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Slade’s Ferry Bancorp

PBN Staff

01/15/2001

Slade’s Ferry Bancorp
100 Slade’s Ferry Ave.
Somerset, Mass. 02726
(508) 675-2121; FAX (508) 675-1751
e-mail: gholmes@sfbci.com
Employees: 136

Slade’s Ferry Bancorp is the holding company of its wholly owned subsidiary,
Slade’s Ferry Trust Co., a state-chartered bank, which currently has 12 banking
facilities from Seekonk to Fairhaven, Mass. For the nine months ended Sept.
30 total interest income rose 9 percent to $20.7 million and net interest income,
after loan loss provision, fell 2 percent, to $10.4 million. Net income fell
7 percent to $2.7 million. Besides its 12 facilities, the bank also provides
limited banking services at Somerset High School, and established a loan production
in office in Rhode Island in 1999 called the Slade’s Ferry Loan Company. Its
purpose is to solicit commercial and consumer borrowers in the Rhode Island
area. It is prohibited from accepting deposits and payments.

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Stock Information
Exchange: NASDAQ
Symbol: SFBC
Annual meeting: April 10, 2000
Shares of common stock outstanding as of Feb. 25, 2000: 3,718,021
Stock price as of Monday, Nov. 27, 2000: $8.75
Market value as of Monday, Nov. 27, 2000: $32,532,684
12-month high stock price: $11
12-month low stock price: $8.06

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Operating Results
(Dollars in thousands, except per share data)

For the years ending Dec. 31	1999	1998	1997
Income	$16,886	$15,163	$14,300
Net Income	3,856	3,363	2,846
Basic earnings per share	1.06	0.94	0.85
Total assets	346,706	316,771	297,818
Liabilities	316,015	288,702	274,622

Shareholders’ Equity

1999	1997	1995
31,644	29,707	4,273

Directors
Thomas B. Almy, 65, director since 1964, architect, I.T. Almy Associates.
Shares: 62,860
Peter G. Collias, 68, director since 1973, lawyer. Shares: 18,466
Melvyn A. Holland, 62, director since 1997, managing partner, Rosenfield,
Holland & Raymon, certified public accountants. Shares: 2,726
Shaun O’Hearn Sr., 54, director since 1997, president, Bolger & O’Hearn,
Inc.. Shares: 5,733
William J. Sullivan, 60, director since 1985, president, Sullivan Funeral
Homes. Shares: 37,997
James D. Carey, 57, president and chief executive officer of the bank
and executive vice president of the corporation. Shares: 20,290
William Q. MacLean, 55, vice president of Cornish & Co., insurance.
Shares:19,318
Francis A. Macomber, 70, president of LeComte’s Dairy of Somerset. Shares:120,159

Majed Mouded, 58, physician. Shares: 61,457
David F. Westgate, 59, president Quequechan Management Corp. Shares:
2,838
Donald T. Corrigan, 69, chairman of the board of the corporation. Shares:
62,099
Lawrence J. Oliveira, 55, orthodontist. Shares: 10,845
Peter Paskowski, 76, retired president of the bank. Shares: 28,150
Kenneth R. Rezendes, 66, president and chief executive officer of the
corporation. Shares: 126,434
Charles Veloza, 74, president of Charlie’s Oil. Shares: 110,751

Directors’ fees
Directors are paid $300 for each bank board of directors meeting attended and
$250 for each Bancorp meeting attended. In addition executive committee members
are paid $300 for each executive committee meeting attended. The chairman of
the board of the bank and president of the Bancorp are paid $1,000 each for
holding such positions. Members of all other committees receive $250 per meeting
attended, $250 for serving on such committees, and the chairman of each committee
receives an additional $500.

Top institutional holders
Merrill Lynch & Co., 24,180 shares.

Executive Compensation