SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
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FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
Date of Report (Date of earliest event reported) March 15, 2000
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Ipswich Bancshares, Inc.
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(Exact Name of Registrant as Specified in Charter)
Massachusetts 000-26663 04-3459169
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(State or other jurisdic- (Commission (IRS Employer
tion of incorporation) File Number) Identification Number)
23 Market Street, Ipswich, Massachusetts 01938
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(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code (978) 356-7777
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Not Applicable
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(Former Name or Former Address, if Changed Since Last Report)
Item 5. Other Events.
On March 15, 2000, the Board of Directors of Ipswich Bancshares, Inc.
(the "Registrant") authorized the repurchase of up to 252,543 shares of the
Registrant's common stock, representing approximately 10% of the Registrant's
outstanding common stock. The Board delegated to the discretion of senior
management the authority to determine the timing of the repurchase program's
commencement, the timing of subsequent purchases and the prices at which
repurchases will be made. Repurchases may be made for a period of one year
without further Board authorization.
(c) Exhibits.
(99) Press release dated March 16, 2000
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 thereunto duly authorized.
IPSWICH BANCSHARES, INC.
By: /s/ Francis Kenney
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Francis Kenney
Treasurer