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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): June 24, 2003
FALMOUTH BANCORP, INC.
(Exact Name of Registrant as Specified in Charter)
Delaware 01-13465 04-3337685
(State or Other (Commission (I.R.S. employer
Jurisdiction of File Number) Identification No.)
Incorporation)
20 Davis Straits, Falmouth, MA 02540
(Address of principle 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)
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 recover
approximately $295,000, representing an amount, 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 1999, 2000, 2001,
2002 and three months of the 2003 fiscal year. The recovery is the result
of a settlement between a number of Massachusetts banks and the
Massachusetts Department of Revenue (DOR).
The original liability was the result of 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 June
23, 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 June 23, 2003.
Items 8 through 12. Not applicable.
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
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Santo P. Pasqualucci
President and Chief Executive Officer
Date: June 24, 2003
EXHIBIT INDEX
Exhibit Description
99.1 Press release dated June 23, 2003.