE ATTESTATION.
<PAGE>
SCHEDULE 13D
- ------------------- ------------------
CUSIP No. 709795108 Page 8 of 19 Pages
- ------------------- ------------------
- ----------- --------------------------------------------------------------------
1 NAME OF REPORT PERSON
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
Donald B. Jennings
- ----------- --------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) [X]
(b) [ ]
- ----------- --------------------------------------------------------------------
3 SEC USE ONLY
- ----------- --------------------------------------------------------------------
4 SOURCE OF FUNDS*
AF
- ----------- --------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDING IS REQUIRED PURSUANT
TO ITEMS 2(d) or 2(e) [ ]
- ----------- --------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
United States
- --------------------- --------- ------------------------------------------------
7 SOLE VOTING POWER
-0-
--------- ------------------------------------------------
NUMBER OF SHARES 8 SHARED VOTING POWER
BENEFICIALLY OWNED
BY EACH REPORTING 161,802
PERSON WITH
--------- ------------------------------------------------
9 SOLE DISPOSITIVE POWER
-0-
--------- ------------------------------------------------
10 SHARED DISPOSITIVE POWER
161,802
- ----------- --------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH PERSON
161,802
- ----------- --------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN
SHARES* [ ]
- ----------- --------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
4.86%
- ----------- --------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
IN
- ----------- --------------------------------------------------------------------
*SEE INSTRUCTIONS BEFORE FILLING OUT!
INCLUDE BOTH SIDES OF THE COVER PAGE, RESPONSES TO ITEMS 1-7
(INCLUDING EXHIBITS) OF THE SCHEDULE, AND THE SIGNATURE ATTESTATION.
<PAGE>
SCHEDULE 13D
- ------------------- ------------------
CUSIP No. 709795108 Page 9 of 19 Pages
- ------------------- ------------------
- ----------- --------------------------------------------------------------------
1 NAME OF REPORT PERSON
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
Thomas F. Gillen
- ----------- --------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) [X]
(b) [ ]
- ----------- --------------------------------------------------------------------
3 SEC USE ONLY
- ----------- --------------------------------------------------------------------
4 SOURCE OF FUNDS*
AF
- ----------- --------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDING IS REQUIRED PURSUANT
TO ITEMS 2(d) or 2(e) [ ]
- ----------- --------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
United States
- --------------------- --------- ------------------------------------------------
7 SOLE VOTING POWER
-0-
--------- ------------------------------------------------
NUMBER OF SHARES 8 SHARED VOTING POWER
BENEFICIALLY OWNED
BY EACH REPORTING 129,800
PERSON WITH
--------- ------------------------------------------------
9 SOLE DISPOSITIVE POWER
-0-
--------- ------------------------------------------------
10 SHARED DISPOSITIVE POWER
129,800
- ----------- --------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH PERSON
129,800
- ----------- --------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN
SHARES* [ ]
- ----------- --------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
3.90%
- ----------- --------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
IN
- ----------- --------------------------------------------------------------------
*SEE INSTRUCTIONS BEFORE FILLING OUT!
INCLUDE BOTH SIDES OF THE COVER PAGE, RESPONSES TO ITEMS 1-7
(INCLUDING EXHIBITS) OF THE SCHEDULE, AND THE SIGNATURE ATTESTATION.
<PAGE>
SCHEDULE 13D
- ------------------- -------------------
CUSIP No. 709795108 Page 10 of 19 Pages
- ------------------- -------------------
- ----------- --------------------------------------------------------------------
1 NAME OF REPORT PERSON
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
The Partnership For Bank Capital, L.P.
- ----------- --------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) [X]
(b) [ ]
- ----------- --------------------------------------------------------------------
3 SEC USE ONLY
- ----------- --------------------------------------------------------------------
4 SOURCE OF FUNDS*
WC
- ----------- --------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDING IS REQUIRED PURSUANT
TO ITEMS 2(d) or 2(e) [ ]
- ----------- --------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
Delaware
- --------------------- --------- ------------------------------------------------
7 SOLE VOTING POWER
-0-
--------- ------------------------------------------------
NUMBER OF SHARES 8 SHARED VOTING POWER
BENEFICIALLY OWNED
BY EACH REPORTING 32,002
PERSON WITH
--------- ------------------------------------------------
9 SOLE DISPOSITIVE POWER
-0-
--------- ------------------------------------------------
10 SHARED DISPOSITIVE POWER
32,002
- ----------- --------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH PERSON
32,002
- ----------- --------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN
SHARES* [ ]
- ----------- --------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
0.96%
- ----------- --------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
PN
- ----------- --------------------------------------------------------------------
*SEE INSTRUCTIONS BEFORE FILLING OUT!
INCLUDE BOTH SIDES OF THE COVER PAGE, RESPONSES TO ITEMS 1-7
(INCLUDING EXHIBITS) OF THE SCHEDULE, AND THE SIGNATURE ATTESTATION.
<PAGE>
SCHEDULE 13D
- ------------------- -------------------
CUSIP No. 709795108 Page 11 of 19 Pages
- ------------------- -------------------
- ----------- --------------------------------------------------------------------
1 NAME OF REPORT PERSON
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
Vincent A. Smyth and Mary E. Smyth
- ----------- --------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) [X]
(b) [ ]
- ----------- --------------------------------------------------------------------
3 SEC USE ONLY
- ----------- --------------------------------------------------------------------
4 SOURCE OF FUNDS*
PF
- ----------- --------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDING IS REQUIRED PURSUANT
TO ITEMS 2(d) or 2(e) [ ]
- ----------- --------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
United States
- --------------------- --------- ------------------------------------------------
7 SOLE VOTING POWER
-0-
--------- ------------------------------------------------
NUMBER OF SHARES 8 SHARED VOTING POWER
BENEFICIALLY OWNED
BY EACH REPORTING 131,500
PERSON WITH
--------- ------------------------------------------------
9 SOLE DISPOSITIVE POWER
-0-
--------- ------------------------------------------------
10 SHARED DISPOSITIVE POWER
131,500
- ----------- --------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH PERSON
131,500
- ----------- --------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN
SHARES* [ ]
- ----------- --------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
3.95%
- ----------- --------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
IN
- ----------- --------------------------------------------------------------------
*SEE INSTRUCTIONS BEFORE FILLING OUT!
INCLUDE BOTH SIDES OF THE COVER PAGE, RESPONSES TO ITEMS 1-7
(INCLUDING EXHIBITS) OF THE SCHEDULE, AND THE SIGNATURE ATTESTATION.
<PAGE>
Item 1. Security and Issuer.
This Amendment No. 2 to Schedule 13D relates to the shares ("Shares") of
common stock, $.10 par value ("Common Stock"), of People's Bancshares, Inc. (the
"Issuer"). This Amendment No. 2 amends and restates the initial statement on
Schedule 13D of RCG Kingston Fund, Ltd., The Partnership For Bank Capital, L.P.
and Vincent A. Smyth and Mary E. Smyth dated August 17, 1999, as amended by
Amendment No. 1 to Schedule 13D dated September 30, 1999. The principal
executive offices of the Issuer are located at 545 Pleasant Street, New Bedford,
Massachusetts 02740.
Item 2. Identity and Background.
This statement is being filed on behalf of (i) RCG Kingston Fund, Ltd.,
(ii) RCG Kingston, L.L.C., (iii) Kingston Fund, LP, (iv) Ramius Capital Group,
LLC, (v) C4S & Co., LLC, (vi) Jennings & Gillen, (vii) D.B. Jennings, Inc.,
(viii) Donald B. Jennings, (ix) Thomas F. Gillen, (x) The Partnership For Bank
Capital, L.P. and (xi) Vincent A. Smyth and Mary E. Smyth. The above entities
and individuals are sometimes collectively referred to herein as the "Reporting
Persons". RCG Kingston Fund, Ltd., RCG Kingston, L.L.C., Kingston Fund, LP,
Ramius Capital Group, LLC, C4S & Co., LLC, Jennings & Gillen, D.B. Jennings,
Inc., Donald B. Jennings and Thomas F. Gillen are sometimes collectively
referred to herein as the "RCG Kingston Reporting Persons".
RCG Kingston Fund, Ltd., a Cayman Islands company, is engaged in the
business of investment and has its principal business address at c/o Citco Fund
Services (Cayman Islands) Ltd., Corporate Centre, West Bay Road, Grand Cayman,
Cayman Islands, British West Indies. Information concerning the identity and
background of the directors of RCG Kingston Fund, Ltd. is set forth in Annex A
hereto and incorporated by reference in response to this Item 2.
Pursuant to regulations promulgated under Section 13(d) of the Securities
and Exchange Act of 1934 (the "Exchange Act"), the RCG Kingston Reporting
Persons other than RCG Kingston Fund, Ltd. may be deemed to be beneficial owners
of securities, including the shares of Common Stock, held for the account of RCG
Kingston Fund, Ltd., as a result of the relationships between such RCG Kingston
Reporting Persons and RCG Kingston Fund, Ltd., as set forth below. The principal
business address of all RCG Kingston Reporting Persons other than RCG Kingston
Fund, Ltd. is c/o RCG Kingston, L.L.C., 757 Third Avenue, 27th Floor, New York,
New York 10017.
RCG Kingston, L.L.C., a Delaware limited liability company, is the
investment advisor to RCG Kingston Fund, Ltd. and the general partner of
Kingston Fund, LP.
Kingston Fund, LP, a Delaware limited partnership, is an investment fund
that owns a majority of the outstanding shares of RCG Kingston Fund, Ltd.
12 of 19 Pages
<PAGE>
Ramius Capital Group, LLC, a Delaware limited liability company, and
Jennings & Gillen, a Delaware general partnership, are the co-managing members
of RCG Kingston, L.L.C.
C4S & Co., LLC, a Delaware limited liability company, is the managing
member of Ramius Capital Group, LLC. Information concerning the identity and
background of the managing members of C4S & Co., LLC is set forth in Annex A
hereto and incorporated by reference in response to this Item 2.
D.B. Jennings, Inc., a Delaware corporation, and Thomas F. Gillen, a
citizen of the United States, are co-general partners of Jennings & Gillen.
Donald B. Jennings, a citizen of the United States, is the president of D.B.
Jennings, Inc.
The Partnership For Bank Capital, L.P., a Delaware limited partnership, is
engaged in the business of investment and has its principal business address at
757 Third Avenue, 27th Floor, New York, New York 10017. D.B. Jennings, Inc. and
Donald B. Jennings are the general partners of The Partnership For Bank Capital,
L.P.
Vincent A. Smyth and Mary E. Smyth, both citizens of the United States, are
an attorney and housewife, respectively, and have their principal business
address at 202 East Main Street, Huntington, New York 11743.
None of the Reporting Persons has, during the last five years, been
convicted in a criminal proceeding (excluding traffic violations or similar
misdemeanors).
The Reporting Persons have not, during the last five years, been party to a
civil proceeding of a judicial or administrative body of competent jurisdiction
and as a result of such proceeding was or is subject to a judgment, decree or
final order enjoining future violations of, or prohibiting or mandating
activities subject to, federal or state securities laws or finding any violation
with respect to such laws.
Item 3. Sources and Amounts of Funds or Other Consideration.
The funds for the purchase of Common Stock were acquired from the personal
funds of Vincent and Mary Smyth and the working capital of RCG Kingston Fund,
Ltd. and The Partnership for Bank Capital, L.P. Vincent and Mary Smyth regularly
effect purchases of securities through margin accounts maintained for them with
Sandler O'Neill & Partners, L.P. which extends credit to Vincent and Mary Smyth
as and when required to open or carry positions in the margin accounts, subject
to applicable Federal margin regulations, stock exchange rules and the firm's
credit policies.
Item 4. Purpose of the Transaction.
The Reporting Persons originally acquired the securities of the Issuer for
investment purposes. However, the Reporting Persons have formed a group to hold
discussions with management to review strategic alternatives to enhance
shareholder value.
13 of 19 Pages
<PAGE>
The Reporting Persons may also seek to hold similar discussions with other
shareholders. Attached as Exhibits A and B, respectively, are letters to the
Board of Directors of the Issuer sent by RCG Kingston, L.L.C. on September 30,
1999 and November 5, 1999. In the November 5, 1999 letter, the Reporting Persons
requested that the Board of Directors appoint three directors nominated by the
Reporting Persons at its November 15, 1999 meeting.
Except as set forth above, the Reporting Persons have no plan or proposal
which relates to the following (although they reserve the right to develop such
plans or proposals): (i) the acquisition of additional securities of the Issuer,
or the disposition of the securities of the Issuer, (ii) an extraordinary
corporate transaction, such as a merger, reorganization or liquidation,
involving the Issuer or any of its subsidiaries, (iii) a sale or transfer of a
material amount of assets of the Issuer or any of its subsidiaries, (iv) a
material change in the present capitalization or dividend policy of the Issuer,
(v) any other material change in the business or corporate structure of the
Issuer, (vi) any change in the Issuer's certificate of incorporation or by-laws
or other actions which may impede the acquisition of control of the Issuer by
any person, (vii) causing a class of securities of the Issuer to be delisted
from a national securities exchange or to cease to be authorized to be quoted in
an inter-dealer quotation system of a registered national securities
association, (viii) a class of equity securities of the Issuer becoming eligible
for termination of registration pursuant to Section 12(g)(4) of the Exchange
Act, or (ix) any action similar to any of those enumerated above.
Item 5. Interest in Securities of the Issuer.
In the aggregate, the Reporting Persons are the beneficial owners of
293,302 shares of the Issuer's Common Stock (representing 8.80% of the issued
and outstanding Common Stock).
RCG Kingston Fund, Ltd. is the beneficial owner of 129,800 shares of the
Issuer's Common Stock (representing 3.90% of the issued and outstanding Common
Stock). Of these 129,800 shares, RCG Kingston Fund, Ltd. has shared voting and
dispositive power over 129,800 shares. RCG Kingston, L.L.C. may be deemed to be
the beneficial owner of 129,800 shares as a result of its acting as investment
advisor to RCG Kingston Fund, Ltd. Kingston Fund, LP may be deemed to be the
beneficial owner of 129,800 shares as a result of its being a holder of a
majority of the outstanding shares of RCG Kingston Fund, Ltd. Ramius Capital
Group, LLC and Jennings & Gillen may be deemed to be the beneficial owner of
129,800 shares as a result of their being co-managing members of RCG Kingston,
L.L.C. C4S & Co., LLC may be deemed to be the beneficial owner of 129,800 shares
as a result of its being the managing member of Ramius Capital Group, LLC.
Thomas F. Gillen may be deemed to be the beneficial owner of 129,800 shares as a
result of his being a co-general partner of Jennings & Gillen.
The Partnership For Bank Capital, L.P. is the beneficial owner of 32,002
shares of the Issuer's Common Stock (representing 0.96% of the issued and
outstanding Common Stock). Of these 32,002 shares, The Partnership For Bank
Capital, L.P. has shared voting and dispositive power over 32,002 shares. D.B.
Jennings, Inc. may be deemed to be the beneficial owner of
14 of 19 Pages
<PAGE>
161,802 shares as a result of its being a co-general partner of Jennings &
Gillen and a co-general partner of The Partnership For Bank Capital, L.P. Donald
B. Jennings may be deemed to be the beneficial owner of 161,802 shares as a
result of his being the president of D.B. Jennings, Inc. and a co-general
partner of The Partnership For Bank Capital, L.P.
Vincent A. Smyth and Mary E. Smyth, are the beneficial owner of 131,500
shares of the Issuer's Common Stock (representing 3.95% of the issued and
outstanding Common Stock). Of these 131,500 shares, Vincent A. Smyth and Mary E.
Smyth have shared voting and dispositive power over 131,500 shares.
Each RCG Kingston Reporting Person expressly disclaims beneficial ownership
of any shares of Common Stock beneficially owned by Vincent A. Smyth and Mary E.
Smyth. Each RCG Kingston Reporting Person, except for D.B. Jennings, Inc. and
Donald B. Jennings, expressly disclaims beneficial ownership of any shares of
Common Stock beneficially owned by The Partnership For Bank Capital, L.P.
The percentages used herein are calculated based upon the 3,331,734 shares
of Common Stock stated to be issued and outstanding at June 30, 1999, as
reflected in the Issuer's report on Form 10-Q for the quarter ended June 30,
1999.
To the best knowledge of the Reporting Persons, none of the persons named
in Annex A has beneficial ownership of shares of Common Stock.
During the last 60 days the following shares were acquired by each of the
Reporting Persons:
RCG Kingston Fund, Ltd. - 3,000 at $18.125 on September 13, 1999 and 3,000
at $18.125 on September 14, 1999.
The Partnership For Bank Capital, L.P. - 2,000 at $18.125 on September 13,
1999 and 2,000 at $18.125 on September 14, 1999.
Vincent A. Smyth and Mary E. Smyth - 10,000 at $18.75 on September 27,
1999.
No person other than each respective record owner referred to herein of
shares of Common Stock is known to have the right to receive or the power to
direct the receipt of dividends from or the proceeds of sale of shares of Common
Stock, except that the shareholders of RCG Kingston Fund, Ltd. have the right to
participate in the receipt of dividends from or proceeds for the sale of, the
shares of Common Stock held for their respective accounts.
Item 6. Contracts, Arrangements, Understandings or Relationships With Respect to
Securities of the Issuer.
There is no contract between the Reporting Persons or any other person with
respect to any securities of the Issuer including, but not limited to, transfer
or voting of any security, finder's fees, joint ventures, loan or options
arrangements, puts or calls, guarantees
15 of 19 Pages
<PAGE>
of profits, division of profits or losses, or the giving or holding of proxies,
except as described herein.
Item 7. Material to be Filed as Exhibits.
A. Letter from RCG Kingston, L.L.C. to People's Bancshares, Inc., dated
September 30, 1999.
B. Letter from RCG Kingston, L.L.C. to People's Bancshares, Inc., dated
November 5, 1999.
C. Joint Filing Agreement, dated as of November 9, 1999, among RCG Kingston
Fund, Ltd., RCG Kingston, L.L.C., Kingston Fund, LP, Ramius Capital Group,
LLC, C4S & Co., LLC, Jennings & Gillen, D.B. Jennings, Inc., Donald B.
Jennings, Thomas F. Gillen, The Partnership For Bank Capital, L.P., Vincent
A. Smyth and Mary E. Smyth.
16 of 19 Pages
<PAGE>
SIGNATURES
After reasonable inquiry and to the best of our knowledge and belief, the
undersigned certify that the information set forth in this statement is true,
complete and correct.
Dated: November 9, 1999
RCG KINGSTON FUND, LTD.
By: RCG Kingston, L.L.C., its investment
advisor
By: Jennings & Gillen, its co-managing
member
By: /s/ Thomas F. Gillen
------------------------------
Name: Thomas F. Gillen
Title: General Partner
RCG KINGSTON, L.L.C.
By: Jennings & Gillen, its co-managing member
By: /s/ Thomas F. Gillen
------------------------------
Name: Thomas F. Gillen
Title: General Partner
KINGSTON FUND, LP
By: RCG Kingston, L.L.C., its general partner
By: Jennings & Gillen, its co-managing
member
By: /s/ Thomas F. Gillen
------------------------------
Name: Thomas F. Gillen
Title: General Partner
17 of 19 Pages
<PAGE>
RAMIUS CAPITAL GROUP, LLC
By: C4S & Co., LLC
By: /s/ Peter A. Cohen
------------------------------
Name: Peter A. Cohen
Title: Co-Managing Member
C4S & CO., LLC
By: /s/ Peter A. Cohen
------------------------------
Name: Peter A. Cohen
Title: Co-Managing Member
JENNINGS & GILLEN
By: /s/ Thomas F. Gillen
------------------------------
Name: Thomas F. Gillen
Title: Co-General Partner
D.B. JENNINGS, INC.
By: /s/ Donald B. Jennings
------------------------------
Name: Donald B. Jennings
Title: President
/s/ Donald B. Jennings
------------------------------
Donald B. Jennings
/s/ Thomas F. Gillen
------------------------------
Thomas F. Gillen
18 of 19 Pages
<PAGE>
THE PARTNERSHIP FOR BANK CAPITAL, L.P.
By: D.B. Jennings, Inc., a general partner
By: /s/ Donald B. Jennings
------------------------------
Name: Donald B. Jennings
Title: President
/s/ Vincent A. Smyth
------------------------------
Vincent A. Smyth
/s/ Mary E. Smyth
------------------------------
Mary E. Smyth
19 of 19 Pages
<PAGE>
INDEX OF EXHIBITS
Exhibit Description
- ------- -----------
A Letter from RCG Kingston, L.L.C. to People's Bancshares, Inc.,
dated September 30, 1999.
B Letter from RCG Kingston, L.L.C. to People's Bancshares, Inc.,
dated November 5, 1999.
C Joint Filing Agreement, dated as of November 9, 1999, among RCG
Kingston Fund, Ltd., RCG Kingston, L.L.C., Kingston Fund, L.P.,
Ramius Capital Group, LLC, C4S & Co., LLC, Jennings & Gillen,
D.B. Jennings, Inc., Donald B. Jennings, Thomas F. Gillen, The
Partnership For Bank Capital, L.P., Vincent A. Smyth and Mary E.
Smyth.
<PAGE>
ANNEX A
The following is a list of persons who serve as managing members of C4S &
Co., LLC.:
Peter A. Cohen
Morgan B. Stark
Thomas W. Strauss
All of the above-listed individuals are United States citizens whose
principal occupation is acting as managing members of C4S & Co., LLC.
The following is a list of persons who serve as directors of RCG Kingston
Fund, Ltd.:
CFS Company, Ltd.
CTC Corporation, Ltd.
CDS Corporation, Ltd.
Thomas F. Gillen
CFS Company, Ltd., CTC Corporation, Ltd. and CDS Corporation, Ltd. are all
Cayman Islands limited partnerships and are affiliates of Citco Fund Services,
Ltd., RCG Kingston Fund, Ltd.'s administrator in the Cayman Islands. Thomas F.
Gillen is a United States citizen whose principal occupation is acting as
general partner of Jennings & Gillen.
None of the above-listed persons has, during the last five years, been
convicted in a criminal proceeding (excluding traffic violations or similar
misdemeanors).
The above-listed persons have not, during the last five years, been party
to a civil proceeding of a judicial or administrative body of competent
jurisdiction and as a result of such proceeding was or is subject to a judgment,
decree or final order enjoining future violations of, or prohibiting or
mandating activities subject to, federal or state securities laws or finding any
violation with respect to such laws.
<PAGE>
EXHIBIT A
RCG KINGSTON, L.L.C.
September 30, 1999
Board of Directors
Attn: Mr. Richard S. Straczynski
People's Bancshares, Inc.
545 Pleasant Street
New Bedford, MA 02375
Dear Board Members,
On Monday, September 27, 1999, we met with senior management and certain
members of the Board to discuss our concerns regarding the impact on the value
of PBKB's shares from the current operating strategy of the company. As a group
(the members of which are RCG Kingston, LLC, The Partnership For Bank Capital,
and Vincent Smyth, et al), we currently own and control 293,302 shares of
People's Bancshares, or 8.8% of the shares outstanding.
Our primary purpose for requesting the meeting was to express our view on
the lack of interest in PBKB's shares by investors and the need for the Board to
address this issue. While PBKB's absolute earnings have increased steadily in
recent years, investors have chosen not to recognize this performance as
indicated by the substantial discount at which PBKB's shares are valued relative
to its peers. Presently, the shares of PBKB have a price-to-earnings ratio of
approximately 7.0x 1999 estimated earnings versus an average price-to-earnings
ratio of 10.8x estimated 1999 earnings for all Massachusetts' thrift companies
with assets greater than $500 million. This discount to its peer group is
particularly striking since analysts' forecasts for PBKB call for next year's
earnings to continue to grow significantly.
While we understand that bank and thrift companies have been out of favor
with investors recently, this still leaves unanswered the question of why
investors do not apply a similar capitalization rate to PBKB's earnings that
they do to the peer group. A reasonable conclusion is that investors view the
earnings' stream of PBKB to be riskier than that of the peer group.
One contributing factor for this may be that PBKB has considerably more
borrowings on its balance sheet relative to its capital than the peer group. In
fact, our analysis shows those companies in the peer group with moderate amounts
of borrowings (less than 4 to 1) to equity were uniformly valued at
substantially higher p/e ratios than PBKB. Another way of looking at this is
that investors pay a premium for quality of earnings not just quantity of
earnings.
Another factor may be the unrealized tax-adjusted loss in PBKB's securities
portfolio that, by our estimate, was equivalent
<PAGE>
to 38% of PBKB's tangible equity as of June 30, 1999. While we appreciate this
unrealized loss is an "accounting function" it is, nevertheless, a complicating
factor for many investors in determining the valuation of the company.
Finally, we also think that the recent expansion of the mortgage
origination operation with the purchase of Allied Bancshares Mortgage Group at a
time when others are leaving the business because of flat growth prospects needs
explanation by management.
In our judgment, some or all of these factors are a deterrent to attracting
investors to PBKB's shares. We believe it imperative that the Board recognize
their fiduciary responsibility to seek to maximize the value of the company for
its current shareholders. It is not reasonable to continue to accept the stock's
low market valuation because investors "misunderstand the company" or "the
thrift group is out of favor among investors." Therefore, we request that the
Board undertake the following two initiatives:
1. Retain an independent investment banker to review strategic
alternatives to maximize shareholder value including possible sale of
the company.
2. Provide the shareholders with a detailed letter (including purchase
price, terms and conditions, plan of integration, etc.) on the recent
acquisition of Allied Bancshares Mortgage Group.
As substantial owners of the company, we would appreciate a timely response
to our requests as well as the opportunity to participate in the process of
evaluating strategic alternatives.
Sincerely,
/s/ Thomas F. Gillen
- ------------------------------
Thomas F. Gillen
/s/ Donald B. Jennings
- ------------------------------
Donald B. Jennings
<PAGE>
EXHIBIT B
RCG KINGSTON, L.L.C.
November 5, 1999
Board of Directors
People's Bancshares, Inc.
545 Pleasant Street
New Bedford, MA 02375
Attn: Mr. Richard S. Straczynski
Dear Board Members,
As you are aware, we (RCG Kingston Fund, Ltd., The Partnership For Bank
Capital, L.P., and Vincent A. Smyth) (collectively "the Group") own and control
293,302 shares of Peoples Bancshares, Inc. (the "Company" or "PBKB").
We are aware of the planned meeting on November 15, 1999, to discuss issues
regarding enhancing shareholder value raised by this Group. While we appreciate
your attention to these issues, we would like to request the Board at that
meeting also consider appointing three persons nominated by the Group for seats
on the Board. We believe we can provide nominees who could provide valuable
insight to the process of evaluating strategies to enhance and maximize
shareholder value.
We would appreciate a response to our request by November 17, 1999, in
order for us to be able to consider alternative plans to secure Board
representation in a timely manner, if necessary.
Thank you for your attention to this matter.
Sincerely,
RCG Kingston, LLC
/s/ Thomas F. Gillen
- ------------------------------
By: Thomas F. Gillen
Title: Investment Manager
/s/ Donald B. Jennings
- ------------------------------
By: Donald B. Jennings
Title: Investment Manager
<PAGE>
EXHIBIT C
JOINT FILING AGREEMENT
The undersigned hereby agree that the statement on Schedule 13D with
respect to the shares of Common Stock of People's Bancshares, Inc. dated August
17, 1999 is and any amendments thereto signed by each of the undersigned shall
be, filed on behalf of each of them pursuant to and in accordance with the
provisions of Rule 13d-1(f) under the Securities and Exchange Act of 1934.
Dated: November 9, 1999
RCG KINGSTON FUND, LTD.
By: RCG Kingston, L.L.C., its investment
advisor
By: Jennings & Gillen, its co-managing
member
By: /s/ Thomas F. Gillen
------------------------------
Name: Thomas F. Gillen
Title: General Partner
RCG KINGSTON, L.L.C.
By: Jennings & Gillen, its co-managing member
By: /s/ Thomas F. Gillen
------------------------------
Name: Thomas F. Gillen
Title: General Partner
<PAGE>
KINGSTON FUND, LP
By: RCG Kingston, L.L.C., its general partner
By: Jennings & Gillen, its co-managing
member
By: /s/ Thomas F. Gillen
------------------------------
Name: Thomas F. Gillen
Title: General Partner
RAMIUS CAPITAL GROUP, LLC
By: C4S & Co., LLC
By: /s/ Peter A. Cohen
------------------------------
Name: Peter A. Cohen
Title: Co-Managing Member
C4S & CO., LLC
By: /s/ Peter A. Cohen
------------------------------
Name: Peter A. Cohen
Title: Co-Managing Member
JENNINGS & GILLEN
By: /s/ Thomas F. Gillen
------------------------------
Name: Thomas F. Gillen
Title: Co-General Partner
D.B. JENNINGS, INC.
By: /s/ Donald B. Jennings
------------------------------
Name: Donald B. Jennings
Title: President
<PAGE>
/s/ Donald B. Jennings
------------------------------
Donald B. Jennings
/s/ Thomas F. Gillen
------------------------------
Thomas F. Gillen
THE PARTNERSHIP FOR BANK CAPITAL, L.P.
By: D.B. Jennings, Inc., a general partner
By: /s/ Donald B. Jennings
------------------------------
Name: Donald B. Jennings
Title: President
/s/ Vincent A. Smyth
------------------------------
Vincent A. Smyth
/s/ Mary E. Smyth
------------------------------
Mary E. Smyth
