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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): September 11, 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 8.01 Other Events.
On September 11, 2007, First Ipswich Bancorp (the "Company"), the bank
holding company of The First National Bank of Ipswich, announced that it will
propose the reclassification of shares of its common stock held by record
holders of fewer than 200 shares of common stock into shares of Series A
Preferred Stock on a one-for-one basis. The net effect of the reclassification
will be to reduce below 300 the Company's total number of record holders of
common stock. As a result, the Company will realize significant cost savings by
removing the burden of its reporting obligations under the Securities Exchange
Act of 1934 (the "Exchange Act").
A copy of the Company's press release making this announcement is attached
hereto and incorporated herein by reference to Exhibit 99.1. In addition, a copy
of the letter from Russell G. Cole, President and CEO of the Company, to
shareholders announcing the proposed reclassification is attached hereto and
incorporated herein by reference to Exhibit 20.1.
Item 9.01 Financial Statements and Exhibits
(d) Exhibits
Exhibit No. Description
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Exhibit 20.1 Letter to Shareholders dated September 11, 2007.
Exhibit 99.1 Press Release dated September 11, 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: September 11, 2007 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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20.1 Letter to Shareholders dated September 11, 2007.
99.1 Press Release dated September 11, 2007.