UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-K/A
(Mark One)
[ X ] Annual Report Pursuant to Section 13 or 15(d) of the Securities
Exchange Act of 1934 [Fee Required]
For the fiscal year ended December 31, 1995
or
[ ] Transition Report Pursuant to Section 13 or 15(d) of the Securities
Exchange Act of 1934 [No Fee Required]
For the transition period from ___________ to ____________
Commission file Number 0-15025
PROGRESSIVE BANK, INC.
- -----------------------------------------------------
(Exact name of registrant as specified in its charter)
New York
- -------------------------------
(State or other jurisdiction of
incorporation or organization)
14-1682661
- -----------------------------------
(I.R.S. Employer Identification No.)
1301 Route 52, Fishkill, New York 12524
- --------------------------------------------------
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code: (914) 897-7400
Securities registered pursuant to Section 12(g) of the Act:
Common Stock, par value $1.00
(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 90 days. [X] Yes [ ] No
Indicate by check mark if disclosure of delinquent filers pursuant to Item
405 of Regulation S-K is not contained herein, and will not be contained, to
the best of registrant's knowledge, in definitive proxy or information
statements incorporated by reference in Part III of this Form 10-K or any
amendment to this Form 10-K. [ ]
As of March 14, 1996, the aggregate market value of the voting stock held by
non-affiliates of the registrant was approximately $67,737,976.
As of March 14, 1996, 2,630,601 shares of registrant's common stock were
outstanding.
THE PURPOSE OF THIS AMENDMENT IS TO INCLUDE A FINANCIAL DATA SCHEDULE AS A
SEPARATE DOCUMENT AS REQUIRED UNDER ELECTRONIC FILING GUIDELINES.
SIGNATURES
Pursuant to the requirements of Section 13 or 15(d) 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.
PROGRESSIVE BANK, INC.
(Registrant)
By: /s/ Peter Van Kleeck
Peter Van Kleeck
President & Chief
Executive Officer
Date: March 12, 1996
Pursuant to the requirements of the Securities Exchange Act of 1934, this
report has been signed below by the following persons on behalf of the
registrant and in the capacities and on the dates indicated.
<TABLE>
Signature Title Date
<S> <C> <C>
President & Chief
/s/ Peter Van Kleeck Executive Officer,
Peter Van Kleeck Progressive Bank, Inc. March 12, 1996
Treasurer (Principal
Financial Officer &
/s/ Robert Gabrielsen Principal Accounting
Robert Gabrielsen Officer) March 12, 1996
/s/ Elizabeth P. Allen
Elizabeth P. Allen Director March 12, 1996
Director & Chairman of
the Board, Progressive
/s/ Thomas C. Aposporos Bank, Inc. March 12, 1996
Thomas C. Aposporos
/s/ George M. Coulter Director March 12, 1996
George M. Coulter
/s/ Donald B. Dedrick Director March 12, 1996
Donald B. Dedrick
/s/ Harold Harris Director March 12, 1996
Harold Harris
/s/ Richard T. Hazzard Director March 12, 1996
Richard T. Hazzard
/s/ Armando Mostachetti Director March 12, 1996
Armando Mostachetti
Director March 12, 1996
Richard Novik
/s/ John J. Page Director March 12, 1996
John J. Page
/s/ Archibald A. Smith Director March 12, 1996
Archibald A. Smith
/s/ Roger W. Smith Director March 12, 1996
Roger W. Smith
/s/ David A. Swinden Director March 12, 1996
David A. Swinden
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 9
<MULTIPLIER> 1000
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> DEC-31-1995
<PERIOD-END> DEC-31-1995
<CASH> 14,923
<INT-BEARING-DEPOSITS> 0
<FED-FUNDS-SOLD> 22,970
<TRADING-ASSETS> 0
<INVESTMENTS-HELD-FOR-SALE> 106,901
<INVESTMENTS-CARRYING> 40,148
<INVESTMENTS-MARKET> 40,386
<LOANS> 539,692
<ALLOWANCE> 8,033
<TOTAL-ASSETS> 743,214
<DEPOSITS> 657,012
<SHORT-TERM> 0
<LIABILITIES-OTHER> 17,544
<LONG-TERM> 0
0
0
<COMMON> 2,952
<OTHER-SE> 65,706
<TOTAL-LIABILITIES-AND-EQUITY> 743,214
<INTEREST-LOAN> 44,806
<INTEREST-INVEST> 8,637
<INTEREST-OTHER> 2,058
<INTEREST-TOTAL> 55,501
<INTEREST-DEPOSIT> 27,692
<INTEREST-EXPENSE> 27,692
<INTEREST-INCOME-NET> 27,809
<LOAN-LOSSES> 600
<SECURITIES-GAINS> 349
<EXPENSE-OTHER> 19,279
<INCOME-PRETAX> 11,236
<INCOME-PRE-EXTRAORDINARY> 11,236
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> 6,786
<EPS-PRIMARY> 2.50
<EPS-DILUTED> 2.50
<YIELD-ACTUAL> 4.09
<LOANS-NON> 5,591
<LOANS-PAST> 172
<LOANS-TROUBLED> 1,340
<LOANS-PROBLEM> 2,430
<ALLOWANCE-OPEN> 9,402
<CHARGE-OFFS> 2,384
<RECOVERIES> 415
<ALLOWANCE-CLOSE> 8,033
<ALLOWANCE-DOMESTIC> 8,033
<ALLOWANCE-FOREIGN> 0
<ALLOWANCE-UNALLOCATED> 0
</TABLE>
