UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
-----------
FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(D) OF THE
SECURITIES EXCHANGE ACT OF 1934
------------------------------
Date of report (Date of earliest event reported): March 5, 2003
FALMOUTH BANCORP, INC.
(Exact Name of Registrant as Specified in Charter)
Delaware 01-13465 04-3337685
(State or Other (Commission (IRS Employer
Jurisdiction of File Number) Identification No.)
Incorporation)
20 Davis Straits, Falmouth, MA 02540
(Address of Principal Executive Offices) (Zip Code)
Registrant's telephone number, including area code: (508) 548-3500
Not Applicable
(Former Name or Former Address, if Changed Since Last Report)
1
Items 1 through 4. Not applicable.
Item 5. Other Events and Required FD Disclosure
Falmouth Bancorp, Inc. (the "Company"), the holding company for
Falmouth Bank (the "Bank"), announced today that the Company will accrue a
liability in the first quarter of 2003 of approximately $572,000,
representing an estimate of the additional state tax liability, including
interest (net of any federal and state tax deductions associated with such
taxes and interest), relating to the deduction for dividends received from
a real estate investment trust subsidiary (a "REIT") for the 2000, 2001,
2002 and five months of the 2003 fiscal year. The accrued liability is the
result of new legislation signed March 5, 2003 by the Governor of
Massachusetts that amends Massachusetts law to expressly disallow the
deduction for dividends received from a REIT. This amendment applies
retroactively to tax years ending on or after December 31, 1999. As a
result of the enactment of this legislation, the Company has ceased
recording the tax benefits associated with the dividend received deduction
effective for the 2003 tax year and accrued the liability described above.
The Company issued a press release relating to this matter on March
18, 2003, a copy of which is attached hereto as Exhibit 99.1.
The Exhibit 99.1 referred to in this Item 5 is filed as part of this
report and is incorporated herein by reference.
Item 6. Not applicable.
Item 7. Financial Statements and Exhibits
(a) No financial statements are required to be filed with this
report.
(b) No pro forma financial information is required to be filed
with this report.
(c) Exhibits
The following Exhibit is filed as part of this report:
EXHIBIT NO.:
99.1 Press release dated March 18, 2003.
Items 8 through 12. Not applicable.
2
SIGNATURES
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.
FALMOUTH BANCORP, INC.
By: /s/ Santo P. Pasqualucci
------------------------------
Santo P. Pasqualucci
President and Chief Executive
Officer
Date: March 18, 2003
3
EXHIBIT INDEX
Exhibit Description
------- -----------
99.1 Press release dated March 18, 2003.
4