180 Washington Street
Providence, R.I. 02903
(401) 421-3600; fax (401) 861-6221
e-mail: sterrien@firstbank.ri.com
Employees: 46
The company became a holding company in February, and as a holding company that
is also a financial holding company, the company may affiliate with securities
firms and insurance companies. The bank was first chartered in 1972, and primarily
deals with individual customers and small businesses with revenues of less than
$10 million, according to its annual report. Besides its Providence office the
bank operates a branch in Cranston, a branch in Richmond (the former Chariho-Exter
Credit Union), and an in-store branch at the Wal-Mart store at Wickford Junction
in North Kingstown.
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Stock Information
Exchange:Nasdaq
Symbol: FTFN
Annual meeting: May 9, 2001
Shares of common stock outstanding as of March 19, 2001: 1,213,741
Stock price as of Friday, May 11, 2001: $15.06
Market value as of Friday, May 11, 2001: $18,278,939
12-month high stock price: $15.06
12-month low stock price: $9.75
Operating Results
(Dollars in thousands, except per share data)
| For the years ending Dec. 31, |
2000
|
1999
|
1998
|
| Income |
$14,397
|
12,006
|
11,180
|
| Net income |
1,971
|
1,819
|
1,450
|
| Net income per share |
1.62
|
1.47
|
1.15
|
| Total assets |
168,372
|
144,782
|
141,919
|
Directors
Patrick Shanahan, 56, director since 1980, chairman, president and chief
executive officer of the company and the bank. Shares: 79,956
Gary R. Alger, 43, director since 1998, director of E.R. Alger and Co.,
a family-owned accounting firm. Shares: 2,100
Joseph V. Mega, 67, director since 1994, president, Crugnale Bakery. Shares:
4,500
Joseph A. Keough, 59, director since 1980, judge/magistrate, Rhode Island
Superior Court. Shares: 5,500
Peter L. Mathieu, Jr., M.D., 76, director since 1980, pediatrician. Shares:
61,800
Fred J. Simon, Jr., 52, director since 1998, president, Simon Chevrolet-Buick.
Shares: 15,000
Artin H. Coloian, 36, director since 1996, chief of staff to the mayor
of Providence. Shares: 500
John Nazarian, Ph.D., 68, director since 1996, president, Rhode Island
College. Shares: 3,000
William P. Shields, 63, director since 1993, retired. Shares: 2,200
Directors’ fees
Each director receives an annual retainer of $5,000 and fees of $500 for each
board meeting attended. Additionally, non-employee directors receive $500 for
each committee meeting attended. Directors also receive $500 for each bank board
meeting attended, with a maximum of $1,000 for meetings attended on any given
day.
Top institutional holders
John Hancock Advisors, Inc. 109,000 shares
FleetBoston Financial Corp., 104,200 shares
Wellington Management Co., 43,500 shares
Executive compensation
|
Fiscal Year
|
2000
|
1999
|
|
Patrick J. Shanahan, Jr., chairman, pres.
and CEO |
$380,000
|
$325,000
|
|
John A. Macomber, vice president, chief
financial officer |
$120,904
|
$105,000
|
*Executive compensation includes salary, bonuses and other compensation, including
life insurance, cash profit sharing and other payments.
Source: Proxy statement, annual report, quarterly reports, and other PBN research
