UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT UNDER SECTION 13 OR 15(d) OF
THE SECURITIES EXCHANGE ACT OF 1934
Date of report (Date of earliest event reported) August 23, 1996
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Commission file number 33-47248
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WEETAMOE BANCORP
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(Exact name of registrant as specified in its charter)
Massachusetts 04-3061936
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(State or other jurisdiction of (I.R.S. Employer Identification
incorporation or organizaton) Number)
100 Slade's Ferry Avenue 02726
Somerset, Massachusetts -----
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(Address of Principal Executive Offices)
(508)675-2121
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(Registrant's Telephone Number, including Area Code)
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(Former Name or Former Address, if changed since last report)
Item 2. Acquisition or Disposition of Assets
On August 23, 1996 Weetamoe Bancorp ("the Company") effected its
acquisition of Fairbank, Inc., a Massachusetts corporation ("Fairbank"), and
its wholly owned subsidiary, the National Bank of Fairhaven, through the
Company's wholly owned subsidiary, Slade's Ferry Bank. The acquisition was
accomplished by the payment by Slade's Ferry Bank of $8,558,800.25 in cash
from its capital funds for all of the outstanding shares of the common stock
of Fairbank, Inc. The payment involved was determined by arm's length
negotiation between the parties. As a result of the acquisition, Fairbank,
Inc. was dissolved, and the National Bank of Fairhaven was merged into
Slade's Ferry Bank. The National Bank of Fairhaven's two banking offices in
Fairhaven and New Bedford, Massachusetts have become branches of Slade's
Ferry Bank.
The National Bank of Fairhaven had assets of approximately $65 Million
at year end 1995, while Slade's Ferry Bank ended the year at $233 Million.
The combined entity with assets of almost $300 Million will operate nine
full time banking offices serving Fairhaven, New Bedford, Fall River,
Somerset, Swansea, Seekonk and surrounding towns.
Item 7. Financial Statements and Exhibits
(a) Financial Statements. None. It was impracticable at this time
to provide required financial statements
for Fairbank, Inc. and pro forma financial
information. Such statements and information
will be filed as soon as possible and no later
than November 6, 1996.
(b) Pro Forma Financial
Information. None. See above.
(c) Exhibits. See Exhibits Index
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 hereto duly authorized.
WEETAMOE BANCORP
(Registrant)
September 6, 1996 By /s/ Ralph S. Borges
(Date) (Signature) Ralph S. Borges
Treasurer
EXHIBIT INDEX
Exhibit No. Description
20.1 August 29, 1996 press release announcing acquisition
20.2 March 19, 1996 notification to stockholders announcing
acquisition
EXHIBIT 20.1
Slade's Ferry Bank
.......PRESS RELEASE.......
August 29, 1996 Media Contact:
Charlene J. Jarest
(508) 675-2121
FOR IMMEDIATE RELEASE
Somerset, Massachusetts
Slade's Ferry Bank is pleased to announce the successful completion of
its merger with National Bank of Fairhaven, Fairhaven, Massachusetts.
Slade's Ferry Bank now has nine full-time bank offices, servicing
communities from the Rhode Island border to Cape Cod, all along the south
coast.
On Friday, August 23rd, Slade's Ferry's assets upon completion of the
merger were approximately $290,000,000, and the employees number 180.
"We believe the opportunity to expand the delivery of financial services
to the Greater New Bedford market will benefit the bank, the marketplace,
and the stockholders. We will be providing expanded financial choices in
the Greater New Bedford marketplace, and increasing the product and lending
capabilities as a result of this merger," said James Carey, President of
Slade's Ferry Bank.
Slade's Ferry Bank is the wholly-owned subsidiary of Weetamoe Bancorp,
which is listed on the pink sheets as WTMO. For further information as to
stock price or availability, contact your broker.
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Slades Ferry Trust Company
100 Slades Ferry Avenue * P.O. Box 390, Somerset, MA 02726
Cable Address "Slade Bank" Member FDIC
Exhibit 20.2
March 19, 1996
Dear Stockholder:
The annual stockholders' meeting held on March 11, 1996 at the Venus De
Milo Restaurant in Swansea, Massachusetts was well attended. We sincerely
appreciate your overwhelming support in the adoption of the incentive stock
option plan and the increase in authorized shares from 3,000,000 to
5,000,000. During the meeting, Senior Management and the Board of Directors
of Weetamoe Bancorp emphasized their commitment to the improvement of
overall shareholder value through increased earnings and possible expansion
into other market areas.
Recently, we received a request to submit a bid for the National Bank of
Fairhaven. Upon approval by your Directors, Weetamoe Bancorp entered into a
confidentiality agreement; and following an evaluation of the quality of
assets, liabilities, profitability, and the market area of the National Bank
of Fairhaven, a cash offer was made.
Your Board is pleased to announce that the offer was accepted by the
stockholders of Fairbank Inc., and that both parties have signed a letter of
intent to have Slade's Ferry Bank purchase Fairbank Inc. (National Bank of
Fairhaven).
The National Bank of Fairhaven is a $65 Million bank with a main office
located at Huttleston Avenue in Fairhaven, and a small branch located in
Walgreens at Pleasant Street in New Bedford, Massachusetts. The bank draws
its customers from Fairhaven, New Bedford, Acushnet, Mattapoisett,
Dartmouth, Marion, Rochester and other outlying communities. The bank would
become branches of the Slade's Ferry Bank, with combined assets of
approximately $300 Million. It is anticipated that the acquisition will not
be completed until September, pending regulatory approval.
We are excited about the opportunity to extend the delivery of our
financial services to the greater New Bedford marketplace. This acquisition
will increase our ability to grow the franchise and provide greater
shareholder value to you. We welcome our new employees and customers to our
family, and pledge to them the same level of service and community support
that we have become known for.
Sincerely,
James D. Carey
Executive Vice President
