Exhibit 20.1

*******************************PRESS RELEASE*******************************


February 2002                                              MEDIA CONTACT
                                                         Charlene J. Jarest
                                                           (508) 675-2121


FOR IMMEDIATE RELEASE


Slade's Ferry Bank announces the retirement of its President and Chief
Executive Officer, James D. Carey.  Mr. Carey also served as Executive Vice
President of Slade's Ferry Bancorp, parent company to the bank.  He will
retire as of March 29, 2002.  Mr. Carey's banking career has spanned forty
years, starting as a teller and becoming President and CEO of Slade's Ferry
Bank in 1988.  At that time, the bank's asset size was approximately $113
Million with six locations.  The bank finished 2001 with approximately $400
million in assets and eleven branches, plus a limited service high school
location.

Mr. Carey has been very active in the community, serving on many boards and
foundations.

Slade's Ferry Bank is a full service bank, with branches in Somerset,
Fairhaven, Fall River, New Bedford, Seekonk, and Swansea.  The bank
specializes in personalized banking services and ongoing service to the
communities it serves.  The bank's trade symbol is SFBC on the NASDAQ small
cap market.

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