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, 2003
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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 000-24811
A. Full title of the plan and the address of the plan, if different
from that of the issuer named below:
Sound Federal Savings and Loan Association 401(k) Savings Plan
B: Name of issuer of the securities held pursuant to the plan and the
address of its principal executive office:
Sound Federal Bancorp, Inc.
1311 Mamaroneck Avenue, Suite 190
White Plains, New York 10605
SUMMARY ANNUAL REPORT
FOR SOUND FEDERAL SAVINGS & LOAN ASSOCIATION 401(K)
SAVINGS PLAN
This is a summary of the annual report of the SOUND FEDERAL SAVINGS & LOAN
ASSOCIATION 401(K) SAVINGS PLAN, EIN 13-1719192, Plan No. 002, for the period
January 1, 2003 through December 31, 2003. The annual report has been filed with
the Employee Benefits Security Administration, U.S. Department of Labor, as
required under the Employee Retirement Income Security Act of 1974 (ERISA).
Basic Financial Statement
Benefits under the plan are provided through a trust fund. Plan expenses were
$11,077. These expenses included $11,077 in benefits paid to participants and
beneficiaries. A total of 99 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
$3,806,777 as of December 31, 2003, compared to $2,742,685 as of January 1,
2003. During the plan year the plan experienced an increase in its net assets of
$1,064,092. This increase includes unrealized appreciation and 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 the assets at the
beginning of the year or the cost of assets acquired during the year. The plan
had total income of $1,075,169 including employee contributions of $166,395 and
earnings from investments of $908,774.
Your Rights To Additional Information
You have the right to receive a copy of the full annual report, or any part
thereof, on request. The items listed below are included in that report:
1. financial information.
To obtain a copy of the full annual report, or any part thereof, write or call
SOUND FEDERAL SAVINGS & LOAN ASSOC., 1311 MAMARONECK AVENUE, WHITE PLAINS, NY
10605, (914) 761-3636.
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, or a statement of income and expenses of the plan and
accompanying notes, or both. If you request a copy of the full annual report
from the plan administrator, these two statements and accompanying notes will be
included as part of that report.
You also have the legally protected right to examine the annual report at the
main office of the plan (SOUND FEDERAL SAVINGS & LOAN ASSOC., 1311 MAMARONECK
AVENUE, WHITE PLAINS, NY 10605) and at the U.S. Department of Labor in
Washington, D.C., or to obtain a copy from the U.S. Department of Labor upon
payment of copying costs. Requests to the Department should be addressed to:
Public Disclosure Room, Room N1513, Employee Benefits Security Administration,
U.S. 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.
SOUND FEDERAL SAVINGS AND LOAN ASSOCIATION
401(k) SAVINGS PLAN
By: RSGROUP TRUST COMPANY, Trustee
Date: June 21, 2004 By: /s/ William Pieper
Name: William Pieper
Title: Senior Vice President