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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): January 10, 2007
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 1.01 Entry into a Material Definitive Agreement
On January 10, 2007, The First National Bank of Ipswich (the "Bank"), a
wholly-owned subsidiary of First Ipswich Bancorp (the "Company"), entered into a
Branch Purchase and Assumption Agreement with East Cambridge Savings Bank for
the sale of the Bank's branch located in Cambridge, Massachusetts (the
"Agreement"). The sale includes deposits of approximately $18.8 million and
loans of approximately $15.4 million. The Bank will receive a 3% premium on
deposits sold.
The consummation of the transaction is subject to the satisfaction of customary
closing conditions, including the receipt of required regulatory approvals. The
transaction is expected to close in the first quarter of 2007.
The above description of the Agreement is qualified in its entirety by reference
to the full text of the Agreement, a copy of which is attached hereto as Exhibit
2.1 and incorporated herein by reference.
Item 7.01 Regulation FD Disclosure.
On January 12, 2007, the Company issued a press release announcing the Bank's
entry into the Agreement. A copy of the press release is attached hereto as
Exhibit 99.1 and incorporated herein by reference.
Item 9.01 Financial Statements and Exhibits
(d) Exhibits
Exhibit No. Description
- ----------- -----------
Exhibit 2.1 Branch Purchase and Assumption Agreement
Exhibit 99.1 Press Release dated January 12, 2007.
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: January 12, 2007 By: /s/ Timothy L. Felter
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Timothy L. Felter
Senior Vice President and
Chief Financial Officer
EXHIBIT INDEX
Exhibit No. Description
- ----------- -----------
Exhibit 2.1 Branch Purchase and Assumption Agreement
Exhibit 99.1 Press Release dated January 12, 2007.