SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM S-8
REGISTRATION STATEMENT
under
THE SECURITIES ACT OF 1933
WESTBANK CORPORATION
(Exact name of issuer as specified in its charter)
Massachusetts 04-2830731
(State or other jurisdiction (I.R.S. Employer Identification No.)
of incorporation)
225 Park Avenue
West Springfield, Massachusetts 01090-0149
(Address of principal executive offices and zip code)
1995 DIRECTORS' STOCK OPTION PLAN
(Full title of the Plan)
John M. Lilly, Treasurer
Westbank Corporation
225 Park Avenue
West Springfield, Massachusetts 01090-0149
Telephone: (413) 747-1400
(Name and address of Agent for Service)
Copy to:
W. Garth Janes, Esquire
Doherty, Wallace, Pillsbury and Murphy, P.C.
One Monarch Place, 19th Floor
Main Street, Springfield, MA 01144-1002
CALCULATION OF REGISTRATION FEE
Proposed Proposed
Title of Maximum Maximum
Securities Amount Offering Aggregate Amount of
to be to be Price per Offering Registration
Registered Registered Share Price Fee
- ------------------------------------------------------------------
Common Stock 125,000
$2 Par Value Shares $13.875 $1,734,375 $511.64
PROSPECTUS
WESTBANK CORPORATION
(the "Company")
125,000 Shares of Common Stock, $2.00 par value,
offered pursuant to the Company's
1995 Directors' Stock Option Plan (the "Plan")
The Company is offering or may offer a maximum of 125,000 shares
(subject to adjustment in certain circumstances) of its Common
Stock, $2.00 par value (the "Common Stock"), to directors of the
Company who have been or may be in the future granted options to
purchase such shares pursuant to the Plan. Such offers are or will
be made at the prices and on the terms and conditions contained in
the respective stock option agreements entered into or to be entered
into with each optionee (the "Agreements").
Affiliates of the Company may not resell shares purchased under the
Plan pursuant to this Prospectus; they may resell only under a
prospectus that is part of an appropriate effective registration
statement under the Securities Act of 1933, as amended (the "1933
Act"), or in compliance with Rule 144 of the Rules and Regulations
of the Securities and Exchange Commission (the "Commission")
promulgated under the 1933 Act, or otherwise pursuant to an
available exemption from registration. In general, Affiliates are
persons with power to manage and direct the policies of the Company,
such as its executive officers and directors, and certain relatives
of such persons. Each director should, prior to reselling or
re-offering any option shares, consult counsel to determine whether
he or she is in compliance with all of the foregoing restrictions.
THESE SECURITIES HAVE NOT BEEN APPROVED OR DISAPPROVED BY
THE SECURITIES AND EXCHANGE COMMISSION OR BY ANY STATE
SECURITIES COMMISSION NOR HAS THE SECURITIES AND
EXCHANGE COMMISSION OR ANY STATE SECURITIES
COMMISSION PASSED UPON THE ACCURACY OR
ADEQUACY OF THIS PROSPECTUS. ANY
REPRESENTATION TO THE CONTRARY
IS A CRIMINAL OFFENSE
The date of this Prospectus is May 28, 1998
No person has been authorized to give any information or to make any
representations not contained in this Prospectus in connection with
the offering made by this Prospectus; and any information or
representations not contained herein must not be relied upon as
having been authorized by the Company. This Prospectus does not
constitute an offer to sell or a solicitation of an offer to buy the
securities to which this Prospectus relates in any jurisdiction in
which it is unlawful to make such an offer or solicitation. Neither
the delivery of this Prospectus nor any sale made hereunder shall
under any circumstances create any implication that there has been
no change in the affairs of the Company since the date hereof.
TABLE OF CONTENTS
Page
Additional Information 3
Incorporation by Reference 4
The Company 5
The Plan 5
Experts 12
Description of the Company's Common Stock 12
Legal Opinion 12
ADDITIONAL INFORMATION
The Company has filed with the Commission, Washington, D.C., a
Registration Statement on Form S-8 under the 1933 Act relating to
the shares of Common Stock offered hereby. For further information,
reference is made to the Registration Statement, including the
Exhibits filed as part thereof. Statements contained in this
Prospectus as to the provisions of the Plan and the Agreements are
not complete and in each instance reference is made to the Plan and
the Agreements.
The Company is subject to informational requirements under Section
13 of the Securities Exchange Act of 1934, as amended (the "1934
Act"), and in accordance therewith files reports and other
information with the Commission. Reports and other information
concerning the Company can be inspected without charge and copied
upon payment of prescribed rates at the public reference facilities
maintained by the Commission at its offices at 450 Fifth Street,
N.W., Washington, D.C. 20549; as well as at the regional offices of
the Commission located at Citicorp Center, 500 West Madison Street,
Suite 1400, Chicago, Illinois 60661 and Seven World Trade Center,
13th Floor, New York, NY 10048. Additional updating information
with respect to the securities and Plan described herein may be
provided in the future to Plan participants by means of appendices
to the Prospectus.
INCORPORATION BY REFERENCE
The following documents filed by the Company with the Commission are
incorporated by reference in this Prospectus and shall be deemed to
be a part hereof:
1. The Company's Quarterly Report or Form 10-Q for the quarter
ended March 31, 1998.
2. The Company's Annual Report on Form 10-K for the year ended
December 31, 1997.
3. The Company's Proxy Statement dated March 12, 1998 for the
Annual Meeting of Shareholders held on April 15, 1998.
Documents filed by the Company with the Commission pursuant to
Section 13(a), 13(c), 14, and 15(d) of the 1934 Act subsequent to
the date of this Prospectus and prior to the filing of a
post-effective amendment which indicates that all the securities
offered by this Prospectus have been sold or which deregisters all
of the securities remaining unsold shall be deemed to be
incorporated by reference into this Prospectus and to be part hereof
from the date of filing of such documents. Any statement contained
in a document incorporated by reference herein shall be deemed to be
modified or superseded for all purposes to the extent that a
statement contained in this Prospectus or in any other document
which also is incorporated herein by reference modifies or replaces
such statement. Any such statement as modified or superseded shall
not be deemed, except as modified or superseded, to constitute a
part of this Prospectus.
The Company has delivered or caused to be delivered with this
Prospectus to each employee to whom this Prospectus is sent or given
a copy of the Company's annual report to shareholders for its last
fiscal year, unless such employee otherwise has received a copy of
such report, in which case the Company will promptly furnish without
charge a copy of such report upon the written request of the
employee.
THE COMPANY UNDERTAKES TO PROVIDE WITHOUT CHARGE TO EACH PERSON TO
WHOM A PROSPECTUS IS DELIVERED, UPON WRITTEN OR ORAL REQUEST OF SUCH
PERSON, A COPY OF ANY AND ALL INFORMATION THAT HAS BEEN INCORPORATED
BY REFERENCE IN THIS PROSPECTUS (NOT INCLUDING EXHIBITS TO THE
INFORMATION THAT IS INCORPORATED BY REFERENCED UNLESS SUCH EXHIBITS
ARE SPECIFICALLY INCORPORATED BY REFERENCE HEREIN). SUCH REQUESTS
SHOULD BE DIRECTED TO JOHN M. LILLY, TREASURER, WESTBANK
CORPORATION, 225 PARK AVENUE, WEST SPRINGFIELD, MASSACHUSETTS
01090-0149.
INFORMATION REQUIRED IN THE PROSPECTUS
THE COMPANY
The Company, a Massachusetts corporation, is a bank holding company
registered under the Bank Holding Company Act of 1956, as amended.
The company was incorporated in 1983 and became a bank holding
company through the acquisition of all of the common stock of Park
West Bank and Trust Company on July 2, 1984. On February 20, 1987,
the Company acquired all of the common stock of Chicopee Cooperative
Bank. The Company's principal executive office is located at 225
Park Avenue, West Springfield, Massachusetts 01090-0149. Its
telephone number is (413) 747-1400.
THE PLAN
Adoption and Adjustment; Termination
In 1995, the Board of Directors of the Company (the "Board")
unanimously adopted the Plan, subject to the approval of the
shareholders of the Company, which approval was obtained at the
Annual Meeting of Shareholders in April, 1995.
In accordance with the terms of the Plan, the Board may at any time
suspend or terminate the Plan, and may amend it from time to time in
such respects as the Board may deem advisable; provided, however,
that the Board shall not amend the Plan in the following respects
without the approval of stockholders sufficient to approve the Plan
in the first instance: (i) to materially increase the maximum number
of shares that may be issued under the Plan; (ii) to materially
modify the requirements as to eligibility for participation in the
Plan; and (iii) to materially modify the Option Price (as defined in
the Plan) under the Plan. No amendment, suspension or termination
of the Plan shall, without the Optionee's consent, alter or impair
any rights or obligations under any Agreement previously entered
into under the Plan. The Plan shall terminate 10 years after the
Effective Date of the Plan unless previously terminated.
As of the date of this Prospectus, options to purchase 32,000
shares of Common Stock are outstanding under the Plan.
Nature and Purpose of the Plan
Subject to certain limitations, the Plan authorizes the grant of
options (the "Options") to purchase shares of Common Stock to
directors of the Company that are not otherwise an officer or
employee of the Company or any of its subsidiaries (the
"Non-Employee Directors").
The purposes of the Plan are to enhance the Company's ability to
attract and retain highly qualified individuals to serve as members
of the Board and to provide additional incentives to non-employee
directors to promote the success of the Company.
Administration
The Plan provides that it is to be administered by the Non-Employee
Directors. The Non-Employee Directors' responsibilities under the
Plan are limited to taking all legal action necessary to document
the Options provided for under the Plan, to maintain appropriate
records and reports regarding those Options, and to take all acts
authorized by the Plan. The present Non-Employee Directors of the
Company are:
Relationship with
Name Address the Company
Roland O. Archambault 55 Tolpa Circle Director
Chicopee, MA 01020
Mark A. Beauregard 33 Ashton Lane Director
South Hadley, MA 01075
David R. Chamberland 24 Shady Brook Lane Director
West Springfield, MA 01089
Leroy F. Jarrett 807 Riverview Drive Director
Chatham, MA 01020
Ernest N. Laflamme, Jr. 865 Montgomery Street Director
Chicopee, MA 01020 Vice Chairman
of the Board
Paul J. McKenna, D.M.D. 231 Park Drive Director
Longmeadow, MA 01106
Robert J. Perlak 38 Brouillard Drive Director
Chicopee, MA 01013 Clerk
George R. Sullivan 190 Knollwood Drive Director
Longmeadow, MA 01106
James E. Tremble 41 Farmington Avenue Director
Longmeadow, MA 01106
Alfred C. Whitaker 1060 Morgan Road Director
West Springfield, MA 01089 Chairman of
the Board
Assistant
Clerk
Members of the Board are elected for three year terms by the
shareholders and are subject to removal in accordance with the
Articles of Organization and By-Laws of the Company.
Eligibility and Extent of Participation
Eligibility under the Plan is limited to Non-Employee Directors of
the Company who have: (i) been a member of the Board for at least
twelve (12) months and (ii) satisfied the Attendance Requirements
(as such term is defined in the Plan). According to the terms of
the Plan, on the Effective Date, each eligible Non-Employee Director
was granted an Option to purchase 3,000 shares of Common Stock at
the price specified in the Plan. Thereafter, subject to
availability of shares, each eligible Non-Employee Director so
elected or appointed shall be granted an Option to purchase 3,000
shares of Common Stock, and on each anniversary of the Effective
Date, each eligible Non- Employee Director shall be granted an
Option to purchase 1,000 shares of Common Stock at the price
specified in the Plan.
Shares Subject to the Plan
The Plan, as amended and adjusted, authorizes the grant of Options
covering shares of Common Stock (subject to further adjustment in
certain circumstances). The number of shares that may be made
subject to Options under the Plan, as well as the number of shares
subject to Options that have already been granted, and the price per
share are subject to adjustment in certain circumstances such as
stock dividends, stock splits, recapitalizations, and other similar
events.
Option Price
The purchase price of the shares subject to Options under the Plan
is the greater of the Fair Market Value (as defined in the Plan) of
the Common Stock on the Grant Date (as defined in the Plan) or the
par value of such Common Stock on such date.
Upon the exercise of an Option under the Plan, the Exercise Price
(as defined in the Plan) must be paid to the Company in the form of
cash or cash equivalents or shares of Common Stock valued at Fair
Market Value in accordance with the Plan, subject to further
requirements contained in the Plan.
Option Periods
Options granted under the Plan may be exercised during the period
beginning six months after the later of the Grant Date or the date
on which the Plan was approved by the Stockholders of the Company,
and ending at the close of business on the tenth
anniversary of the Grant Date or on an earlier date in the event of
a dissolution, liquidation, merger, consolidate, reorganization or
similar event identified in the Plan.
Termination of Employment, Death and Non-Assignability
Options are not assignable but may be transferred by will or by the
laws of descent and distribution or pursuant to a qualified domestic
relations order as defined in Section 414(p)(1)(B) of the Internal
Revenue Code of 1986, as amended, and during the optionee's lifetime
are exercisable only by the optionee. Termination of the Optionee's
status as a director for any reason shall not cause an Option to
terminate.
Sale of Shares
Generally, members of the Board are considered Affiliates of the
Company, and, as such, may not resell such shares under this
Prospectus; they may resell only under a Prospectus that is part of
an appropriate effective registration statement under the 1933 Act,
or in compliance with Rule 144 of the Rules and Regulations of the
Commission promulgated under the 1933 Act, or otherwise pursuant to
an available exemption from registration.
General
The Plan is not subject to the provisions of the Employee Retirement
Income Security Act of 1974, as amended and adjusted.
Taxation
The Plan is not qualified under Section 401 of the Internal Revenue
Code (the "Code"). The following discussion of the federal income
tax consequences of the granting and exercise of Options is based on
an analysis of the Code as in effect on the date of this Prospectus
and the rulings and regulations published thereunder before such
date. The rules contained in the applicable provisions of the Code
and the regulations and rulings thereunder are quite technical, so
the description of federal tax consequences set forth herein is
necessarily general in nature and does not purport to be complete.
Optionees may also be subject to state or local income tax
consequences in the jurisdictions in which they work or reside.
Optionees should not rely upon this discussion for advice regarding
their individual situations and are advised to seek professional
individual counsel.
Optionees do not realize income at the time of grant of an Option.
Recognition of such income is postponed until the optionee exercises
the Option. The amount of income recognized will generally be equal
to the difference between fair market value of the shares on the
date of exercise and the fair market value of the shares on the date
of grant of the Option.
The Company is entitled to a deduction for federal income tax
purposes only to the extent that ordinary income is realized by the
optionee upon exercise of the Option.
DESCRIPTION OF THE COMPANY'S COMMON STOCK
The Company is authorized to issue up to 9,000,000 shares of Common
Stock, $2.00 par value. As of March 2, 1998, there were 3,747,121
shares of Common Stock outstanding. The Company also has authorized
100,000 shares of Preferred Stock, $5.00 par value. No shares of
the Company's Preferred Stock are outstanding.
Dividend Rights
Holders of the Common Stock are entitled to receive such dividends
as are declared by the Board out of funds legally available
therefor.
Voting Rights
Holders of the Common Stock are entitled to one vote for each share
of stock held by them.
The shares of Common Stock do not have cumulative voting rights.
This means that the holders of more than 50% of the shares of Common
Stock voting for the election of directors can elect 100% of the
class of directors standing for election at any meeting if they
choose to do so, and in such event, the holders of the remaining
shares voting for the election of directors will not be able to
elect any person or persons to the Board of Directors of the Company
at the meeting.
Pre-emptive Rights
The holders of the Common Stock have no pre-emptive rights.
Liquidation Rights
In the event of any liquidation, dissolution or winding up of the
affairs of the Company, after payment to the holders of any shares
of preferred stock then issued and outstanding of the amounts to
which they are entitled, the holders of Common Stock will be
entitled to receive pro rata any assets distributable to
shareholders with respect to shares held by them.
Election of Directors
Under both the Articles of Organization and the By-Laws of the
Company, the Board of Directors is divided into three approximately
equal classes designated, respectively, Class 1, Class 2 and Class
3. Each Director services for a term ending on the date of the third
annual meeting of stockholders following the annual meeting at which
such Director was elected, or, if the Director was not elected at an
annual meeting, until the end of the term of the class to which he
was elected, and, in each case, until his successor is duly elected
and qualified or until his earlier resignation, removal from office
or death.
Other Matters
The Common Stock has no conversion rights, and is not subject to any
redemption or sinking fund provisions or any further calls or
assessments. The shares of Common Stock currently outstanding are,
and the shares of Common Stock to be issued pursuant to the Plan
will be, fully paid and non-assessable.
The Company's Articles of Organization impose certain limitations on
the ability of the Company and its shareholders to recover monetary
damages from the Company's Directors for breach of fiduciary duty by
such Directors in their capacity as Director. Directors of the
Company continue to have liability to the Company and its
shareholders for monetary damages for any breach of fiduciary duty
involving (i) breaches of the duty of loyalty to the Company or its
shareholders, (ii) acts or omissions not in good faith which involve
intentional misconduct or a knowing violation of law, (iii)
liability under Section 61 and 62 of Chapter 156B of the
Massachusetts General Laws (involving unauthorized distributions by
the Company and loans to Directors or Officers) or (iv) any
transaction from which the Director derived an improper personal
benefit. Equitable remedies such as an injunction or recision may
also continue to be available.
Extraordinary Corporate Transactions and Changes in Control
Under the Company's Articles of Organization, neither the Company
nor any of its subsidiaries may be a party to any merger or
consolidation, liquidation or dissolution, sale of all,
substantially all or a substantial part of its assets or any
reclassification or recapitalization of its stock unless one of the
following conditions shall have been met: (i) the transaction has
been approved by at least 75% of the total number of shares of stock
of the Company entitled to vote on the matter and by at least a
majority of the total number of shares of stock of the Company
entitled to vote on the matter not owned by the entity other than
the Company which is a party to the transaction, or any subsidiary
or affiliate thereof (the "Receiving Entity"); (ii) the transaction
has been approved by at least 75% of the Company's Board of
Directors not affiliated with the Receiving Entity ("Unaffiliated
Directors"); (iii) the transaction has been approved by a majority
of the Unaffiliated Directors prior to the date on which the
Receiving Entity first acquired any stock of the Company; or (iv)
the transaction has been approved by the holders of at least a
majority of the shares of each class of stock of the Company
entitled to vote on the matter and by at least a majority of the
shares of each class of Stock of the Company entitled to vote on the
matter not owned by the Receiving Entity, and the aggregate of the
cash and fair market value of all consideration to be paid to
holders of the Company's stock is equal to the amounts determined
under a formula set forth in the Company's Articles.
In addition, the Company's Articles of Organization direct the
Company's Board of Directors, in evaluating such a transaction, or a
tender or exchange offer, to consider (i) the social and economic
effects of the transaction on the Company, its subsidiaries, their
employees, depositors, customers and the communities they serve,
(ii) the business and financial condition and earnings prospects of
the other party and the possible effect of such conditions upon the
Company, its subsidiaries and the communities they serve, and (iii)
the competence, experience and integrity of the other party and its
management.
Certain acquisitions of the Company's Common Stock are subject to
the provisions of Chapter 110D of the Massachusetts General Laws
("Chapter 110D") relating to "control share acquisitions". Under
Chapter 110D, a vote of shareholders will be necessary to determine
whether shares of common stock acquired in a control share
acquisition will have voting rights. Subject to various exceptions
set forth in Chapter 110D, a control share acquisition generally
means an acquisition of common stock in which any person, including
his associates, acquires beneficial ownership of stock which, when
aggregated with all other stock of the Company owned by such person,
increases his voting power to one of the following ranges of voting
power: (i) one-fifth or more but less than one-third, (ii) one-third
or more but less than a majority, or (iii) a majority or more.
Shares acquired within ninety days before or after a control share
acquisition or pursuant to a plan to make a control share
acquisition are deemed to be part of the control share acquisition.
EXPERTS
The consolidated financial statements of the Company as of December
31, 1997 and for each of the three year periods ended December 31,
1997 incorporated by reference herein have been incorporated herein
in reliance upon reports of Deloitte & Touche, LLP, independent
certified public accountants, incorporated by reference herein, and
upon the authority of said firm as experts in accounting and auditing.
LEGAL OPINION
Doherty, Wallace, Pillsbury and Murphy, P.C., counsel for the
Company, will give its opinion as to the legality of the Common
Stock being offered hereby, indicating that when sold, the Common
Stock will be legally issued, fully paid and nonassessable.
INFORMATION REQUIRED IN THE REGISTRATION STATEMENT
INDEMNIFICATION OF OFFICERS AND DIRECTORS
In general, Article V, Section 9 of the Company's By-Laws provides
for indemnification of each director, officer, employee or agent of
the Company, any former director, officer, employee or agent of the
Company, and any person who is or shall be a director, officer,
employee or agent of another organization in which the Company owns
shares or of which it is a creditor, against all liabilities and
expenses reasonably incurred by such person in connection with, or
arising out of, any action, suit or proceeding in which such person
may be a party defendant or with which he may be threatened or
otherwise involved, directly or indirectly, by reason of his being
or having been a director or officer of the Company or such other
organization, except in relation to matters as to which such person
shall be finally adjudged (other than by consent) in such action,
suit or proceeding not to have acted in good faith and in a manner
he reasonably believed to be in or not opposed to the best interests
of the Company or such other organization, and, with respect to any
criminal action or proceeding, only to the extent that he had no
reasonable cause to believe his conduct was unlawful.
EXHIBITS
See Exhibit Index.
UNDERTAKINGS
(a) The undersigned Registrant hereby undertakes:
(1) to file, during any period in which offers or sales are
being made, a post- effective amendment to this Registration
Statement:
(i) To include any prospectus required by Section
10(a)(3) of the Securities Act of 1933;
(ii) To reflect in the prospectus any fact or events
arising after the effective date of the Registration
Statement (or most recent post- effective amendment
thereof) which, individually or in the aggregate,
represent a fundamental change in the information set
forth in the Registration Statement; and
(iii) To include any material information with respect to
the plan of distribution not previously disclosed in the
Registration Statement or any material change to such
information in the Registration Statement:
Provided, however, that undertakings (a)(1)(i) and
(a)(1)(ii) do not apply if the information required
to be included in a post-effective amendment by
those paragraphs is contained in periodic reports
filed by the Registrant pursuant to Section 13 or
15(d) of the Securities Exchange Act of 1934 that
are incorporated by reference in the Registration
Statement.
(2) That, for purposes of determining any liability under the
Securities Act of 1933, each such post-effective amendment
shall be deemed to be a new registration statement relating
to the securities offered therein, and the offering of such
securities at the time shall be deemed to be the initial
bonafide offering thereof.
(3) To remove from registration by means of a post-effective
amendment any of the securities being registered which
remain unsold at the consummation of the offering.
(b) The undersigned Registrant hereby undertakes that, for
purposes of determining any liability under the Securities Act
of 1933, each filing of the Registrant's annual report pursuant
to section 13(a) or section 15(d) of the Securities Exchange Act
of 1934 that is incorporated by reference in the Registration
Statement shall be deemed to be a new registration statement
relating to the securities offered therein, and the offering of
such securities at that time shall be deemed to be the initial
bonafide offering thereof.
(c) Insofar as indemnification for liabilities arising out of
the Security Act of 1933 may be permitted to directors, officers
and controlling persons of the registrant pursuant to the
foregoing provisions or otherwise, the registrant has been
advised that in the opinion of the Securities and Exchange
Commission, such indemnification is against public policy as
expressed in the 1933 Act and is, therefore, unenforceable. In
the event that a claim for indemnification against such
liability (other than the payment by the registrant of expenses
incurred or paid by a director, officer or controlling person of
the registrant in the successful defense of any action, suit or
proceeding) is asserted by such director, officer or controlling
person in connection with the securities being registered, the
registrant will, unless in the opinion of its counsel the matter
has been settled by controlling precedent, submit to a court of
appropriate jurisdiction the question whether such
indemnification by it is against public policy as expressed in
the 1933 Act and will be governed by the final adjudication of
such issue.
SIGNATURES
Pursuant to the requirements of the Securities Act of 1933, the
Registrant certifies that it has reasonable grounds to believe that
it meets all of the requirements for filing on Form S-8 and has duly
caused this Registration Statement to be signed on its behalf by the
undersigned, thereunto duly authorized, in the Town of West
Springfield, Commonwealth of Massachusetts, May 27, 1998.
WESTBANK CORPORATION
By: /s/Donald R. Chase
Donald R. Chase, President
POWER OF ATTORNEY
We, the undersigned Directors and Officers of Westbank Corporation,
do hereby severally constitute and appoint Donald R. Chase and John
M. Lilly, or either of them, our true and lawful attorneys and
agents, to do any and all acts and things in our name and behalf in
our capacities as Directors and Officers and execute any and all
instruments for us in our name in the capacities indicated below,
which said attorneys and agents, or either of them, may deem
necessary or advisable to enable said Corporation to comply with the
Securities Act of 1933, as amended and adjusted, and any rules,
regulations, and requirements of the Securities and Exchange
Commission, in connection with this Registration Statement on Form
S-8 including specifically but without limitation, power and
authority to sign for us or any of us, in our names in the
capacities listed below, any and all amendments (including
post-effective amendments) hereto; and we do each hereby ratify and
confirm all that said attorneys and agents, or either one of them,
shall do or cause to be done by virtue hereof.
Pursuant to the requirements of the Securities Act of 1933, as
amended and adjusted, this Registration Statement has been signed by
the following persons in the capacities and on the dates indicated.
Signatures Title Date
/s/Donald R. Chase President, Chief May 27, 1998
Donald R. Chase Executive Officer
and Director
(Principal Executive
Officer)
/s/Alfred C. Whitaker Chairman of the Board May 27, 1998
Alfred C. Whitaker and Director
/s/John M. Lilly Treasurer and Chief May 27, 1998
John M. Lilly Financial Officer
(Principal Financial
and Accounting Officer
/s/Roland O. Archambault Director May 27, 1998
Roland O. Archambault
/s/Mark A. Beaurgard Director May 27, 1998
Mark A. Beauregard
/s/David R. Chamberland Director May 27, 1998
David R. Chamberland
/s/Leroy F. Jarrett Director May 27, 1998
Leroy F. Jarrett
/s/Ernest N. Laflamme, Jr. Director May 27, 1998
Ernest N. Laflamme, Jr.
/s/Paul J. McKenna Director May 27, 1998
Paul J. McKenna, D.M.D.
/s/Robert J. Perlak Director May 27, 1998
Robert J. Perlak
/s/George R. Sullivan Director May 27, 1998
George R. Sullivan
/s/James E. Tremble Director May 27, 1998
James E. Tremble
EXHIBIT INDEX
Number Exhibit
5 Opinion of Doherty, Wallace, Pillsbury
and Murphy, P.C.
23(a) Consent of Deloitte & Touche, LLP
23(b) Consent of Doherty, Wallace, Pillsbury
and Murphy, P.C. (included in Exhibit 5)
24 Power of Attorney (included on signature
page hereof)
99 Westbank Corporation 1995 Directors'
Stock Option Plan