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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): On or about October 31, 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))
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Item 2.01 Completion of Acquisition or Disposition of Assets
On October 31, 2006, The First National Bank of Ipswich (the "Bank"), a
wholly-owned subsidiary of First Ipswich Bancorp, completed its initial transfer
of trust department assets to Eastern Bank ("Eastern"). The purchase price paid
in connection with the initial transfer on October 31, 2006 was $480,000. The
transfer was made pursuant to the Bank's agreement with Eastern dated as of
August 24, 2006. The agreement contemplates additional transfers at a later
date.
The foregoing description of the agreement is qualified in its entirety by the
full text of the agreement, which is incorporated herein by reference to Exhibit
10.1 to the Company's Current Report on Form 8-K filed on August 24, 2006.
Item 9.01 Financial Statements and Exhibits
(c) Exhibits
Exhibit No. Description
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Exhibit 10.1 Agreement for the Acquisition of Accounts and Certain Assets
Relating to the Trust Business of The First National Bank of
Ipswich by Eastern Bank, dated August 24, 2006 (incorporated by
reference to Exhibit 10.1 to the Company's Current Report on Form
8-K filed on August 24, 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
Date: October 31, 2006 By: /s/ Timothy L. Felter
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Timothy L. Felter
Senior Vice President and
Chief Financial Officer
EXHIBIT INDEX
Exhibit No. Exhibit Description
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10.1 Agreement for the Acquisition of Accounts and Certain Assets
Relating to the Trust Business of The First National Bank of
Ipswich by Eastern Bank, dated August 24, 2006 (incorporated by
reference to Exhibit 10.1 to the Company's Current Report on Form
8-K filed on August 24, 2006).