<PAGE> 1
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10 - K/A
[x] Annual Report Pursuant to Section 13 or 15(d) of the Securities
Exchange Act of 1934.
For the Fiscal Year ended December 31, 1996
[ ] Transition Report Pursuant to Section 13 or 15(d) of the Securities
Exchange Act of 1934.
SEC Commission File No : 0-22578
FIRST PATRIOT BANKSHARES CORPORATION
------------------------------------
(Exact name of registrant as specified in its charter)
<TABLE>
<S> <C>
State of Virginia 54-151425
- ------------------------------------------------- -----------------------
(State or other jurisdiction of (I.R.S. Employer
incorporation or organization) Identification No.)
12120 Sunset Hills Road, Reston, Virginia 22090
- ------------------------------------------ ------
(Address of principal executive office) (Zip Code)
</TABLE>
Registrant's telephone number, including area code : (703) 471-0900
Securities registered pursuant to section 12(b) of the Act : None
Securities registered pursuant to section 12(g) of the Act :
Common stock, $2.50 par value per share
---------------------------------------
(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 or 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. Yes x 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. [x]
Based on the closing sales price of $16.56 per share of the
registrant's common stock on June 30, 1997, as reported by the National
Association of Securities Dealers under the symbol FPBK, the aggregate market
value of the voting stock held by non-affiliates was
<PAGE> 2
approximately $33,466,584. There were 2,020,929 shares of Common Stock
outstanding on June 30, 1997.
DOCUMENTS INCORPORATED BY REFERENCE
1. Annual Report and audited Financial Statements of First Patriot
Bankshares Corporation at December 31, 1996 (the "Annual Report").
2. Proxy Statement for Special Shareholders Meeting (the "Proxy") to be
held on July 17, 1997.
AMENDMENT NO. 1
The undersigned registrant hereby amends the following items, financial
statements, exhibits or other portions of its Annual Report on Form 10-K for
the year ended December 31, 1996, as set forth in the pages attached hereto:
ITEM 14 EXHIBITS, FINANCIAL STATEMENT SCHEDULES AND REPORTS ON FORM 8-K
1. Financial Statements - Reference is made to Part II, Item 8 of this
Annual Report on Form 10-K. In addition, pursuant to Rule 15d-21
under the Securities Exchange act of 1934 the financial statements and
supplemental schedules required by Form 11-K with respect to the First
Patriot Bankshares Corporation 401 (k) Profit Sharing Plans and Trust
are filed herewith as Exhibit 19 to this Annual Report on Form 10-K/A.
2. Exhibits - The following additional exhibits are filed herewith as a
part of this amendment No. 1 to the registrant's Annual Report on Form
10-K.
99. The financial statements and exhibits required by Form 11-K
with respect to the First Patriot Bankshares Corporation's
401(k) Profit Sharing Plan and Trust for the years ended
December 31, 1996 and 1995.
23. Consent of Independent Auditors with respect to form 10-K/A
for the First Patriot Bankshares Corporation Profit Sharing
Plan and Trust.
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this amendment to be signed on its behalf by the
undersigned, thereunto duly authorized.
FIRST PATRIOT BANKSHARES CORPORATION
By /s/ Charles Wimer Date: July 15, 1997
Charles Wimer
Senior Vice-President and C.F.O.
<PAGE> 1
EXHIBIT 99
C O N T E N T S
<TABLE>
<S> <C>
TABLE OF CONTENTS 1
AUDITOR'S REPORT 2
Statements of net assets available for plan benefits,
with fund information 3-4
Statements of changes in net assets available for plan
benefits, with fund information 5-6
Notes to financial statements 7-11
Schedules
Line 27(a) - Schedule of assets held for investment purposes 12
Line 27(d) - Schedule of reportable transactions 13
</TABLE>
1
<PAGE> 2
[D.R. MAXFIELD & COMPANY LETTERHEAD]
INDEPENDENT AUDITOR'S REPORT
To the Administrative Committee of
First Patriot Bankshares Corporation
401(k) Profit Sharing Plan and Trust
We have audited the accompanying statement of net assets available for benefits
with fund information of First Patriot Bankshares Corporation 401(k) Profit
Sharing Plan and Trust as of December 31, 1996 and 1995, and the related
statement of changes in net assets available for benefits with fund information
for the years then ended. These financial statements are the responsibility of
the Plan's management. Our responsibility is to express an opinion on these
financial statements based on our audits.
We conducted our audits in accordance with generally accepted auditing
standards. Those standards require that we plan and perform the audit to
obtain reasonable assurance about whether the financial statements are free of
material misstatement. An audit includes examining, on a test basis, evidence
supporting the amounts and disclosures in the financial statements. An audit
also includes assessing the accounting principles used and significant
estimates made by management, as well as evaluating the overall financial
statement presentation. We believe that our audits provide a reasonable basis
for our opinion.
In our opinion, the financial statements referred to above present fairly, in
all material respects, the net assets available for benefits of First Patriot
Bankshares Corporation 401(k) Profit Sharing Plan and Trust as of December 31,
1996 and 1995, and the changes in its net assets available for benefits for the
years then ended in conformity with generally accepted accounting principles.
Our audits were conducted for the purpose of forming an opinion on the basic
financial statements taken as a whole. The supplemental schedules of assets
held for investment purposes and reportable transactions are presented for the
purpose of additional analysis and are not a required part of the basic
financial statements but are supplementary information required by the
Department of Labor's Rules and Regulations for Reporting and Disclosure under
the Employee Retirement Income Security Act of 1974. The supplemental
schedules have been subjected to the auditing procedures applied in the audits
of the basic financial statements and, in our opinion, are fairly stated in all
material respects in relation to the basic financial statements taken as a
whole.
/s/ D.R. MAXFIELD & COMPANY
July 10, 1997
Fairfax, Virginia
2
<PAGE> 3
FIRST PATRIOT BANKSHARES CORPORATION 401(k) PROFIT SHARING PLAN AND TRUST
STATEMENTS OF NET ASSETS AVAILABLE FOR PLAN BENEFITS, WITH FUND INFORMATION
DECEMBER 31, 1996
<TABLE>
<CAPTION>
-------------------------------------------PARTICIPANT DIRECTED----------------------------------------
FIRST PATRIOT
TWENTIETH MAXIM PUTNAM GLOBAL AIM BANKSHARES
CENTURY CORPORATE GOVERNMENTAL WEINGARTEN PUTNAM GLOBAL MAXIM MONEY CORPORATION
ULTRA FUND BOND FUND INCOME FUND FUND GROWTH FUND MARKET FUND STOCK FUND
---------- --------- ------------- --------- ------------- ----------- -----------
<S> <C> <C> <C> <C> <C> <C> <C>
ASSETS:
Investments, at fair value
The New England Mutual
Life Ins. Co. Series
K Account Mutual Funds $ 136,557 $ 33,329 $ - $ 112,054 $ 50,549 $ 12,126 $ -
First Patriot Bankshares
Corporation stock - - - - - - 427,664
Certificates of deposit - - - - - - -
Cash and cash equivalents - - - - - - -
Loans to participants - - - - - - -
--------- --------- --------- --------- --------- --------- ---------
Total Investments $ 136,557 $ 33,329 $ - $ 112,054 $ 50,549 $ 12,126 $ 427,664
--------- --------- --------- --------- --------- --------- ---------
Receivables:
Employer contributions $ - $ - $ - $ - $ - $ - $ -
--------- --------- --------- --------- --------- --------- ---------
Total Assets $ 136,557 $ 33,329 $ - $ 112,054 $ 50,549 $ 12,126 $ 427,664
LIABILITIES - - - - - - -
--------- --------- --------- --------- --------- --------- ---------
Net Assets Available for
Plan Benefits $ 136,557 $ 33,329 $ - $ 112,054 $ 50,549 $ 12,126 $ 427,664
========= ========= ========= ========= ========= ========= =========
<CAPTION> NON
PARTICIPANT
PARTICIPANT DIRECTED
DIRECTED FIRST
----------- PATRIOT
CASH/ BANKSHARES
OTHER STOCK FUND TOTAL
--------- ----------- ---------
<S> <S> <C> <C>
ASSETS:
Investments, at fair value
The New England Mutual
Life Ins. Co. Series
K Account Mutual Funds $ - $ - $ 344,615
First Patriot Bankshares
Corporation stock - 45,456 473,120
Certificates of deposit 39,138 - 39,138
Cash and cash equivalents 9,652 - 9,652
Loans to participants 20,134 - 20,134
--------- --------- ---------
Total Investments $ 68,924 $ 45,456 $ 886,659
--------- --------- ---------
Receivables:
Employer contributions $ - $ 57,825 $ 57,825
--------- --------- ---------
Total Assets $ 68,924 $ 103,281 $ 944,484
LIABILITIES - - -
--------- --------- ---------
Net Assets Available for
Plan Benefits $ 68,924 $ 103,281 $ 944,484
========= ========= =========
</TABLE>
See accompanying notes. 3
<PAGE> 4
FIRST PATRIOT BANKSHARES CORPORATION 401(k) PROFIT SHARING PLAN AND TRUST
STATEMENTS OF NET ASSETS AVAILABLE FOR PLAN BENEFITS, WITH FUND INFORMATION
DECEMBER 31, 1995
<TABLE>
<CAPTION>
-------------------------------------------PARTICIPANT DIRECTED--------------------------------------
FIRST
TWENTIETH MAXIM PUTNAM GLOBAL AIM PATRIOT
CENTURY CORPORATE GOVERNMENTAL WEINGARTEN PUTNAM GLOBAL MAXIM MONEY BANKSHARES
ULTRA FUND BOND FUND INCOME FUND FUND GROWTH FUND MARKET FUND STOCK FUND
---------- --------- ------------- --------- ------------- ----------- -----------
<S> <C> <C> <C> <C> <C> <C> <C>
ASSETS:
Investments, at fair value
The New England Mutual
Life Ins. Co. Series
K Account Mutual Funds $ 81,336 $ 40,287 $ 8 $ 51,609 $ 19,348 $ 16,327 $ -
First Patriot Bankshares
Corporation stock - - - - - - 300,911
Certificates of deposit - - - - - - -
Cash and cash equivalents - - - - - - -
Loans to participants - - - - - - -
--------- --------- --------- --------- --------- --------- ---------
Total Investments $ 81,336 $ 40,287 $ 8 $ 51,609 $ 19,348 $ 16,327 $ 300,911
--------- --------- --------- --------- --------- --------- ---------
Receivables:
Employer contributions $ - $ - $ - $ - $ - $ - $ -
--------- --------- --------- --------- --------- --------- ---------
Total Assets $ 81,336 $ 40,287 $ 8 $ 51,609 $ 19,348 $ 16,327 $ 300,911
LIABILITIES - - - - - - -
--------- --------- --------- --------- --------- --------- ---------
Net Assets Available for
Plan Benefits $ 81,336 $ 40,287 $ 8 $ 51,609 $ 19,348 $ 16,327 $ 300,911
========= ========= ========= ========= ========= ========= =========
<CAPTION>
NON
PARTICIPANT
PARTICIPANT DIRECTED
DIRECTED FIRST
---------- PATRIOT
CASH/ BANKSHARES
OTHER STOCK FUND TOTAL
------- ------------ ---------
<S> <C> <C> <C>
ASSETS:
Investments, at fair value
The New England Mutual
Life Ins. Co. Series
K Account Mutual Funds $ - $ - $ 208,915
First Patriot Bankshares
Corporation stock - 15,561 316,472
Certificates of deposit 28,884 - 28,884
Cash and cash equivalents 8,992 - 8,992
Loans to participants 37,331 - 37,331
--------- --------- ---------
Total Investments $ 75,207 $ 15,561 $ 600,594
--------- --------- ---------
Receivables:
Employer contributions $ - $ 33,173 $ 33,173
--------- --------- ---------
Total Assets $ 75,207 $ 48,734 $ 633,767
LIABILITIES - - -
--------- --------- ---------
Net Assets Available for
Plan Benefits $ 75,207 $ 48,734 $ 633,767
========= ========= =========
</TABLE>
See accompanying notes. 4
<PAGE> 5
FIRST PATRIOT BANKSHARES CORPORATION 401(k) PROFIT SHARING PLAN AND TRUST
STATEMENTS OF CHANGES IN NET ASSETS AVAILABLE FOR PLAN BENEFITS, WITH FUND
INFORMATION
DECEMBER 31, 1996
<TABLE>
<CAPTION>
-------------------------------------------PARTICIPANT DIRECTED--------------------------------------
FIRST
TWENTIETH MAXIM PUTNAM GLOBAL AIM PATRIOT
CENTURY CORPORATE GOVERNMENTAL WEINGARTEN PUTNAM GLOBAL MAXIM MONEY BANKSHARES
ULTRA FUND BOND FUND INCOME FUND FUND GROWTH FUND MARKET FUND STOCK FUND
---------- --------- ------------- --------- ------------- ----------- ----------
<S> <C> <C> <C> <C> <C> <C> <C>
ADDITIONS
Additions to net assets
attributed to:
Investment Income:
Net realized and
unrealized appreciation
in fair value of
investments (Note 2) $ 12,724 $ 2,618 $ - $ 11,979 $ 4,833 $ 180 $ 91,029
Interest and dividends - - - - - - 3,120
--------- --------- --------- --------- --------- --------- ---------
12,724 2,618 - 11,979 4,833 180 94,149
Less: fees and commissions (339) (80) - (225) (118) (43) -
--------- --------- --------- --------- --------- --------- ---------
$ 12,385 $ 2,538 $ - $ 11,754 $ 4,715 $ 137 $ 94,149
--------- --------- --------- --------- --------- --------- ---------
Contributions:
Participants 62,968 15,137 - 63,820 32,983 6,467 67,351
Employers - - - - - - -
--------- --------- --------- --------- --------- --------- ---------
$ 62,968 $ 15,137 $ - $ 63,820 $ 32,983 $ 6,467 $ 67,351
--------- --------- --------- --------- --------- --------- ---------
Total Additions $ 75,353 $ 17,675 $ - $ 75,574 $ 37,698 $ 6,604 $ 161,500
--------- --------- --------- --------- --------- --------- ---------
Deductions:
Deductions from net assets
attributed to:
Benefits paid to
participants $ 22,288 $ 24,824 $ - $ 19,612 $ 8,875 $ 5,422 $ 46,411
--------- --------- --------- --------- --------- --------- ---------
Net increase (decrease)
prior to interfund
transfer 53,065 (7,149) - 55,962 28,823 1,182 $ 115,089
Transfers 2,156 191 (8) 4,483 2,378 (5,383) 11,664
--------- --------- --------- --------- --------- --------- ---------
Net increase (decrease) 55,221 (6,958) (8) 60,455 31,201 (4,201) 126,753
Net assets available for
benefits:
Beginning of year 81,336 40,287 8 51,609 19,348 16,327 300,911
--------- --------- --------- --------- --------- --------- ---------
End of year $ 136,557 $ 33,329 $ - $ 112,054 $ 50,549 $ 12,126 $ 427,664
========= ========= ========= ========= ========= ========= =========
</TABLE>
<TABLE>
<CAPTION>
NON
PARTICIPANT
PARTICIPANT DIRECTED
DIRECTED FIRST
----------- PATRIOT
CASH/ BANKSHARES
OTHER STOCK FUND TOTAL
-------- ----------- ---------
<S> <C> <C> <C>
ADDITIONS
Additions to net assets
attributed to:
Investment Income:
Net realized and
unrealized appreciation
in fair value of
investments (Note 2) $ - $ 4,682 $ 128,045
Interest and dividends 5,867 246 9,233
--------- --------- ---------
5,867 4,928 137,278
Less: fees and commissions (527) - (1,332)
--------- --------- ---------
$ 5,340 $ 4,928 $ 135,946
--------- --------- ---------
Contributions:
Participants 3,858 - 262,584
Employers - 58,717 58,717
--------- --------- ---------
$ 3,858 $ 58,717 $ 311,301
--------- --------- ---------
Total Additions $ 9,198 $ 63 645 $ 447,247
--------- --------- ---------
Deductions:
Deductions from net assets
attributed to:
Benefits paid to
participants $ - $ 9,098 $ 136,530
--------- --------- ---------
Net increase (decrease)
prior to interfund
transfer $ - $ 54,547 $ 310,717
Transfers - - -
--------- --------- ---------
Net increase (decrease)
Net assets available for (6,283) 54,547 310,717
benefits:
Beginning of year 75,207 48,734 633,767
--------- --------- ---------
End of year $ 68,924 $ 103,281 $ 944,484
========= ========= =========
</TABLE>
See accompanying notes. 5
<PAGE> 6
FIRST PATRIOT BANKSHARES CORPORATION 401(k) PROFIT SHARING PLAN AND TRUST
STATEMENTS OF CHANGES IN NET ASSETS AVAILABLE FOR PLAN BENEFITS, WITH FUND
INFORMATION
DECEMBER 31, 1995
<TABLE>
<CAPTION>
-------------------------------------------PARTICIPANT DIRECTED--------------------------------------
FIRST
TWENTIETH MAXIM PUTNAM GLOBAL AIM PATRIOT
CENTURY CORPORATE GOVERNMENTAL WEINGARTEN PUTNAM GLOBAL MAXIM MONEY BANKSHARES
ULTRA FUND BOND FUND INCOME FUND FUND GROWTH FUND MARKET FUND STOCK FUND
---------- --------- ------------- --------- ------------- ----------- ----------
<S> <C> <C> <C> <C> <C> <C> <C>
ADDITIONS
Additions to net assets
attributed to:
Investment Income:
Net realized and
unrealized appreciation
in fair value of
investments (Note 2) $ 11,331 $ 3,144 $ - $ 4,157 $ 3,384 $ 285 $ 129,978
Interest and dividends - - - - - - 1,289
--------- --------- --------- --------- --------- --------- ---------
11,331 3,144 - 4,157 3,384 285 131,267
Less: fees and commissions (615) (154) - (377) (328) (82) -
--------- --------- --------- --------- --------- --------- ---------
$ 10,716 $ 2,990 $ - $ 3,780 $ 3,056 $ 203 $ 131,267
--------- --------- --------- --------- --------- --------- ---------
Contributions:
Participants 53,635 44,774 - 38,999 19,650 3,515 51,883
Employers - - - - - - -
--------- --------- --------- --------- --------- --------- ---------
$ 53,635 $ 44,774 $ - $ 38,999 $ 19,650 $ 3,515 $ 51,883
--------- --------- --------- --------- --------- --------- ---------
Total Additions $ 64,351 $ 47,764 $ - $ 42,779 $ 22,706 $ 3,718 $ 183,150
--------- --------- --------- --------- --------- --------- ---------
Deductions:
Deductions from net assets
attributed to:
Benefits paid to
participants $ 5,739 $ 492 $ - $ 1,533 $ 5,170 $ 2,015 $ 9,903
--------- --------- --------- ---------- --------- --------- ---------
Net increase (decrease)
prior to interfund
transfer 58,612 47,272 8 41,246 17,536 1,703 $ 173,247
Transfers 15,417 (9,059) 5,969 (3,686) 14,589 64,023
--------- --------- --------- --------- --------- --------- ---------
Net increase (decrease) 74,029 38,213 8 47,215 13,850 16,292 237,270
Net assets available for
benefits:
Beginning of year 7,307 2,074 - 4,394 5,498 35 63,641
--------- --------- --------- --------- --------- --------- ---------
End of year $ 81,336 $ 40,287 $ 8 $ 51,609 $ 19,348 $ 16,327 $ 300,911
========= ========= ========= ========= ========= ========= =========
</TABLE>
<TABLE>
<CAPTION>
NON
PARTICIPANT
PARTICIPANT DIRECTED
DIRECTED FIRST
----------- PATRIOT
CASH/ BANKSHARES
OTHER STOCK FUND TOTAL
-------- ----------- ---------
<S> <C> <C> <C>
ADDITIONS
Additions to net assets
attributed to:
Investment Income:
Net realized and
unrealized appreciation
in fair value of
investments (Note 2) $ - $ 5,154 $ 157,433
Interest and dividends 5,986 52 7,327
--------- --------- ---------
5,986 5,206 164,760
Less: fees and commissions - - (1,556)
--------- --------- ---------
$ 5,986 $ 5,206 $ 163,204
--------- --------- ---------
Contributions:
Participants 8,575 - 221,039
Employers - 33,173 33,173
--------- --------- ---------
$ 8,575 $ 33,173 $ 254,212
--------- --------- ---------
Total Additions $ 14,561 $ 38,379 $ 417,416
--------- --------- ---------
Deductions:
Deductions from net assets
attributed to:
Benefits paid to
participants $ 3,797 $ - $ 28,649
--------- --------- ---------
Net increase (decrease)
prior to interfund
transfer $ 10,764 $ 38,379 $ 388,767
Transfers (97,608) 10,355 -
--------- --------- ---------
Net increase (decrease) (86,844) 48,734 388,767
Net assets available for
benefits:
Beginning of year 162,051 - 245,000
--------- --------- ---------
End of year $ 75,207 $ 48,734 $ 633,767
========= ========= =========
</TABLE>
See accompanying notes. 6
<PAGE> 7
FIRST PATRIOT BANKSHARES CORPORATION 401(k) PROFIT SHARING PLAN AND TRUST
NOTES TO FINANCIAL STATEMENTS
Note 1. Description of the Plan
The following description of the First Patriot Bankshares
Corporation 401(k) Profit Sharing Plan and Trust ("Plan")
provides only general information. Participants should refer
to the Summary Plan Description for a more complete
description of the Plan's provisions.
General
The Plan is a defined contribution plan qualified under
Section 401(k) of the U.S. Internal Revenue Code covering all
employees of First Patriot Bankshares Corporation (the
"Company") who have met certain requirements for
participation. The Plan was established to provide benefits
to participants upon retirement, termination of employment,
death, permanent and total disability, or demonstration of
financial hardship. The Plan is subject to the provisions of
the Employee Retirement Income Security Act of 1974 (ERISA).
Contributions
The Plan provides for employees to contribute from 1% to 15%
(up to the IRS maximum) of their compensation on a pre-tax
basis. Contributions made by the employees to the Plan may be
used to purchase either common stock of the Company or may be
directed to be invested in any of the available investment
funds. The Company may make a matching contribution at it's
discretion. Matching contributions under the Plan are
invested solely in common stock of the Company. The Plan also
provides for an additional discretionary contribution
determined by the Board of Directors of the Company; however,
no discretionary contributions were made during 1996 or 1995.
Participant Accounts
Each participant's account is credited with the participant's
contribution and allocations of the Company's contributions
and Plan earnings. Allocations are based on participant
earnings or account balances, as defined.
Vesting
Participants are immediately vested in their contributions
plus actual earnings thereon. Vesting in the Company's
matching and discretionary contribution portion of their
accounts plus actual earnings thereon is based on years of
continuous service. A participant is 100% vested after five
years of credited service.
7
<PAGE> 8
FIRST PATRIOT BANKSHARES CORPORATION 401(k) PROFIT SHARING PLAN AND TRUST
NOTES TO FINANCIAL STATEMENTS
Note 1. Description of the Plan (continued)
Investment Options
The following investment options are available to participants:
First Patriot Bankshares Corporation Common Stock
Fund - Funds are invested in common stock of First
Patriot Bankshares Corporation.
The New England Mutual Life Insurance Company Series
K Account: - Twentieth Century Ultra Fund - Fund
generally targets companies with accelerating
earnings and revenues to have above average prospects
for appreciation.
- Maxim Corporation Bond Fund - Fund invests in
preferred stock, foreign securities, and high-yield
securities rated below investment grade.
- Putnam Global Governmental Income Fund - Fund
invests in debt securities issued or guaranteed by
national, provincial, state or other governments,
primarily on international governments. Participants
are no longer able to invest in this fund.
- Aim Weingarten Fund - Fund primarily invests in
stocks of companies with earnings higher than those
expected by analysts.
- Putnam Global Growth Fund - Fund concentrates on
countries whose markets are believed to offer the
best value, selecting those that show signs of solid
growth.
- Maxim Money Market Fund - Fund seeks to preserve
capital, maintain liquidity and earn the highest
possible current income by investing in short-term
money market securities.
Loans to Participants
Participants may borrow from their fund accounts a minimum of
$1,000 up to a maximum equal to the lesser of $50,000 or 50%
of their account balance. Loans must be repaid within 5 years
unless the loan is for the purchase of a primary residence.
The loans are secured by the balance in the participant's
account and bear interest at the prime rate charged by the
current commercial bank of the employer as of the date of the
loan plus 1%. Principal and interest is paid ratably through
monthly payroll deductions.
8
<PAGE> 9
FIRST PATRIOT BANKSHARES CORPORATION 401(k) PROFIT SHARING PLAN AND TRUST
NOTES TO FINANCIAL STATEMENTS
Note 1. Description of the Plan (continued)
Payment of Benefits
Upon retirement or termination, a participant shall receive
contributions made to the Plan the vested portion of the
employer contributions and an allocable share of the Plan's
earnings or losses. Benefits are payable in a lump sum no
later than 60 days after the end of the plan year in which a
participant reaches normal retirement age or terminates
employment.
Plan Expenses
Investment management fees reduce plan earnings. All other
plan expenses are paid by the sponsor.
Forfeited Accounts
Non-vested Company contributions may, subject to certain
restrictions, be forfeited upon withdrawal of the employee
from the Plan and be used as a credit to reduce future company
contributions.
Note 2. Summary of Significant Accounting Policies
Basis of Presentation
The accompanying financial statements are presented on the
accrual basis of accounting.
Valuation of Investments
Investments are carried at fair value. The fair value of the
New England Mutual Life Insurance Company Series K Account
Mutual Funds is stated at the net asset value of the funds
reported as of December 31, 1996 and 1995. The Company stock
is valued at its quoted market price as reported on NASDAQ.
Loans to participants are valued at cost which approximates
fair value.
New England Mutual Life Insurance does not separate interest
and dividends in their reports. Due to the cost benefits it
is shown gross including appreciation of investments in the
financial statements.
Payment of Benefits
Benefits are recorded when paid.
9
<PAGE> 10
FIRST PATRIOT BANKSHARES CORPORATION 401(k) PROFIT SHARING PLAN AND TRUST
NOTES TO FINANCIAL STATEMENTS
Note 3. Investments
The following is a summary of investments at December 31, 1996
and 1995, respectively:
<TABLE>
<CAPTION>
MARKET VALUE COST
1996 1995 1996 1995
------ ------ ------ ------
<S> <C> <C> <C> <C>
Investments at fair value
as determined by quoted
market price
First Patriot Bankshares
Corporation Common Stock $473,120 $316,472 $362,398 $181,395
The New England Mutual
Life Insurance Co.
Series K Account Funds:
Twentieth Century Ultra 136,557 81,336 119,701 75,082
Maxim Corporation Bond 33,329 40,287 29,536 37,853
Putnam Global
Governmental Income - 8 - 8
Aim Weingarten 112,054 51,609 98,163 48,196
Putnam Global Growth 50,549 19,348 45,074 17,808
Maxim Money Market 12,126 16,327 12,066 15,989
Loans to participants 20,134 37,331 20,134 37,331
</TABLE>
Note 4. Income Tax Status
The Internal Revenue Service has determined and informed the
Company by a letter dated June 26, 1991, that the Plan is
qualified and the trust established under the Plan is tax
exempt, under the appropriate sections of the Code. The Plan
has been amended since receiving the determination letter.
However, the Plan administrator and the Plan's tax counsel
believe the Plan is designed and is currently being operated
in compliance with the applicable requirements of the IRC.
Note 5. Plan Termination
Although it has not expressed any intent to do so, the Company
has the right under the Plan to discontinue it's contributions
at any time and to terminate the Plan subject to the
provisions of ERISA. In the event of Plan termination,
participants will become 100 percent vested in their accounts.
10
<PAGE> 11
FIRST PATRIOT BANKSHARES CORPORATION 401(k) PROFIT SHARING PLAN AND TRUST
NOTES TO FINANCIAL STATEMENTS
Note 6. Benefits Payable
Benefits owed terminated participants at December 31, 1996 and
1995 were $149,956 and $33,376, respectively.
Note 7. Subsequent Event
On February 18, 1997, First Patriot Bankshares Corporation
entered into a merger agreement with United Bankshares
Incorporated, subject to shareholder and regulatory approval.
If the merger occurs all the Plan's assets will be transferred
into United Bankshares Incorporated 401(k) Plan effective
January 1, 1998.
Note 8. Reconciliation of Financial Statements to Form 5500
The following is a reconciliation of net assets available per
the financial statements at December 31, 1996 and 1995 to form
5500:
<TABLE>
<CAPTION>
1996 1995
-------- --------
<S> <C> <C>
Net assets available for
benefits per the financial
statements $944,484 $633,767
Net assets available for
benefits per the form 5500 944,484 633,767
-------- --------
Variance $ 0 $ 0
======== ========
</TABLE>
11
<PAGE> 12
FIRST PATRIOT BANKSHARES CORPORATION 401(k) PROFIT SHARING PLAN AND TRUST
ITEM 27A - SCHEDULE OF ASSETS HELD FOR INVESTMENT PURPOSES
DECEMBER 31, 1996
<TABLE>
<CAPTION>
FACE AMOUNT,
SHARES OR CURRENT
DESCRIPTION OF INVESTMENT RATE COST VALUE
- ------------------------------- ------------ ---------- -------
<S> <C> <C> <C>
The New England Mutual Life
Insurance Company Series K
Account:
Twentieth Century Ultra Fund 8,905 $119,701 $136,557
Maxim Corporate Bond Fund 2,652 29,536 33,329
Aim Weingarten Fund 7,153 98,163 112,054
Putnam Global Growth Fund 3,727 45,074 50,549
Maxim Money Market Fund 1,099 12,066 12,126
First Patriot Bankshares Corporation
Common Stock 29,570 362,398 473,120
Certificates of Deposit 39,138 39,138
Cash and Cash Equivalents 3,619 3,619
Loans to Participants 9.75% - 10.25% - 20,134
-------- --------
Total Funds Invested $709,695 $880,626
======== ========
</TABLE>
12
<PAGE> 13
FIRST PATRIOT BANKSHARES CORPORATION 401(k) PROFIT SHARING PLAN AND TRUST
ITEM 27D - SCHEDULE OF REPORTABLE TRANSACTIONS
DECEMBER 31, 1996
<TABLE>
<CAPTION>
CURRENT
VALUE OF
ASSET ON
PURCHASE SELLING COST OF TRANSACTION NET GAIN
DESCRIPTION OF ASSET PRICE PRICE ASSET DATE LOSS
- ---------------------------------- ------------ ---------- ------- ----------- --------
<S> <C> <C> <C> <C> <C>
INDIVIDUAL TRANSACTIONS
None
SERIES OF TRANSACTIONS
Purchases:
4,858 shares of Twentieth
Century Ultra Fund $ 69,958
4,838 shares of Aim
Weingarten 70,474
5,226 shares of First Patriot
Bankshares Corporation 94,370
Sales:
1,902 shares of Twentieth
Century Ultra Fund $ 27,462 $ 25,338 $ 27,462 $ 2,124
1,503 shares of Aim
Weingarten 22,009 20,508 22,009 1,501
3,190 shares of First Patriot
Bankshares Corporation 33,434 48,444 33,434 (15,010)
</TABLE>
13
<PAGE> 1
Exhibit 23
Consent of Independent Auditors
We consent to the inclusion in Amendment No. 1 to First Patriot Bankshares
Corporation's Annual Report on Form 10-K for the year ended December 31, 1996,
and to the incorporation by reference in the Registration Statement (Form S-8
No. 33-91730) pertaining to the First Patriot Bankshares Corporation 401 (k)
Profit Sharing Plan and Trust of our report dated July 10, 1997 with respect to
financial statements and schedules of the First Patriot Bankshares Corporation
401(k) Profit Sharing Plan and Trust for the years ended December 31, 1995 and
1996.
D.R. Maxfield & Company
July 10, 1997
