EXHIBIT 99.3 ================================================================================ FEDERAL DEPOSIT INSURANCE CORPORATION WASHINGTON, D.C. 20429 ======================== FORM 10-Q QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934 FOR THE QUARTERLY PERIOD ENDED JUNE 30, 1998 - FDIC CERTIFICATE NUMBER: 10538 ============================================ CAPE COD BANK AND TRUST COMPANY ------------------------------- (Exact name of Registrant as specified in its charter) MASSACHUSETTS 04-1465780 ------------- ---------- (State of Incorporation) (I.R.S. Employer Identification No.) 307 MAIN STREET, HYANNIS, MASSACHUSETTS 02601 - - --------------------------------------- ----- (Address of principal executive office) (Zip Code) (Registrant's telephone #, incl. area code): 508-394-1300 ------------ =============================== Securities registered pursuant to Section 12(b) of the Act: Title of each class Name of each exchange on which registered - - ------------------- ----------------------------------------- NONE - - ---- =============================== Securities registered pursuant to Section 12(g) of the Act: Title of class Name of each exchange on which registered - - -------------- ----------------------------------------- COMMON CAPITAL STOCK NASDAQ NATIONAL ASSOCIATION OF SECURITIES DEALERS, INC. - - -------------------- ------------------------------------------------------ =============================== Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. [X] Yes [_] No APPLICABLE ONLY TO ISSUERS INVOLVED IN BANKRUPTCY PROCEEDINGS DURING THE PRECEDING FIVE YEARS: Indicate by check mark whether the issuer has filed all documents and reports required to be filed by Section 12, 13 or 15(d) of the Securities Exchange Act of 1934 subsequent to the distribution of securities under a plan confirmed by a court. [_] Yes [_] No (APPLICABLE ONLY TO CORPORATE REGISTRANTS) Indicate the number of shares outstanding of each of the registrant's classes of common stock, as of the latest practicable date. THERE WERE 4,530,532 -------------------- SHARES OF COMMON STOCK AS OF JULY 31, 1998. - - ------------------------------------------ 1. Cape Cod Bank and Trust Company Form 10-Q June 30, 1998 - - -------------------------------------------------------------------------------- TABLE OF CONTENTS SECTION DESCRIPTION PAGE NO. - - ------- ----------- -------- PART I FINANCIAL INFORMATION Item 1. Financial Statements Consolidated Statements of Financial Condition June 30, 1998 (Unaudited) and December 31, 1997 3 Consolidated Statements of Income Six Months Ended June 30, 1998 and 1997 (Unaudited) 4 Three Months Ended June 30, 1998 and 1997 (Unaudited) Consolidated Statements of Cash Flows Six Months Ended June 30, 1998 and 1997 (Unaudited) 5 Item 2. Management's Discussion and Analysis of Financial Condition 6-8 and Results of Operations PART II OTHER INFORMATION 9 SIGNATURES 10 2. Cape Cod Bank and Trust Company Form 10-Q June 30, 1998 - - -------------------------------------------------------------------------------- CONSOLIDATED STATEMENTS OF CONDITION JUNE 30, 1998 AND DECEMBER 31, 1997 CAPE COD BANK AND TRUST COMPANY AND SUBSIDIARIES June 30, December 31, 1998 1997 (Dollar amounts in thousands) ASSETS Cash and due from banks $ 49,160 $ 34,213 ---------- --------- Total cash and cash equivalents 49,160 34,213 ---------- --------- Investment securities U.S. Government agencies 26,072 75,528 State and municipal obligations 18,922 16,323 Other bonds, notes and debentures 420,377 282,841 Corporate stock 18,749 16,804 ---------- --------- Total investment securities 484,120 391,496 ---------- --------- Loans Commercial loans 78,747 72,162 Construction mortgage loans 48,738 34,798 Commercial mortgage loans 216,056 198,944 Industrial revenue bonds 1,673 1,883 Residential mortgage loans 247,556 207,665 Consumer loans 18,283 16,391 ---------- --------- Total loans 611,053 531,843 Less: Reserve for possible loan losses (11,053) (10,962) ---------- --------- Net loans 600,000 520,881 Bank premises and equipment 12,495 12,305 Other assets 16,706 15,000 ---------- --------- Total assets $1,162,481 $ 973,895 ========== ========= LIABILITIES AND STOCKHOLDERS' EQUITY Demand deposits $ 160,199 $ 147,495 NOW account deposits 108,184 103,755 Money market account deposits 144,976 149,097 Other savings deposits 158,867 158,197 Certificates of deposits of $100,000 or more 27,675 26,453 Other time deposits 121,027 124,263 ---------- --------- Total deposits 720,928 709,260 Borrowing from the Federal Home Loan Bank 336,014 171,295 Other short-term borrowings 18,857 11,662 Other liabilities 6,888 6,042 ---------- --------- Total liabilities 1,082,687 898,259 ---------- --------- Commitments Stockholders' equity Common stock, $2.50 par value Authorized: 12,000,000 shares Outstanding: 4,530,532 shares 11,326 11,326 Surplus 25,230 25,230 Undivided profits 42,227 38,677 Unrealized gain on securities available for sale 1,011 403 ---------- --------- Total stockholders' equity 79,794 75,636 ---------- --------- Total liabilities and stockholders' equity $1,162,481 $ 973,895 ========== ========= 3. Cape Cod Bank and Trust Company Form 10-Q June 30, 1998 - - -------------------------------------------------------------------------------- CONSOLIDATED STATEMENTS OF INCOME CAPE COD BANK AND TRUST COMPANY AND SUBSIDIARIES Three Months Ended Six Months Ended June 30, June 30 1998 1997 1998 1997 ---- ---- ---- ---- INTEREST INCOME Interest and fees on loans $12,425 $10,970 $24,017 $21,564 Interest and dividends on securities U.S. Government agencies 2,700 3,929 5,712 7,296 State and municipal obligations 356 337 563 774 Other bonds, notes and debentures 1,966 766 3,668 1,733 Corporate stock 450 358 810 696 ------- ------- ------- ---------- Total interest income 17,897 16,360 34,770 32,063 ------- ------- ------- -------- INTEREST EXPENSE Interest on certificates of deposit of $100,000 or more 376 279 739 504 Interest on other deposits 4,499 4,968 9,344 9,647 Interest on short-term borrowings 3,423 2,180 6,263 4,320 ------- ------- ------- -------- Total interest expense 8,298 7,427 16,346 14,471 ------- ------- ------- -------- Net interest income 9,599 8,933 18,424 17,592 Provision for loan losses -- -- -- -- ------- ------- ------- -------- Net interest income after provision for loan losses 9,599 8,933 18,424 17,592 ------- ------- ------- -------- NON-INTEREST INCOME Trust and Investment division fees 1,376 1,035 2,559 2,251 Credit card merchant fees 739 653 1,271 1,117 Service charges on deposit accounts 1,098 1,086 2,039 2,052 Settlement from software provider -- -- -- 1,900 Gain (loss) on sale or writedown of investment 105 114 231 225 securities Other 528 875 1,190 1,716 ------- ------- ------- -------- Total non-interest income 3,846 3,763 7,290 9,261 ------- ------- ------- -------- NON-INTEREST EXPENSE Salaries and wages 2,724 2,908 5,344 5,743 Employee benefits 981 1,056 2,174 2,385 Occupancy expense 571 553 1,129 1,040 Equipment rental and expense 474 503 978 1,014 Credit card processing expense 687 737 1,238 1,104 Other 2,541 2,621 5,418 5,041 ------- ------- ------- -------- Total non-interest expense 7,978 8,378 16,281 16,327 ------- ------- ------- -------- Income before income taxes 5,467 4,318 9,433 10,526 Provision for income taxes 2,143 1,660 3,709 4,060 ------- ------- ------- -------- Net income $ 3,324 $ 2,658 $ 5,724 $ 6,466 ======= ======= ======= ======== Average shares outstanding 4,530,532 4,530,532 4,530,532 4,530,532 Primary earnings (loss) per share $ .73 $ .59 $ 1.26 $ 1.43 Cape Cod Bank and Trust Company Form 10-Q June 30, 1998 - - -------------------------------------------------------------------------------- CONSOLIDATED STATEMENTS OF CASH FLOWS FOR THE SIX MONTHS ENDED JUNE 30, 1998 AND 1997 CAPE COD BANK AND TRUST COMPANY AND SUBSIDIARIES 1998 1997 ---- ---- CASH PROVIDED (USED) BY OPERATING ACTIVITIES Net income $ 5,724 $ 6,466 Adjustments to reconcile net income to net cash: Provision for loan losses --- --- Depreciation and amortization 991 999 Net (gain) loss on sale or writedown of securities (231) (225) Net increase (decrease) in taxes payable (1,163) (919) Other, net (3,261) (4,224) ---------- ---------- Net cash provided (used) by operating activities $ 2,060 $ 2,097 ---------- ---------- CASH PROVIDED (USED) BY INVESTING ACTIVITIES Net (increase) decrease in loans $ (123,707) $ (56,354) Proceeds from sale of loans 44,933 7,355 Disposition of property from defaulted loans 405 180 Maturities of securities 221,512 89,290 Purchase of available for sale securities (755,056) (216,703) Sale of available for sale securities 444,575 103,512 Purchase of premises and equipment (1,182) (626) ---------- ---------- Net cash provided (used) by investing activities $ (168,520) $ (73,346) ---------- ---------- CASH PROVIDED (USED) BY FINANCING ACTIVITIES Net increase (decrease) in deposits $ 11,668 $ 44,810 Net increase in borrowings from the Federal Home Loan Bank 164,719 41,127 Net increase (decrease) in other short-term borrowings 7,195 2,349 Cash dividends paid on common stock (2,175) (1,903) ---------- ---------- Net cash provided (used) by financing activities $ 181,407 $ 86,383 ---------- ---------- Net increase in cash and cash equivalents $ 14,947 $ 15,134 ---------- ---------- Cash and cash equivalents at beginning of year $ 34,213 $ 20,961 ---------- ---------- Cash and cash equivalents at end of quarter $ 49,160 $ 36,095 ========== ========== Cash equivalents include amounts due from banks and federal funds SUPPLEMENTAL DISCLOSURES OF CASH FLOW Cash paid for: Interest $ 8,062 $ 7,337 Income taxes $ 4,355 $ 1,559 Cape Cod Bank and Trust Company Form 10-Q June 30, 1998 - - -------------------------------------------------------------------------------- ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS Earnings for the second quarter were $.73 compared to $.59 a year ago, a 24% increase. A strong spring season on the Cape resulted in good deposit growth which enhanced earnings, as did control of noninterest expense. Continued growth in loan volume was also a factor. Earnings for the 1st six months were $1.26 compared to $1.43 last year. Last year's earnings included $.24 per share of a settlement from a software provider. Deposits and loans grew 22% and 6%, respectively, over a year ago. Demand and NOW account deposits continued to grow at an excellent rate of 11%. Residential mortgage growth also continued as the Bank increased its market share of loan origination on Cape Cod. We also expanded our borrowings and invested the proceeds to support earnings. Capital at quarter end was $79,794,264 and is currently 6.9% of total assets which exceeded a billion dollars for the first time in the Bank's history, closing at $1,159,822,319. The loan loss reserve was $11,052,524 or 1.8% of loans, still well above industry average. Cape Cod Bank and Trust Company Form 10-Q June 30, 1998 ================================================================================ CAPE COD BANK & TRUST COMPANY COMPARATIVE BALANCE SHEET, RATES AND SPREAD JUNE 30, 1997 --------------ACTUAL------------------ ---------------BUDGET--------------- Average Average Average Average Y-T-D Y-T-D Y-T-D Y-T-D Y-T-D Y-T-D Balance Interest Yield Balance Interest Yield --------- ---------- -------- --------- ---------- -------- EARNING ASSETS - - -------------- Securities U.S. Government-CMO 110,991,627 3,655,998 6.61% 60,000,000 1,800,000 6.00% U.S. Government Agencies 57,645,506 1,796,010 6.28% 75,000,000 2,082,738 5.60% Other CMO's 56,660,137 1,725,246 6.10% 25,000,000 750,000 6.00% State & Municipal Agencies 18,267,790 361,239 5.28% 20,000,000 406,630 5.42% CCB&T Securities 50,335,113 1,606,813 6.43% 49,965,750 1,498,974 6.00% Other Securities 51,802,362 1,351,770 5.27% 105,399,667 3,061,666 5.81% ------------ ----------- ------------ ----------- Total Investments 345,702,535 10,497,076 6.17% 335,365,417 9,599,997 5.82% Residential R.E. Loans 143,868,759 5,938,130 8.18% 132,750,000 5,526,217 8.33% Commerical R.E. Loans 194,627,935 9,185,144 9.52% 192,350,000 9,061,666 9.50% Commerical Loans 78,913,845 3,848,878 10.01% 72,368,333 3,410,448 9.51% Commerical R.E. Mg. - Construction 10,689,460 535,238 10.10% 6,927,083 309,591 9.02% Residential Mortgages - Construction 9,376,870 342,586 7.37% 6,927,083 309,591 9.02% Non-Rated IRB 2,622,185 89,368 9.79% 3,060,417 121,395 11.40% Commerical Paper 0 0 0.00% 1,250,000 34,716 5.45% Consumer Loans 18,964,529 939,324 9.90% 18,968,679 877,395 9.30% Master Card 11,132,660 684,880 12.30% 12,141,667 752,557 12.50% ------------ ----------- ------------ ----------- Total Loans 470,196,243 21,563,538 9.22% 446,733,252 20,403,596 9.21% Total Earning Assets 815,888,778 32,060,614 7.93% 782,098,669 30,003,583 7.76% Total Non-Earning Assets 49,976,046 35,951,505 ------------ ----------- ------------ ----------- TOTAL ASSETS 865,874,824 32,060,614 7.46% 818,050,174 30,003,583 7.41% ============ =========== ============ =========== INTEREST BEARING LIABILITIES - - ---------------------------- NOW Accounts 94,603,671 903,757 1.93% 90,958,333 911,310 2.02% Regular Savings 63,078,218 993,598 3.18% 60,200,000 970,290 3.25% The Cape Codder Account 87,742,770 1,899,496 4.34% 101,000,000 2,228,963 4.45% Money Market Account 144,495,689 2,791,290 3.90% 150,000,000 2,975,179 4.00% Other Time Deposits 132,031,141 3,573,103 5.46% 124,332,436 3,453,936 5.60% ------------ ----------- ------------ ----------- Total Interest-bearing Deposits 521,951,489 10,151,244 3.92% 526,490,769 10,539,678 4.04% Borrowings FHLB Borrowing 142,208,211 4,130,963 5.86% 96,250,000 2,728,399 5.77% Other Borrowings 8,595,536 189,252 4.44% 11,000,000 247,450 4.54% ------------ ----------- ------------ ----------- Total Borrowings 150,803,747 4,320,215 5.78% 106,250,000 2,975,849 5.64% Total Deposits and Borrowings 672,755,236 14,471,459 3.58% 632,740,769 13,515,527 3.49% DDA Balances 121,006,432 113,916,667 Other Liabilities 3,465,675 4,513,412 Shareholder's Equity 68,647,481 66,879,326 ------------ ------------ TOTAL LIABILITIES AND SHAREHOLDER'S EQUITY 865,874,824 14,471,459 3.37% 818,050,174 13,515,527 3.34% ============= ----------- -------- ============ ----------- ------- Net Interest Income: 17,589,155 16,488,066 =========== =========== As a % of Total Earning Assets 4.35% 4.27% ======== ======= As a % of Total Assets 4.09% 4.07% ======== ======= Average Equity to Average Assets 7.93% 8.18% ======== ======= Average Loans/Average Deposit 73.13% 69.76% -------- ------- -----------------VARIANCE---------------- Average Average Y-T-D Y-T-D Y-T-D Balance Interest Yield ---------- ------------ --------- EARNING ASSETS - - -------------- Securities U.S. Government-CMO 50,991,627 1,855,998 0.61% U.S. Government Agencies (17,354,494) (286,728) 0.68% Other CMO's 1,660,137 975,246 0.10% State & Municipal Agencies 1,732,210) (45,391) -0.14% CCB&T Securities 369,363 107,839 0.43% Other Securities 3,597,305) (1,709,886) -0.54% ---------- ----------- -------- Total Investments 10,337,118 897,079 1.14% Residential R.E. Loans 11,118,759 411,913 -0.15% Commerical R.E. Loans 2,277,935 123,458 0.02% Commerical Loans 6,555,512 438,430 0.50% Commerical R.E. Mg. - Construction 3,762,377 225,647 1.08% Residential Mortgages - Construction Non-Rated IRB (438,232) (32,037) -1.61% Commerical Paper (1,250,000) (34,716) -5.45% Consumer Loans (4,150) 61,929 0.60% Master Card (1,008,997) (67,677) -0.20% ---------- ----------- -------- Total Loans 21,013,204 1,126,947 -5.21% Total Earning Assets 33,800,109 2,057,021 0.17% Total Non-Earning Assets 14,024,541 0 0.00% ---------- ----------- -------- 47,824,650 2,057,021 0.05% TOTAL ASSETS ========== =========== ======== INTEREST BEARING LIABILITIES - - ---------------------------- 3,645,338 (7,553) -0.09% NOW Accounts 2,878,216 23,308 -0.07% Regular Savings (13,257,230) (339,467) -0.11% The Cape Codder Account (5,504,311) (183,889) -0.10% Money Market Account 7,698,705 119,167 -0.14% Other Time Deposits ---------- ----------- -------- Total Interest-bearing Deposits (4,539,280) (388,434) -0.51% Borrowings FHLB Borrowing 46,958,211 1,402,564 0.09% Other Borrowings (2,404,464) (58,198) -0.10% ---------- ----------- -------- Total Borrowings 44,553,747 1,344,366 -0.01% Total Deposits and Borrowings 40,014,467 955,932 0.09% DDA Balances 7,089,765 0 0.00% Other Liabilities (1,047,737) 0 0.00% Shareholder's Equity 1,768,166 0 0.00% ---------- ----------- -------- TOTAL LIABILITIES AND SHAREHOLDER EQUITY 47,824,650 955,932 0.03% ========== =========== ======== Net Interest Income: 1,101,089 =========== As a % of Total Earning Assets 0.08% ======== As a % of Total Assets Average Equity to Average Assets -0.25% ======== Average Loans/Average Deposit 3.37% ======== Cape Cod Bank and Trust Company Form 10-Q June 30, 1998 - - -------------------------------------------------------------------------------- CAPE COD BANK & TRUST COMPANY COMPARATIVE BALANCE SHEET, RATES AND SPREAD FOR THE PERIOD ENDED JUNE 30, 1998 --------------1998 ACTUAL-------------- --------------1998 BUDGET------------- 1997 ($OOO THOUSANDS) AVE. AVE. AVE. AVE. AVE. Y-T-D Y-T-D Y-T-D Y-T-D Y-T-D Y-T-D Y-T-D BALANCE INTEREST YIELD BALANCE INTEREST YIELD BALANCE ----------- ------------ --------- --------- ------------ --------- ---------- EARNINGS ASSETS - - --------------- Securities Mortgage-Backed Securities $ 7,865 $ 242 6.15% $ 0 $ 0 0.00% $ 0 U.S. Government-CMO 109,953 3,205 5.85% 63,333 1,979 6.25% 110,992 U.S. Government Agencies 47,514 1,311 5.52% 75,000 2,176 5.85% 57,646 Other CMO's 45,473 1,325 5.83% 26,250 820 6.25% 56,660 State & Municipal Agencies 17,127 374 5.83% 19,833 403 5.42% 18,268 CCB&T Securities 60,848 1,808 5.98% 49,966 1,561 6.25% 50,335 Other Securities 89,179 2,490 5.57% 118,690 3,620 6.10% 51,802 ----------- ------------ --------- --------- ------------ --------- ---------- Total Investments 377,959 10,755 5.77% 353,072 10,559 6.07% 345,703 Residential R.E. Loans 228,471 8,361 7.32% 223,500 8,828 7.90% 143,869 Commercial R.E. Loans 204,157 9,649 9.56% 202,571 9,405 9.36% 194,627 Commercial Loans 77,078 3,799 9.94% 72,778 3,520 9.75% 77,500 Commercial R.E. Mtg. - Constr. 11,964 543 9.14% 11,142 525 9.50% 10,689 Residential Mortgages - Constr. 28,242 906 6.47% 18,858 631 6.75% 9,377 Non-Rated IRB 1,781 73 11.85% 1,814 74 11.75% 2,622 Commercial Paper 0 0 0.00% 0 0 0.00% 0 Consumer Loans 14,304 687 9.31% 15,000 744 10.00% 18,965 Master Card 0 0 0.00% 0 0 0.00% 11,133 Overdrafts 1,567 0 0.00% 0 0 0.00% 1,414 ----------- ------------ --------- --------- ------------ --------- ---------- Total Loans 567,564 24,018 8.53% 545,663 23,727 8.75% 470,196 Total Earning Assets 945,523 34,773 7.42% 898,735 34,286 7.70% 815,899 Total Non-Earning Assets 46,309 41,379 49,976 ----------- ------------ --------- --------- ------------ --------- ---------- TOTAL ASSETS $ 991,832 $ 34,773 7.07% $ 940,114 $ 34,286 7.36% $ 865,875 =========== ============ ========= ========= ============ ========= ========== INTEREST BEARING LIABILITIES - - ---------------------------- NOW Accounts $ 103,379 $ 720 1.40% $ 104,667 $ 1,049 2.02% $ 94,604 Regular Savings 66,510 824 2.50% 70,333 1,046 3.00% 63,078 The Cape Codder Account 92,085 1,874 4.10% 89,667 1,978 4.45% 87,743 Money Market Account 145,832 2,600 3.60% 145,000 2,876 4.00% 144,496 Other Time Deposits 150,734 4,065 5.44% 153,750 4,276 5.61% 132,031 ----------- ------------ --------- --------- ------------ --------- ---------- Total Interest-bearing Deposits 558,540 10,083 3.64% 563,417 11,225 4.02% 521,952 Borrowings FHLB Borrowing 203,035 5,993 5.95% 153,507 4,526 5.95% 142,208 Other Borrowings 11,131 270 4.90% 11,667 274 4.73% 8,596 ----------- ------------ --------- --------- ------------ --------- ---------- Total Borrowings 214,166 6,263 5.90% 165,174 4,800 5.86% 150,804 Total Deposits and Borrowings 772,706 16,346 3.49% 728,591 16,025 3.60% 672,756 DDA Balances 136,726 128,667 121,006 Other Liabilities 5,313 5,998 3,466 Shareholder's Equity 77,087 76,858 6?,647 ----------- --------- ---------- TOTAL LIABILITIES AND SHAREHOLDER'S EQUITY $ 991,832 16,346 3.32% $ 940,114 16,025 3.44% $ 865,875 =========== ============ ========= ========= ============ ========= ========== Net Interest Income: $ 18,427 $ 18,261 ============ ============ As a % of Total Earning Assets 3.93% 4.10% 4.35% =========== ========= ========== As a % of Total Assets 3.7?% 3.92% 4.09% =========== ========= ========== Average Equity to Average Assets 7.77% 8.18% 7.93% =========== ========= ========== Average Loans/Average Deposit 81.63% 73.84% 73.13% =========== ========= ========== Book Value $ 17.48 $ 17.43 $ 15.66 Market Price $ 40.63 $ 0.00 $ 28.50 Annual Dividend Rate $ 0.96 $ 1.00 $ 0.84 Dividend Yield 2.36% 0.00% 2.95% Cape Cod Bank and Trust Company Form 10-Q June 30, 1998 - - -------------------------------------------------------------------------------- PART II. OTHER INFORMATION Item 1. Legal Proceedings. The Bank is not involved in any material pending legal proceedings. Item 2. Changes in Securities. There have been no changes in securities of the Bank during the period covered by this report. Item 3. Defaults upon Senior Securities. There have been no defaults upon senior securities. Item 4. Submission of Matters to a Vote of Security Holders. No matters were submitted to security holders during the period covered by this report. Item 5. Other Information. There is nothing to report under this item. Item 6. Exhibits and Reports on form 8-K. (A) Exhibits None. (B) Reports on Form 8-K. One report on Form 8-K has been filed. Cape Cod Bank and Trust Company Form 10-Q June 30, 1998 - - -------------------------------------------------------------------------------- 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, thereunto duly authorized. (Registrant) Cape Cod Bank and Trust Company -------------------------------------------------------------------- By (Signature and Title)* /s/ Noal D. Reid _______________________________________________________ Noal D. Reid, Chief Financial Officer and Treasurer Date August 10, 1998 ____________________________________________________________________________ By (Signature and Title)* /s/ Daniel G. Barrie _______________________________________________________ Daniel G. Barrie, Controller and Assistant Treasurer Date August 10, 1998 ____________________________________________________________________________