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UNITED STATES
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
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Date of report (Date of earliest event reported): March 20, 2006
FIRST IPSWICH BANCORP
(Exact name of registrant as specified in its charter)
Massachusetts 333-114018 04-2955061
(State or other jurisdiction (Commission File (IRS Employer
of incorporation) Number) Identification No.)
31 Market Street, Ipswich, Massachusetts 01938
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code: (978) 356-3700
Not Applicable
(Former name or former address, if changed since last report)
Check the appropriate box below if the Form 8-K filing is intended to
simultaneously satisfy the filing obligation of the registrant under any of the
following provisions:
|_| Written communication pursuant to Rule 425 under the Securities Act (17
CFR 230.425)
|_| Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR
240.14a-12)
|_| Pre-commencement communications pursuant to Rule 14d-2(b) under the
Exchange Act (17 CFR 240.14d-2(b))
|_| Pre-commencement communications pursuant to Rule 13e-4(c) under the
Exchange Act (17 CFR 240.13e-4(c))
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Item 1.01 Entry into a Material Definitive Agreement.
Effective March 20, 2006, First Ipswich Bancorp (the "Company") and its
wholly-owned subsidiary, The First National Bank of Ipswich (the "Bank") hired
Mr. Timothy L. Felter to serve as the Senior Vice President and Chief Financial
Officer of both the Company and the Bank. The terms of Mr. Felter's employment
are included in Item 5.02 of this Current Report on Form 8-K and are
incorporated by reference into this Item 1.01.
Item 5.02 Departure of Directors or Principal Officers; Election of Directors;
Appointment of Principal Officers.
(c) On March 20, 2006, Timothy L. Felter, age 45, joined the Company and the
Bank as Senior Vice President and Chief Financial Officer of both entities. Mr.
Felter served as Executive Vice President, Personal Banking and Investment
Officer of Lawrence Savings Bank from January, 1999 through January, 2006 and as
Assistant Treasurer and Investment Officer of LSB Corporation from July, 2001
through January, 2006.
Mr. Felter's employment will be at-will. He will receive a base salary of
$170,000 per year. He will be eligible for a bonus of up to 25% of his base
salary based on individual performance and the performance of the Bank. In
addition, he will be entitled to participate in the Bank's employee benefit
plans.
On March 22, 2006, the Bank issued a press release announcing the appointment of
Timothy L. Felter as the Bank's new Senior Vice President and Chief Financial
Officer. A copy of the press release is furnished as Exhibit 99.1 to this
Current Report on Form 8-K. The press release and the information therein are
being furnished and shall not be deemed to be "filed" for purposes of Section 18
of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), or
otherwise subject to the liability of that section, nor shall they be deemed
incorporated by reference in any filing under the Securities Act of 1933, as
amended, or the Exchange Act, except as expressly set forth by specific
reference in such a filing.
Item 9.01 Financial Statements and Exhibits
(c) Exhibits
Exhibit No. Description
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Exhibit 99.1 Press Release dated March 22, 2006.
SIGNATURE
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 hereunto duly authorized.
FIRST IPSWICH BANCORP
By: /s/ Donald P. Gill
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Donald P. Gill
President and C.E.O.
Date: March 23, 2006
EXHIBIT INDEX
Exhibit No. Exhibit Description
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99.1 Press Release dated March 22, 2006.