SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 11-K
ANNUAL REPORT
PURSUANT TO SECTION 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
[X] ANNUAL REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES EXCHANGE ACT OF
1934 [NO FEE REQUIRED, EFFECTIVE OCTOBER 7, 1996].
For the fiscal year ended December 31, 2001
OR
[ ] TRANSITION REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES EXCHANGE ACT
OF 1934 [NO FEE REQUIRED].
For the transition period from _______________ to ______________________
Commission File Number 000-23645
A. Full title of the plan and the address of the plan, if different from that of
the issuer named below:
Leeds Federal Savings Bank Retirement Savings Plan and Trust
B: Name of issuer of the securities held pursuant to the plan and the address of
its principal executive office:
Leeds Federal Bankshares, Inc.
1101 Maiden Choice Lane
Baltimore, Maryland 21229-5411
SUMMARY ANNUAL REPORT
for
Leeds Federal Savings Bank Retirement And Savings Plan & Trust
This is a summary of the annual report for the Leeds Federal Savings Bank
Retirement and Savings Plan & Trust, EIN 52-1865050/003, for 01/01/2001 through
12/31/2001. The annual report has been filed with the Pension and Welfare
Benefits Administration, as required under the Employee Retirement Income
Security Act of 1974 (ERISA).
Basic Financial Statement
Benefits under the plan are provided by a trust. Plan expenses were $13,874.
These expenses included $13,874 in benefits paid to the participants and
beneficiaries, and $0 in other expenses. A total of 34 persons were participants
in or beneficiaries of the plan at the end of the plan year, although not all of
these persons had yet earned the right to receive benefits.
The value of plan assets, after subtracting liabilities of the plan, was
$1,817,327 as of 12/31/2001, compared to $1,157,577 as of 01/01/2001. During the
plan year the plan experienced an increase in its net assets of $659,750. This
increase includes unrealized appreciation or depreciation in the value of plan
assets; that is, the difference between the value of the plan's assets at the
end of the year and the value of assets at the beginning of the year or the cost
of assets acquired during the year. The plan had total income of $673,624,
including employer contributions of $42,949, employee contributions of $73,205,
and earnings from investments of $557,470.
Your Rights to Additional Information
You have the right to receive a copy of the full annual report, or any part
thereof, on request.
To obtain a copy of the full annual report, or any part thereof, write or call
the office of Leeds Federal Savings Bank, who is Plan Administrator at 1101
MAIDEN CHOICE LANE, BALTIMORE, MD 21229-5499, (410) 242-1234. The charge to
cover copying costs will be $5.00 for the full annual report, or $0.50 per page
for any part thereof.
You also have the right to receive from the plan administrator, on request and
at no charge, a statement of the assets and liabilities of the plan and
accompanying notes, if any, or statement of income and expenses of the plan and
accompanying notes, if any, or both. If you request a copy of the full annual
report from the plan administrator, these two statements and accompanying notes,
if any, will be included as part of that report. The charge to cover copying
costs given above does not include a charge for the copying of these portions of
the report because these portions are furnished without charge.
You also have the legally protected right to examine the annual report at the
main office of the plan at 1101 MAIDEN CHOICE LANE, BALTIMORE, MD 21229-5499,
and at the U.S. Department of Labor in Washington, D.C., or obtain copy from the
U.S. Department of Labor upon payment of copying costs. Requests to the
Department should be addressed to: Public Disclosure Room, N5638, Pension and
Welfare Benefits Administration, Department of Labor, 200 Constitution Avenue,
N.W., Washington, D.C. 20210.
SIGNATURES
The Plan. 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.
LEEDS FEDERAL SAVINGS BANK RETIREMENT
SAVINGS PLAN AND TRUST
Date: June 20, 2002 By: /s/Gordon E. Clark
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Name: Gordon E. Clark
Title: President