SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 11-K/A
AMENDMENT NO. 1
[X] ANNUAL REPORT PURSUANT TO SECTION 15(d) of the SECURITIES EXCHANGE
ACT OF 1934.
For the fiscal year ended December 31, 1996.
[ ] TRANSITION REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES
EXCHANGE ACT OF 1934 [NO FEE REQUIRED]
For the transition period to
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Commission File No.: 0-17286
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PRIME BANCORP, INC.
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(Exact Name of Issuer as Specified in its Charter)
Delaware 23-2860688
---------------------- ---------------------------------
(State of Incorporation) (IRS Employer Identification No.)
7111 Valley Green Road, Fort Washington, PA 19034-2209
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(Address of Principal Executive Offices)
Prime Bancorp, Inc. Retirement Savings Plan
---------------------------------------------
(Full Title of the Plan)
REQUIRED INFORMATION
Prime Bancorp, Inc. Retirement Savings Plan is subject to the Employee
Retirement Income Security Act of 1974 ("ERISA"). Therefore in lieu of items
1-3 on Form 11-K, the amended financial statements and schedules of the plan
for the two years ended December 31, 1996 and 1995, which have been prepared
in accordance with the financial reporting requirements of ERISA, are attached
hereto as Appendix 1 and incorporated herein by this reference.
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the
trustees (or other persons who administer the employee benefit plan) have duly
caused this Annual Report to be signed on its behalf by the undersigned hereunto
duly authorized.
Dated: April 10, 1998 Prime Bancorp, Inc. Retirement
Savings Plan
By: /s/ Harry E. Dingler, Jr.
-----------------------------
Harry E. Dingler, Jr.
Plan Administrator
APPENDIX 1
PRIME BANCORP, INC.
RETIREMENT SAVINGS PLAN
Financial Statements
December 31, 1996 and 1995
(With Independent Auditors' Report Thereon)
PRIME BANCORP, INC.
RETIREMENT SAVINGS PLAN
Table of Contents
December 31, 1996 and 1995
____________________________________________________________________________
Page
Independent Auditors' Report......................................... 1
Financial Statements
Statements of Net Assets Available for Plan
Benefits as of December 31, 1996 and 1995................... 2 - 3
Statements of Changes in Net Assets Available for Plan
Benefits as of December 31, 1996 and 1995................... 4 - 5
Notes to Financial Statements........................................ 6 - 11
Schedule
1 Item 27(a) - Schedule of Assets Held for Investment Purposes... 13
2 Item 27(d) - Schedule of Reportable Transactions............... 14
Independent Auditors' Report
The Trustees and Administrator
Prime Bancorp, Inc. Retirement Savings Plan:
We have audited the accompanying statements of net assets available for plan
benefits of the Prime Bancorp, Inc. Retirement Savings Plan as of December 31,
1996 and 1995 and the related statements of changes in net assets available for
plan benefits 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 plan benefits of the Plan
as of December 31, 1996 and 1995, and the changes in net assets available for
plan benefits for the years then ended in conformity with generally accepted
accounting principles.
Our audits were made for the purpose of forming an opinion on the basic
financial statements taken as whole. The supplementary information included in
Schedules 1 and 2 is presented for purposes of additional analysis and is not a
required part of the basic financial statements, but is 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. Such supplementary information and fund information have been subjected to
the auditing procedures applied in the audits of the basic financial statements
and, in our opinion, are fairly presented in all material respects in relation
to the basic financial statements taken as a whole.
/s/ KPMG Peat Marwick LLP
Philadelphia, PA
April 6, 1998
PRIME BANCORP, INC. RETIREMENT SAVINGS PLAN
Statements of Net Assets Available for Plan Benefits
December 31, 1996 and 1995
December 31, 1996
- ------------------------------------------------------------------------------------------------
Growth
Money and Prime
Market Growth Income Certificates Common Bond Participant
Fund Fund Fund of Deposit Stock Fund Loans Total
- -----------------------------------------------------------------------------------------------
Assets:
Investments at fair value
Benham GNMA Income
Fund $ - - - - - 41,259 - 41,259
Dreyfus Short Interest
Government Fund - - - - - 57,642 - 57,642
Kaufmann Fund - 94,291 - - - - - 94,291
Money Market
Fund 1,567 - - - - - - 1,567
Neuberger & Berman:
Focus Fund - 104,705 - - - - - 104,705
Guardian Fund - - 41,213 - - - - 41,213
Participant Loans - - - - - - 23,971 23,971
Prime Bancorp, Inc.
Common Stock - - - - 1,906,755 - - 1,906,755
Prime Bank Certificates
of Deposit - - - 778,656 - - - 778,656
Vanguard Wellington Fund - 195,707 - - - - 195,707
- ------------------------------------------------------------------------------------------------
Total investments 1,567 198,996 236,920 778,656 1,906,755 98,901 23,971 3,245,766
- ------------------------------------------------------------------------------------------------
Net assets available for plan benefits
$ 1,567 198,996 236,920 778,656 1,906,755 98,901 23,971 3,245,766
- ------------------------------------------------------------------------------------------------
(continued)
Page 2
PRIME BANCORP, INC. RETIREMENT SAVINGS PLAN
Statements of Net Assets Available for Plan Benefits, continued
December 31, 1995
- ------------------------------------------------------------------------------------------------
Growth
and Prime
Growth Income Certificates Common Bond Participant
Fund Fund of Deposit Stock Fund Loans Total
- ------------------------------------------------------------------------------------------------
Assets:
Investments at fair
value
AIM Value Fund $ 144,647 - - - - - 144,647
Dreyfus Short Int.
Govt. Fund - - - - 50,371 - 50,371
Participant Loans - - - - - 4,977 4,977
Prime Bancorp, Inc.
Common Stock - - - 2,020,294 - - 2,020,294
Prime Bank Certificates
of Deposit - - 791,702 - - - 791,702
Vanguard Wellington Fund 140,324 - - - - 140,324
- ------------------------------------------------------------------------------------------------
Total investments 144,647 140,324 791,702 2,020,294 50,371 4,977 3,152,315
- ------------------------------------------------------------------------------------------------
Receivables:
Employer's
contributions 1,810 1,853 6,280 10,485 1,124 21,552
Participants'
contributions 2,708 2,772 9,395 15,685 1,681 32,241
Other 289 296 1,002 1,674 179 3,440
- ------------------------------------------------------------------------------------------------
Total receivables 4,807 4,921 16,677 27,844 2,984 57,233
- ------------------------------------------------------------------------------------------------
Net assets available
for plan benefits $149,454 145,245 808,379 2,048,138 53,355 4,977 3,209,548
- ------------------------------------------------------------------------------------------------
See accompanying notes to financial statements.
Page 3
PRIME BANCORP, INC. RETIREMENT SAVINGS PLAN
Statements of Changes in Net Assets Available for Plan Benefits
Years ended December 31, 1996 and 1995
Year ended December 31, 1996
- ------------------------------------------------------------------------------------------------
Growth
Money and Prime
Market Growth Income Certificates Common Bond Participant
Fund Fund Fund of Deposit Stock Fund Loans Total
- ------------------------------------------------------------------------------------------------
Additions to net
assets attributable to:
Net realized
and unrealized
appreciation $ - 3,806 8,571 - 181,867 515 - 194,759
Dividend Income - 1,799 3,468 - 65,545 - - 70,812
Interest income - - - 44,692 - 1,358 1,011 47,061
- ------------------------------------------------------------------------------------------------
Net investment income - 5,605 12,039 44,692 247,412 1,873 1,011 312,632
- ------------------------------------------------------------------------------------------------
Contributions:
Employer 33,511 47,803 46,976 47,149 77,069 23,646 - 276,154
Participants 64,699 52,069 51,127 39,348 49,276 25,001 - 281,520
- ------------------------------------------------------------------------------------------------
Total contributions 98,210 99,872 98,103 86,497 126,345 48,647 - 557,674
- ------------------------------------------------------------------------------------------------
Rollovers 11,505 - 19,536 - 14,342 - - 45,383
- ------------------------------------------------------------------------------------------------
Total additions 109,715 105,477 129,678 131,189 388,099 50,520 1,011 915,689
- ------------------------------------------------------------------------------------------------
Reductions in
net assets
attributable to:
Withdrawals (353) (61,480) (58,153)(118,992) (624,415) (16,078) - (879,471)
- ------------------------------------------------------------------------------------------------
Total interfund transfers, including new loans and
loan repayments (107,795) 5,545 20,150 (41,920) 94,933 11,104 17,983 -
- ------------------------------------------------------------------------------------------------
Net increase
(decrease) 1,567 49,542 91,675 (29,723) (141,383) 45,546 18,994 36,218
Net assets available
for plan benefits
Beginning of year - 149,454 145,245 808,379 2,048,138 53,355 4,977 3,209,548
- ------------------------------------------------------------------------------------------------
End of year $ 1,567 198,996 236,920 778,656 1,906,755 98,901 23,971 3,245,766
- ------------------------------------------------------------------------------------------------
(continued)
Page 4
PRIME BANCORP, INC. RETIREMENT SAVINGS PLAN
Statements of Changes in Net Assets Available for Plan Benefits, continued
Year ended December 31, 1995
- ------------------------------------------------------------------------------------------------
Growth
and Prime
Growth Income Certificates Common Bond Participant
Fund Fund of Deposit Stock Fund Loans Total
- ----------------------------------------------------------------------------------------------
Additions to net
assets attributable to:
Net realized
and unrealized
appreciation $ 14,141 16,285 - 434,589 1,323 - 466,338
Dividend Income 7,145 4,871 - 58,170 - - 70,186
Interest income - - 50,699 - 1,732 - 52,431
- ------------------------------------------------------------------------------------------------
Net investment
income 21,286 21,156 50,699 492,759 3,055 - 588,955
- ------------------------------------------------------------------------------------------------
Contributions:
Employer 28,961 30,818 70,493 160,523 14,586 - 305,381
Participants 23,378 24,084 56,205 118,251 11,811 - 233,729
- ------------------------------------------------------------------------------------------------
Total contributions 52,339 54,902 126,698 278,774 26,397 - 539,110
- ------------------------------------------------------------------------------------------------
Rollovers 819 3,270 3,277 4,913 - - 12,279
- ------------------------------------------------------------------------------------------------
Total additions 74,444 79,328 180,674 776,446 29,452 - 1,140,344
- ------------------------------------------------------------------------------------------------
Reductions in
net assets
attributable to:
Withdrawals (3,333) (2,723) (116,437) (106,590) (1,469) - (230,552)
- ------------------------------------------------------------------------------------------------
Total reductions (3,333) (2,723) (116,437) (106,590) (1,469) - (230,552)
- ------------------------------------------------------------------------------------------------
Total interfund transfers, including
new loans 46,479 35,044 (17,724) (81,276) 12,500 4,977 -
- ------------------------------------------------------------------------------------------------
Net increase
(decrease) 117,590 111,649 46,513 588,580 40,483 4,977 909,792
Net assets available
for plan benefits
Beginning of year 31,864 33,596 761,866 1,459,558 12,872 - 2,299,756
- ------------------------------------------------------------------------------------------------
End of year $ 149,454 145,245 808,379 2,048,138 53,355 4,977 3,209,548
- ------------------------------------------------------------------------------------------------
See accompanying notes to financial statements.
Page 5
PRIME BANCORP, INC. RETIREMENT SAVINGS PLAN
December 31, 1996 and 1995
Notes to Financial Statements
- --------------------------------------------------------------------------------
(1) Description of Plan
The following description provides only general information of the Prime
Bancorp, Inc. (the Company) Retirement Savings Plan (the Plan) which became
effective July 1, 1984. Participants should refer to the Plan agreement for
a more complete description of the Plan's provisions.
The Company merged with First Sterling Bank on December 31, 1996. As a
result, on December 31, 1996 all First Sterling employees became
employees of the Company and adopted the Plan. Assets of the former First
Sterling Bank Plan are expected to be merged into to the Plan in 1998.
General
The Plan is a salary reduction plan, also called a "401 (k) plan", covering
full and part-time employees of the Company who have completed one year
of service and attained age twenty-one. The Plan is subject to the
provisions of the Employee Retirement Income Security Act of 1974 (ERISA).
Contributions
Each year, participants may contribute up to 15% of pretax annual
compensation up to a maximum of $9,500, as defined in the Plan. The Company
may contribute a matching contribution based on the amount of the
participant's elected salary reduction. Currently the Company matches
66 2/3% on the first 6% of the participants elected compensation.
Additional amounts may be contributed at the option of the Company's board
of directors. Discretionary contributions amounted to $176,000 in 1996 and
$241,000 in 1995.
Participant Accounts
Each participant's account is credited with the participant's contribution
and allocation of (i) the Company's contribution and (ii) Plan earnings.
Allocations are based on participant earnings or account balances, as
defined. The benefit to which a participant is entitled is the benefit that
can be provided from the participant's vested account.
Vesting
Participant's are immediately vested in their contributions plus actual
earnings thereon. Vesting in the Company's matching and discretionary
contribution plus actual earnings are based on years of continuous service.
A participant is 100% vested after five years of credited service.
(Continued)
Page 6
PRIME BANCORP, INC. RETIREMENT SAVINGS PLAN
December 31, 1996 and 1995
Notes to Financial Statements
- --------------------------------------------------------------------------------
(1) Continued
Investment Options
Upon enrollment in the Plan, a participant may direct employee contributions
in any of the following investment options:
Growth Funds - The growth funds include the Kaufmann Fund and the
Neuberger & Berman Focus Fund which aim for capital appreciation by
investing in a broad range of companies that are perceived to be
undervalued and undergoing positive changes or turnarounds.
Growth & Income Funds - The growth & income funds include the Vanguard
Wellington Fund and the Neuberger & Berman Guardian Fund which seek
long-term capital growth, current income and growth of income. The funds
typically invest in securities (stocks and bonds) of dividend-paying
companies with the potential for earnings growth.
Prime Bank Certificates of Deposit - Interest bearing certificate issued
by the bank at terms and rates ranging from 6 months to 60 months.
Prime Bancorp, Inc. Common Stock - Seeks long-term capital growth, current
income and growth of income. If monies available from contributions are
insufficient to purchase a whole share of Prime Bancorp, Inc. common
stock, such amount is invested on a short-term basis in a money market
fund, which emphasizes liquidity and preservation of capital by investing
in short-term debt instruments (maturing in one year or less). The money
market fund is not a direct participant investment option.
Bond Funds - The bond funds include the Benham GNMA Income Fund and the
Dreyfus Short Interest Government Fund which seek high income consistent
with a high degree of principal stability by investing primarily in
short-term, high quality bonds (rated AAA or AA).
Participants may change their investment options quarterly.
(Continued)
Page 7
PRIME BANCORP, INC. RETIREMENT SAVINGS PLAN
December 31, 1996 and 1995
Notes to Financial Statements
- --------------------------------------------------------------------------------
(1) Continued
Loan Fund
Participants may borrow from their fund accounts any amount up to a maximum
equal to the lessor of (i) $50,000 or (ii) 50% of their vested account
balance. Loan transactions are treated as a transfer to (from) the various
investment funds from (to) the participants' Loan Fund. Loan terms range
from 1-5 years unless for the purchase of a primary residence, the range is
1-25 years. The loans are secured by the balance in the participant's
account and bear interest at a rate commensurate with local prevailing rates
as determined quarterly by the Loan Committee. Principal and interest is
paid ratably through bi-weekly payroll deductions.
Payment of Benefits
On termination of service due to death, disability or retirement, a
beneficiary or participant may elect to receive either a lump-sum amount
equal to the value of the participant's vested interest in his or her
account, or annual installments over 5 years, 10 years or life. For
termination of service due to other reasons, a participant may receive the
value of the vested interest in his or her account as a lump-sum
distribution.
Forfeited Accounts
Forfeited non-vested accounts may be used to reduce future employer
contributions. There were no material forfeited non-vested accounts in 1996
or 1995.
Rollovers
Participants are permitted to deposit into the Plan, distributions received
from other qualified plans (i.e., rollovers). Rollovers from other plans
are allocated to the various funds based on the participant's direction.
Participants are 100% vested in these rollovers.
Administrative Fees
All administrative expenses incurred by the Plan are paid for by the
Company.
(Continued)
Page 8
PRIME BANCORP, INC. RETIREMENT SAVINGS PLAN
December 31, 1996 and 1995
Notes to Financial Statements
- --------------------------------------------------------------------------------
(2) Summary of Significant Accounting Policies
Basis of Presentation
The financial statements of the Plan are prepared under the accrual method
of accounting. The preparation of financial statements in conformity with
generally accepted accounting principles requires management to make
estimates and assumptions that affect the reported amount of assets and
liabilities and disclosure of contingent assets and liabilities at the date
of the financial statements and the reported amounts of revenues and
expenses during the reporting period. Actual results could differ from
those estimates.
Investment Valuation and Income Recognition
Investments in non-dollar mutual funds are carried at fair value, measured
by net asset value reported by the respective mutual funds. The value of
units of the mutual fund is based on the underlying fair value of the
investments within the funds. The money market fund is valued at amortized
cost which approximates fair value. Prime Bancorp, Inc. Common Stock is
stated at fair value based on quoted market price. The certificates of
deposit are carried at par which approximates fair value. Employee loans
are stated at their unpaid principal balance which approximates fair value.
Securities transactions are recognized on the trade date. Realized gains
and losses are determined by the weighted average method. Changes in
unrealized appreciation (depreciation) are included in investment income.
Payment of Benefits
Benefits are recorded when paid.
Page 9
(3) Investments
Investments as of December 31, 1996 and 1995 are as follows:
1996 1995
Historical Fair Historical Fair
cost value cost value
AIM Value Fund, 0 shares at 12/31/96;
5,395 shares at 12/31/95 $ - - 125,761 144,647
Benham GNMA Income Fund, 3,933 shares at 12/31/96;
0 shares at 12/31/95 40,838 41,259 - -
Dreyfus Short Interest Government Fund,
5,303 shares at 12/31/96;
4,538 shares at 12/31/95 58,155 57,642 48,768 50,371
Kaufmann Fund, 16,146 shares at 12/31/96;
0 shares at 12/31/95 93,076 94,291 - -
Neuberger & Berman
Focus Fund, 3,397 shares at 12/31/96;
0 shares at 12/31/95 107,381 104,705 - -
Guardian Fund, 1,608 shares at 12/31/96;
0 shares at 12/31/95 38,815 41,213 - -
Prime Bancorp, Inc. Common Stock,
93,012 shares at 12/31/96
99,768 shares at 12/31/95 1,140,431 1,906,755 1,121,638 2,020,294
Prime Bank Certificates of Deposit,
$778,656 par value at 12/31/96;
$791,702 par value at 12/31/95 778,656 778,656 791,702 791,702
Prime Bancorp, Inc. Stock Money Market Fund,
1,567 shares at 12/31/96;
0 shares at 12/31/95 1,567 1,567 - -
Vanguard Wellington Fund, 7,484 shares at 12/31/96;
5,744 shares at 12/31/95 189,590 195,707 122,205 140,324
- -----------------------------------------------------------------------------------------------------
Participant loans, with interest rates ranging from
7% to 10%, and maturity dates ranging
from 2/14/97 to 7/30/23 23,971 23,971 4,977 4,977
- -----------------------------------------------------------------------------------------------------
Total Investments 2,472,480 3,245,766 2,215,051 3,152,315
- -----------------------------------------------------------------------------------------------------
Page 10
The change in unrealized appreciation (depreciation) of investment securities for 1996 and 1995 was:
Unrealized appreciation at December 31, 1996 $ 773,286
Unrealized appreciation at December 31, 1995 937,264
- -----------------------------------------------------------------------------------------------------
Change in unrealized appreciation for 1996 $ (163,978)
- -----------------------------------------------------------------------------------------------------
Unrealized appreciation at December 31, 1995 937,264
Unrealized appreciation at December 31, 1994 538,303
- -----------------------------------------------------------------------------------------------------
Change in unrealized appreciation for 1995 $ 398,961
- -----------------------------------------------------------------------------------------------------
Listed below is the aggregate historical cost, aggregate proceeds and the net
gain or loss arising from transactions, excluding money market account for years
ended 1996 and 1995:
- -----------------------------------------------------------------------------------------------------
1996
Aggregate
historical Aggregate
cost proceeds Net gain
- -----------------------------------------------------------------------------------------------------
Sales of investment securities including
Prime Bancorp, Inc. Common Stock 462,081 820,818 358,737
1995
- --------------------------------------------------------------------------------
Aggregate
historical Aggregate
cost proceeds Net gain
- --------------------------------------------------------------------------------
Sales of investment securities including
Prime Bancorp, Inc. Common Stock 121,640 189,017 67,377
(Continued)
Page 11
PRIME BANCORP, INC. RETIREMENT SAVINGS PLAN
December 31, 1996 and 1995
Notes to Financial Statements
- --------------------------------------------------------------------------------
The following table shows the participation in each of the respective funds as
of December 31, 1996, and includes participants who elect more than one
investment option:
Kaufmann Fund 73
Neuberger & Berman Focus Fund 65
Vanguard Wellington Fund 99
Neuberger & Berman Guardian Fund 36
Prime Bank Certificates of Deposit 126
Prime Bancorp, Inc. Common Stock 145
Benhan GNMA Fund 35
Dreyfus Short Interst Government Fund 44
(4) Income Tax Status
The Plan administrator and the Plan sponsor believe that the Plan is
designed and is currently being operated in compliance with the applicable
sections of the Internal Revenue Code. Accordingly, no provision for income
tax is included in the accompanying financial statements.
(5) Description of Priorities Upon Plan Termination
Although the Company has not expressed any intention of terminating the
Plan, it may do so at any time. Upon termination, all amounts credited to
the participant accounts will become 100% vested. A reduction in the value
of the participant account would occur if market value losses, surrender
charges or deferred sales charges are incurred when Plan investments are
liquidated for distribution.
(Continued)
Page 12
PRIME BANCORP, INC. RETIREMENT SAVINGS PLAN Schedule 1
Item 27a -- Schedule of Assets Held for Investment Purposes
December 31, 1996
- ------------------------------------------------------------------------------------------
Historical Fair
cost value
- ------------------------------------------------------------------------------------------
Benham GNMA Income Fund, 3,933 units $ 40,838 $ 41,259
Dreyfus Short Interest Government Fund, 5,303 units 58,155 57,642
Kaufmann Fund, 16,146 units 93,076 94,291
Prime Bank Stock Money Market Fund, 1,567 units 1,567 1,567
Neuberger & Berman
Focus Fund, 3,397 units 107,381 104,705
Guardian Fund, 1,608 units 38,815 41,213
Prime Bancorp, Inc. Common Stock, 93,012 units 1,140,431 1,906,755
Prime Bank Certificates of Deposit, 778,656 units 778,656 778,656
Vanguard Wellington Fund, 7,484 units 189,590 195,707
- ------------------------------------------------------------------------------------------
Participant loans, with interest rates ranging from 7% to 10%, and
maturity dates ranging from 2/14/97 to 7/30/23 23,971 23,971
- ------------------------------------------------------------------------------------------
Total Investments 2,472,480 3,245,766
- ------------------------------------------------------------------------------------------
Page 13
PRIME BANCORP, INC. RETIREMENT SAVINGS PLAN Schedule 2
Item 27d -- Schedule of Reportable Transactions
Year ended December 31, 1996
- -----------------------------------------------------------------------------------------------
Reportable transactions during the year ended December 31, 1996 were:
Purchases
Shares Amount
- -----------------------------------------------------------------------------------------------
Neuberger & Berman Focus Fund 5,995 180,445
Prime Bancorp, Inc. Common Stock 15,590 292,780
Vanguard Wellington Fund 10,683 270,078
- -----------------------------------------------------------------------------------------------
Sales
Realized
Shares Cost Proceeds Gain
- -----------------------------------------------------------------------------------------------
Prime Bancorp, Inc. Common Stock 22,346 273,987 588,186 314,199
- -----------------------------------------------------------------------------------------------
Page 14
/TEXT>