================================================================================
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
------------------------------
FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(D) OF THE
SECURITIES EXCHANGE ACT OF 1934
------------------------------
Date of report (Date of earliest event reported): June 28, 2006
FIRST IPSWICH BANCORP
(Exact name of registrant as specified in its charter)
Massachusetts 333-114018 04-2955061
(State or other jurisdiction (Commission (IRS Employer
of incorporation) File 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))
================================================================================
Item 8.01 Other Events
On June 28, 2006, First Ipswich Bancorp's principal subsidiary, The First
National Bank of Ipswich (the "Bank"), entered into an agreement with its
primary Federal banking regulator, The Comptroller of the Currency. The
agreement calls for the Bank to achieve higher capital levels, retain competent
management, adopt a new strategic plan, adopt an interest rate risk management
plan, and improve liquidity.
The agreement is filed herewith as Exhibit 99.1 and is incorporated herein by
reference. The foregoing description of the agreement is qualified in its
entirety by reference to the text of the agreement.
Item 9.01 Financial Statements and Exhibits
(c) Exhibits
Exhibit No. Description
- ----------- -----------
Exhibit 99.1 Agreement by and between The First National Bank of Ipswich
and The Comptroller of the Currency.
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
Date: June 29, 2006 By: /s/ Timothy L. Felter
---------------------
Timothy L. Felter
Senior Vice President and
Chief Financial Officer
EXHIBIT INDEX
Exhibit No. Exhibit Description
- ----------- -------------------
99.1 Agreement by and between The First National Bank of Ipswich and
The Comptroller of the Currency.