UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON D.C. 25049
FORM 10-QSB/A
[X] QUARTERLY REPORT UNDER SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT
OF 1934
FOR THE QUARTERLY PERIOD ENDED DECEMBER 31, 1998
---------------------
[_] TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES
EXCHANGE ACT OF 1934
FOR THE TRANSITION PERIOD FROM _____________ TO _____________
COMMISSION FILE NUMBER _____________
ANSON BANCORP, INC.
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(EXACT NAME OF SMALL BUSINESS ISSUER AS SPECIFIED IN ITS CHARTER)
NORTH CAROLINA 56-2073894
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(STATE OR OTHER JURISDICTION OF (I.R.S. EMPLOYER IDENTIFICATION NO.)
INCORPORATION OR ORGANIZATION)
211 SOUTH GREENE STREET/POST OFFICE BOX 249
WADESBORO, NORTH CAROLINA 28170
-------------------------------
(ADDRESS OF PRINCIPAL EXECUTIVE OFFICE) (ZIP CODE)
(704) 694-2122
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(ISSUERS TELEPHONE NUMBER)
N/A
---
(FORMER NAME, FORMER ADDRESS AND FORMER FISCAL YEAR, IF
CHANGED SINCE LAST REPORT)
INDICATE BY CHECK X WHETHER THE ISSUER (1) HAS FILED ALL REPORTS REQUIRED TO BE
FILED BY SECTION 13 OR 15(D) OF THE EXCHANGE ACT DURING THE PAST 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.
YES X NO
--- ---
AS OF JUNE 19, 1998 THERE WERE ISSUED AND OUTSTANDING 585,124 SHARES OF THE
REGISTRANT'S COMMON STOCK, NO PAR VALUE
TRANSITIONAL SMALL BUSINESS DISCLOSURE FORMAT: YES NO X
--- ---
ANSON BANCORP, INC. AND SUBSIDIARY
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CONTENTS
Page
PART 1. FINANCIAL STATEMENTS
Item 1. Financial Statements
Condensed statements of financial condition at June 30, 1998
and December 31, 1998 (unaudited)....................................1
Condensed statements of income for the three months ended
December 31, 1997 and 1998 (unaudited)...............................2
Condensed statements of income for the six months ended
December 31, 1997 and 1998 (unaudited)...............................3
Condensed statements of cash flows for the six months ended
December 31, 1997 and 1998 (unaudited)...............................4
Notes to condensed financial statements (unaudited).....................5
Item 2. Management's Discussion and Analysis of Financial Condition
and Results of Operations........................................7
PART II. OTHER INFORMATION
Item 1. Legal Proceedings..................................................10
Item 2. Changes in Securities..............................................10
Item 3. Defaults upon Senior Securities....................................10
Item 4. Submission of Matters to a Vote of Security Holders................10
Item 5. Other Information..................................................10
Item 6. Exhibits and Reports on Form 8-K...................................10
SIGNATURES...................................................................11
This Form 10-QSB/A contains forward-looking statements consisting of estimates
with respect to the financial condition, results of operations and other
business of Anson Bancorp, Inc. that are subject to various factors which could
cause actual results to differ materially from those estimates. Factors which
could influence the estimates include changes in the national, regional and
local market conditions, legislative and regulatory conditions, and an adverse
interest rate environment.
ANSON BANCORP, INC. AND SUBSIDIARY
CONDENSED STATEMENTS OF FINANCIAL CONDITION (UNAUDITED)
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June 30, December 31,
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1998 1998
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(Note 2) (Unaudited)
ASSETS
Cash and cash equivalents, including federal funds sold $ 6,433,565 $ 4,021,464
Securities held to maturity, at amortized cost 6,307,425 8,394,924
Securities available for sale, at fair value 433,000 585,000
Loans receivable, net 11,515,484 11,467,348
Accrued interest receivable 100,158 98,582
Property and equipment, net 207,665 274,887
Prepaid expenses and other assets 68,985 85,753
----------- -----------
Total assets $25,066,282 $24,927,958
=========== ===========
LIABILITIES AND STOCKHOLDERS' EQUITY
LIABILITIES
Deposits $15,439,963 $15,146,690
Accounts payable and accrued expenses 133,066 49,522
Deferred income taxes 111,000 162,430
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Total liabilities 15,684,029 15,358,642
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STOCKHOLDERS' EQUITY
Capital stock 5,424,815 5,424,815
Unrealized gain on securities available for sale, net of tax 279,430 380,000
Retained earnings, substantially restricted 3,678,008 3,764,501
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Total stockholders' equity 9,382,253 9,569,316
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Total liabilities and stockholders' equity $25,066,282 $24,927,958
=========== ===========
See Notes to Condensed Financial Statements.
-1-
ANSON BANCORP, INC. AND SUBSIDIARY
CONDENSED STATEMENTS OF INCOME (UNAUDITED)
For the three months ended
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December 31,
------------------
1997 1998
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INTEREST AND DIVIDEND INCOME
Interest and fees on loans $237,759 $228,015
Interest on investments and deposits in other banks 121,304 161,793
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Total interest and dividend income 359,063 389,808
INTEREST EXPENSE ON DEPOSITS 204,324 184,959
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Net interest income 154,739 204,849
PROVISION FOR LOAN LOSSES - -
-------- --------
Net interest income after provision for loan losses 154,739 204,849
NONINTEREST INCOME 537 116
NONINTEREST EXPENSE
Compensation and employee benefits 61,974 77,696
Federal insurance premiums 2,626 2,224
Data processing 7,649 10,103
Legal and professional fees 8,055 7,326
Examinations and audit - 7,835
Occupancy including depreciation 4,959 4,983
Other 33,267 38,515
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Total noninterest expense 118,530 148,682
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Income before income taxes 36,746 56,283
INCOME TAXES 9,984 20,000
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Net income $ 26,762 $ 36,283
======== ========
Basic earnings per share (Note 3) $ N/A $ .06
======== ========
Diluted earnings per share (Note 3) $ N/A $ .06
======== ========
Dividends per share $ 0 $ 0
======== ========
See Notes to Condensed Financial Statements.
-2-
ANSON BANCORP, INC. AND SUBSIDIARY
CONDENSED STATEMENTS OF INCOME (UNAUDITED)
For the six months ended
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December 31,
------------------
1997 1998
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INTEREST AND DIVIDEND INCOME
Interest and fees on loans $475,383 $461,902
Interest on investments and deposits in other banks 242,747 336,445
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Total interest and dividend income 718,130 798,347
INTEREST EXPENSE ON DEPOSITS 411,866 370,983
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Net interest income 306,264 427,364
PROVISION FOR LOAN LOSSES - 2,000
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Net interest income after provision for loan losses 306,264 425,364
NONINTEREST INCOME 4,269 2,386
NONINTEREST EXPENSE
Compensation and employee benefits 134,185 159,148
Federal insurance premiums 5,228 4,799
Data processing 15,846 17,861
Legal and professional fees 8,730 37,367
Examinations and audit 7,910 15,671
Occupancy including depreciation 10,480 10,473
Other 49,175 66,938
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Total noninterest expense 231,554 312,257
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Income before income taxes 78,979 115,493
INCOME TAXES 16,984 29,000
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Net income $ 61,995 $ 86,493
======== ========
Basic earnings per share (Note 3) $ N/A $ .15
======== ========
Diluted earnings per share (Note 3) $ N/A $ .15
======== ========
Dividends per share $ 0 $ 0
======== ========
See Notes to Condensed Financial Statements.
-3-
ANSON BANCORP, INC. AND SUBSIDIARY
CONDENSED STATEMENTS OF CASH FLOWS (UNAUDITED)
For the six months ended
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December 31,
------------------------
1997 1998
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OPERATING ACTIVITIES
Net income $ 61,995 $ 86,493
Adjustments to reconcile net income to net cash provided
by (used for) operating activities
Provision for loan losses - 2,000
Provision for depreciation 7,230 6,180
Deferred income taxes - -
Changes in operating assets and liabilities
Accrued interest receivable 7,483 1,576
Prepaid expenses and other assets ( 47,738) ( 16,768)
Accounts payable and accrued expenses 13,123 ( 83,544)
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Net cash provided by (used for) operating activities 42,093 ( 4,063)
INVESTING ACTIVITIES
Investment in property and equipment - ( 73,402)
Net decrease in loans receivable 99,714 46,136
Net increase in investments held to maturity ( 435,688) ( 2,087,499)
----------
Net cash used for investing activities ( 335,974) ( 2,114,765)
FINANCING ACTIVITIES
Net decrease in savings deposits ( 135,404) ( 293,273)
----------
Net decrease in cash and cash equivalents ( 429,285) ( 2,412,101)
CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD 4,640,610 6,433,565
---------- -----------
CASH AND CASH EQUIVALENTS, END OF PERIOD $4,211,325 $ 4,021,464
========== ===========
See Notes to Condensed Financial Statements.
-4-
ANSON BANCORP, INC.
NOTES TO CONDENSED FINANCIAL STATEMENTS (UNAUDITED)
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NOTE 1 - NATURE OF BUSINESS
Anson Bancorp, Inc. (the "Company") was incorporated under the laws of the
State of North Carolina for the purpose of becoming the bank holding
company of Anson Savings Bank, Inc. (the "Bank" or "Anson Savings Bank") in
connection with the Bank's conversion from a state chartered savings bank
to a state chartered stock savings bank, pursuant to its amended and
restated Plan of Conversion. The Company was organized in 1998 to acquire
all of the common stock of Anson Savings Bank, S.S.B. upon its conversion
to stock form and the Company has no operations and conducts no business
other than owning the Bank and investing its portion of the net proceeds
received in the conversion.
The principal business of the Bank is accepting deposits from the general
public and using those deposits and other sources of funds to make loans
secured by real estate and other forms of collateral located in the Bank's
primary market area of Anson County in North Carolina.
Anson Savings Bank's results of operations depend primarily on its net
interest income, which is the difference between interest income from
interest-earning assets and interest expense on interest-bearing
liabilities. The Bank's operations are also affected by noninterest
income, such as miscellaneous income from loans, and other sources of
revenue. The Bank's principal operating expenses, aside from interest
expense, consist of compensation and associated benefits, federal deposit
insurance premiums, occupancy costs, furniture and fixture expense, data
processing charges, professional fees and other general and administrative
expenses.
NOTE 2 - BASIS OF PRESENTATION
The accompanying unaudited condensed financial statements (except for the
condensed consolidated statement of financial condition at June 30, 1998,
which has been taken from the audited financial statements of the Bank at
that date) have been prepared in accordance with generally accepted
accounting principles for interim financial information and with the
instructions to Form 10-QSB of Regulation S-X. Accordingly, they do not
include all of the information and footnotes required by generally accepted
accounting principles for complete financial statements. In the opinion of
management, all adjustments (none of which were other than normal recurring
accruals) necessary for a fair presentation of the financial position and
results of operations for the periods presented have been included. The
Company was not an operating company and did not engage in any significant
business until June 1998. The results of operations for the six months
ended December 31, 1998 are not necessarily indicative of the results of
operations that may be expected for the year ended June 30, 1999. The
accounting policies followed are as set forth in Note 1 of the Notes to
Financial Statements in the 1998 annual report of the Company.
NOTE 3 - EARNINGS PER SHARE
Earnings per share are not applicable for the six months ended December 31,
1997 as Anson Savings Bank did not complete its conversion to stock form
until June 1998. Basic earnings per share for the six months ended
December 31, 1998 is based on unaudited net income earned divided by the
weighted average number of shares outstanding during the period. During
the period reported there were no dilutive securities outstanding,
therefore, basic and diluted earnings per share are the same.
-5-
ANSON BANCORP, INC.
NOTES TO CONDENSED FINANCIAL STATEMENTS (UNAUDITED)
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NOTE 4 - SUBSEQUENT EVENT AND PLAN OF CONVERSION
On June 19, 1998, pursuant to a Plan of Conversion which was approved by
its members and regulators, Anson Savings Bank converted from a state
chartered mutual savings bank to a state chartered stock savings bank and
became a wholly owned subsidiary of Anson Bancorp, Inc. Anson Bancorp,
Inc. was formed to acquire all of the common stock of Anson Savings Bank
upon its conversion to stock form. The closing of the offering occurred on
June 19, 1998 and resulted in the issuance of 585,124 shares of common
stock at a price of $10 per share for proceeds of $5,424,815 (net of
$426,425 in offering costs). The Company transferred $2,712,408 of the net
proceeds to Anson Savings Bank for purchase of all of the common stock of
the Bank.
NOTE 5 - YEAR 2000
The Company recognizes that there is a business risk in computerized
systems as the calendar rolls over into the next century. The Federal
Financial Institutions Examination Council (FFIEC) issued an interagency
statement on May 5, 1997 outlining five phases for institutions to
effectively manage the Year 2000 challenge. The phases were: Awareness,
Assessment, Renovation, Validation, and Implementation. The FFIEC
encouraged institutions to have all critical applications identified and
priorities set by December 31, 1997 and to have renovation work largely
completed and testing well underway by December 31, 1998. The Company has
an ongoing program designed to ensure that its operational and financial
systems will not be adversely affected by Year 2000 software failures, due
to processing errors arising from calculations using the Year 2000 date.
The Board of Directors and management of the Company have established Year
2000 compliance as a strategic initiative. While the Company believes that
it has available resources to assure Year 2000 compliance, it is to some
extent dependent on vendor cooperation. At the present time, the Company's
most critical applications have been updated and installed. Currently, the
Company is testing these systems and should have any problems reconciled by
June 30, 1999.
At this time, the Company has not fully determined the cost of making
modifications to correct any Year 2000 problems; however, equipment and
software expenses are not expected to materially differ from past results.
The Company routinely upgrades and purchases technologically advanced
software and hardware on a continual basis and expects to specifically
evaluate and test such purchases for Year 2000 compliance.
NOTE 6 - COMPREHENSIVE INCOME
On July 1, 1998, the Company adopted statement of financial accounting
standard No. 130, "Reporting Comprehensive Income" (SFAS 130). This
statement provides standards for reporting comprehensive income.
Comprehensive income is defined as the change in equity (Net Assets) during
a period from non-owner sources. The purpose of reporting comprehensive
income is to report a measure of all changes in equity that result from
recognized transactions and other economic events of the period other than
transactions with owners in their capacity as owners. Prior to the Issuance
of SFAS 130, some of those changes in equity were displayed in a statement
that reports the results of operations, while others were included directly
in balances within a separate component of equity in a statement of
financial position. This statement does not change or modify the reporting
or display in the statement of operations.
Comprehensive income for Anson Bancorp, Inc. includes the Company's net
income and unrealized gains on securities available for sale (other
comprehensive income). Total comprehensive income for the periods presented
amounted to $187.000 and $121,000 for the six months ended December 31,
1998 and 1997, respectively, and $102,000 and $27,000 for the three months
ended December 31, 1998 and 1997, respectively.
-6-
ANSON BANCORP, INC.
MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION
AND RESULTS OF OPERATIONS
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COMPARISON OF FINANCIAL CONDITION AT DECEMBER 31, 1998 AND JUNE 30, 1998
Total assets amounted to $24.93 million at December 31, 1998, compared to
$25.07 million at June 30, 1998. The decrease from June 30, 1998 to
December 31, 1998 is primarily attributed to the decrease in deposits.
Accounts payable have decreased approximately $85,000 from June 30, 1998 to
December 31, 1998. This decrease is due primarily to expenses accrued and
subsequently paid related to the Bank's conversion to a state chartered
stock savings bank during the period ended June 30, 1998.
The principal category of earnings assets is loans receivable which
amounted to $11.47 million and $11.52 million at December 31, 1998 and June
30, 1998, respectively. Loan originations for the six months ended December
31, 1998 totaled $1.3 million and were funded by loan principal repayments
of $1.31 million as the loan portfolio decreased by approximately $50,000.
Loan originations for the year ended June 30, 1998 totaled $2.92 million
and principal repayments for 1998 totaled $2.82 million. The Bank maintains
underwriting and credit standards designed to maintain the quality of the
loan portfolio. Nonperforming loans at December 31, 1998 and June 30, 1998
totaled $152,000 and $179,000, respectively, and were 1.33% and 1.55% of
total loans, respectively.
In addition to loans, the Company invests in U.S. Treasury and Government
agency securities. Management does not engage in the practice of trading
securities, rather, the Company's investment portfolio consists primarily
of investments designated and held to maturity. Investment securities,
including interest-bearing deposits and Federal Home Loan Bank stock, at
December 31, 1998 and June 30, 1998, totaled $12.85 million and $12.95
million, respectively. The decrease in investments and loans is primarily
attributed to the decrease in deposits.
The Bank has experienced some decrease in savings deposits. At December 31,
1998, Anson's deposits decreased approximately $293,000 compared to June
30, 1998. Anson has priced its deposits in a fashion to be at or near the
top of the market because of its dependence on the local market for funds
availability.
The Company's equity, which consists entirely of retained earnings, capital
stock and unrealized gains on securities available for sale, net of tax,
amounted to $9.56 million and $9.38 million at December 31, 1998 and June
30, 1998, respectively. The Bank has classified a portion of its
investments as available for sale which requires reporting such investments
at fair market value with unrealized gains or losses, net of tax, shown as
a separate component of equity. The equity component for net unrealized
gains at December 31, 1998 and June 30, 1998 amounted to $380,000 and
$279,000, respectively.
COMPARISON OF RESULTS OF OPERATIONS FOR THE THREE MONTHS ENDED DECEMBER 31, 1998
AND 1997
Net Income. The Company's net income for the three months ended December
31, 1998 and 1997 was approximately $36,000 and $27,000, respectively. The
increase in net income was primarily due to the increase in investments and
the increase in capital from the sale of stock.
Net Interest Income. Net interest income has increased by 32% to $205,000
for the three months ended December 31, 1998 from $155,000 for the three
months ended December 31, 1997. This increase is due primarily to an
increase in investment income from the capital raised from the sale of
stock.
Noninterest Income. Noninterest income consists primarily of fees related
to safe deposit boxes and other miscellaneous income and amounted to less
than $1,000 for the three months ended December 31, 1998 and 1997,
respectively.
-7-
ANSON BANCORP, INC.
MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION
AND RESULTS OF OPERATIONS
- --------------------------------------------------------------------------------
Noninterest Expense. Noninterest expense consisted primarily of operating
expenses for compensation and employee benefits, occupancy, legal and
professional fees, federal deposit insurance premiums, data processing
charges and other operating expenses. Noninterest expense increased to
approximately $149,000 from $119,000 for the three months ended December
31, 1998 and 1997, respectively. This increase is primarily due to the
costs associated with operating as a public company and hiring one
additional employee. The Bank anticipates that its noninterest expense may
continue to increase in the future because of costs associated with
compensation, costs associated with operating as a publicly held company,
and with purchasing the computer equipment necessary for Year 2000
compliance.
Income Taxes. Income tax expense was $20,000 and $10,000 for the three
month periods ended December 31, 1998 and 1997, respectively. The
fluctuations were primarily attributable to corresponding fluctuations in
income before income taxes.
COMPARISON OF RESULTS OF OPERATIONS FOR THE SIX MONTHS ENDED DECEMBER 31, 1998
AND 1997
Net Income. The Company's net income for the six months ended December 31,
1998 and 1997 was approximately $87,000 and $62,000 respectively. The
increase in net income was primarily due to the increase in investments and
the increase in capital from the sale of stock.
Net Interest Income. Net interest income has increased by 39% to $425,000
for the six months ended December 31, 1998 from $306,000 for the six months
ended December 31, 1997. This increase is due primarily to an increase in
investment income from the capital raised from the sale of stock.
Noninterest Income. Noninterest income consists primarily of fees related
to safe deposit boxes and other miscellaneous income and amounted to $2,000
and $4,000 for the six months ended December 31, 1998 and 1997,
respectively.
Noninterest Expense. Noninterest expense consisted primarily of operating
expenses for compensation and employee benefits, occupancy, legal and
professional fees, federal deposit insurance premiums, data processing
charges and other operating expenses. Noninterest expense increased to
$312,000 from $232,000 for the six months ended December 31, 1998 and 1997,
respectively. This increase is primarily due to the costs associated with
operating as a public company and costs associated with one additional
employee. The Bank anticipates that its noninterest expense may continue
to increase in the future because of costs associated with compensation,
costs associated with operating as a publicly held company, and with
purchasing the computer equipment necessary for Year 2000 compliance.
Income Taxes. Income tax expense was $29,000 and $17,000 for the six month
periods ended December 31, 1998 and 1997, respectively. The fluctuations
were primarily attributable to corresponding fluctuations in income before
income taxes.
CAPITAL RESOURCES AND LIQUIDITY
The term "liquidity" generally refers to an organization's ability to
generate adequate amounts of funds to meet its needs for cash. More
specifically for financial institutions, liquidity ensures that adequate
funds are available to meet deposit withdrawals, fund loan and capital
expenditure commitments, maintain reserve requirements, pay operating
expenses and provide funds for debt service, dividends to stockholders and
other institutional commitments. Funds are primarily provided through the
sale or maturity of investments, the ability to raise equity capital, or
maintenance of shorter-term interest-bearing deposits.
-8-
ANSON BANCORP, INC.
MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION
AND RESULTS OF OPERATIONS
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As a state chartered stock savings bank, Anson Savings Bank must maintain
liquidity in the form of cash and cash equivalents and investment
securities, including mortgage-backed securities, equal to at least 10% of
total assets. The Bank's liquidity ratio at December 31, 1998 was
considerably in excess of such requirements. Given its excess liquidity and
its ability to borrow from the Federal Home Loan Bank, the Bank believes
that it will have sufficient funds available to meet anticipated future
loan commitments, deposit withdrawals and other cash requirements.
YEAR 2000
The Company recognizes that there is a business risk in computerized
systems as the calendar rolls over into the next century. The Federal
Financial Institutions Examination Council (FFIEC) issued an interagency
statement on May 5, 1997 outlining five phases for institutions to
effectively manage the Year 2000 challenge. The phases were: Awareness,
Assessment, Renovation, Validation, and, Implementation. The FFIEC
encouraged institutions to have all critical applications identified and
priorities set by December 31, 1997 and to have renovation work largely
completed and testing well underway by December 31, 1998. The Company has
an ongoing program designed to ensure that its operational and financial
systems will not be adversely affected by Year 2000 software failures, due
to processing errors arising from calculations using the Year 2000 date.
The Company's vaults are mechanical and are not subject to time or calendar
failure. The Board of Directors and management of the Company have
established Year 2000 compliance as a strategic initiative. While the
Company believes that it has available resources to assure Year 2000
compliance, it is to some extent dependent on vendor cooperation. At the
present time, the Company expects its most critical application software
vendor to have all of its systems in compliance. The Company has installed
the necessary software releases and expects to have testing of such systems
substantially completed by March 31, 1999 and have any problems reconciled
by June 30, 1999.
At this time, the Company has not fully determined the cost of making
modifications to correct any Year 2000 problems; however, equipment and
software expenses are not expected to materially differ from past results.
The Company routinely upgrades and purchases technologically advanced
software and hardware on a continual basis and expects to specifically
evaluate and test such purchases for Year 2000 compliance.
The Company's loan portfolio consists primarily of residential mortgage
loans to individuals. These individuals generally are not affected by Year
2000 failures. The Bank currently makes very few commercial loans. If the
Bank increases its commercial loan portfolio, the Bank's Board of Directors
would amend its underwriting policies to address loan payment problems
associated with a borrower as a result of a disruption in income or a
commercial borrower's inability to make a timely payment.
-9-
ANSON BANCORP, INC.
PART II - OTHER INFORMATION
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Item 1. Legal Proceedings
The Company is not engaged in any legal proceedings at the present
time. From time to time, the Bank is a party to legal proceedings
within the normal course of business wherein it enforces its security
interest in loans made by it, and other matters of a like kind.
Item 2. Changes in Securities
Not applicable
Item 3. Defaults Upon Senior Securities
Not applicable
Item 4. Submission of Matters to a Vote of Security Holders
Not applicable
Item 5. Other Information
Not applicable
Item 6. Exhibits and Reports on Form 8-K
a) Exhibit (27) - Financial Data Schedule
b) Not applicable
-10-
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.
Anson Bancorp, Inc.
Dated: 2/12/99 By: /s/ Eugene M. Ward
---------------- --------------------------
Eugene M. Ward
President
Dated: 2/12/99 By: /s/ Nancy H. Allen
---------------- --------------------------
Nancy H. Allen
Treasurer and Assistance Secretary
-11-