-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, LVTC4FMjWT9iUqfFwoEcLKq4hBucCNWgd4menMyWuKaHVEjGs7btPeUQGFdfF6Uq YOovMPoKl8ttAxdT2aJdRQ== 0000950135-01-501912.txt : 20010703 0000950135-01-501912.hdr.sgml : 20010703 ACCESSION NUMBER: 0000950135-01-501912 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 3 CONFORMED PERIOD OF REPORT: 20010702 ITEM INFORMATION: ITEM INFORMATION: FILED AS OF DATE: 20010702 FILER: COMPANY DATA: COMPANY CONFORMED NAME: PEOPLES BANCSHARES INC CENTRAL INDEX KEY: 0000077371 STANDARD INDUSTRIAL CLASSIFICATION: SAVINGS INSTITUTIONS, NOT FEDERALLY CHARTERED [6036] IRS NUMBER: 043272233 STATE OF INCORPORATION: MA FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: SEC FILE NUMBER: 000-07449 FILM NUMBER: 1674019 BUSINESS ADDRESS: STREET 1: PO BOX 3203 CITY: NEW BEDFORD STATE: MA ZIP: 02741 BUSINESS PHONE: 5089912703 MAIL ADDRESS: STREET 1: PO BOX 3203 CITY: NEW BEDFORD STATE: MA ZIP: 02741 8-K 1 b39858pbe8-k.txt PEOPLE'S BANCSHARES, INC. 1 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: July 2, 2001 PEOPLE'S BANCSHARES, INC. (Exact name of registrant as specified in its charter) MASSACHUSETTS 0-7449 04-3272233 - ---------------------------------- (COMMISSION FILE NO.) ------------------ (State or other jurisdiction of (I.R.S. Employer incorporation or organization) Identification No.) 545 PLEASANT STREET NEW BEDFORD, MASSACHUSETTS 02740 - ---------------------------------------- --------- (Address of principal executive offices) (Zip Code) Registrant's telephone number, including area code (508) 991-2601 -------------- --------------------------------------------- 2 ITEM 4. CHANGES IN REGISTRANT'S CERTIFYING ACCOUNTANT During the past two years, the certifying accountants for People's Bancshares, Inc. (the "Registrant") has been the firm of Wolf & Company, P.C. ("Wolf & Company"). Effective June 26, 2001, the engagement of Wolf & Company was terminated and the firm of Arthur Andersen LLP ("Andersen") was engaged as the Registrant's independent auditors to audit and report upon the Registrant's financial statements for the current fiscal year ending December 31, 2001. A letter from Wolf & Company to the Securities and Exchange Commission (the "SEC") advising the SEC of the termination of Wolf & Company's engagement by the Registrant is attached as Exhibit 99.1. The engagement of Andersen was recommended by the Registrant's Audit Committee and unanimously approved by the Registrant's Board of Directors. The Registrant's financial statements for the two years ended December 31, 2000 were audited by Wolf & Company. The audit reports of Wolf & Company on the consolidated financial statements of the Registrant, as of and for the two years ended December 31, 2000, did not contain any adverse opinion or a disclaimer of opinion nor were such opinions qualified or modified as to uncertainty, audit scope or accounting principles. A letter from Wolf & Company is attached as Exhibit 99.2. During the Registrant's two most recent fiscal years ended December 31, 2000 and the subsequent interim periods through June 26, 2001, there were no disagreements with Wolf & Company on any matter of accounting principles or practices, financial statement disclosure, or auditing scope or procedure, which disagreements, if not resolved to the satisfaction of Wolf & Company, P.C., would have caused it to make reference to the matter of the disagreements in its audit report. During the Registrant's two most recent fiscal years ended December 31, 2000 and the subsequent interim periods, Andersen has not been engaged as an independent accountant to audit either the Registrant's financial statements or the financial statements of any of its subsidiaries, nor has it been consulted regarding the type of opinion that might be rendered on the Registrant's financial statements. In November 2000, following a presentation on emerging accounting issues at a breakfast meeting for clients and invited guests, the Registrant consulted Andersen regarding the implementation and adoption of SFAS No. 133, which the Company adopted on January 1, 2001. ITEM 7. FINANCIAL STATEMENTS, PRO FORMA FINANCIAL INFORMATION AND EXHIBITS (c) Exhibits 99.1 Letter dated July 1, 2001 from Wolf & Company, P.C. to the Securities and Exchange Commission filed herewith. 99.2 Letter dated July 1, 2001 from Wolf & Company, P.C. to the Securities and Exchange Commission filed herewith. 2 3 Pursuant to the requirements of the Securities Exchange Act of 1934, the Company has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. PEOPLE'S BANCSHARES, INC. /s/ James K. Hunt ------------------------------------------ James K. Hunt Executive Vice President/Finance & Administration and Chief Financial Officer Dated: July 2, 2001 3 EX-99.1 2 b39858pbex99-1.txt LETTER DATED JULY 1, 2001 FROM WOLF & COMPANY, PC 1 Exhibit 99.1 July 1, 2001 Office of the Chief Accountant Securities and Exchange Commission 450 Fifth Street, NW Washington, D.C. 20549 To Whom it May Concern: Please be advised that we are no longer the independent auditors for People's Bancshares, Inc. Our letter dated July 1, 2001 is included as an exhibit to the Form 8-K filed by People's Bancshares, Inc. on July 2, 2001. Very truly yours, /s/ Jean M. Joy, CPA - -------------------- Jean M. Joy, CPA Member of the Firm cc: James K. Hunt, People's Bancshares, Inc. EX-99.2 3 b39858pbex99-2.txt LETTER DATED JULY 1, 2001 FROM WOLF & COMPANY, PC 1 Exhibit 99.2 July 1, 2001 Securities and Exchange Commission Washington, DC 20549 Ladies and Gentlemen: We were previously principal accountants for People's Bancshares, Inc. (the "Registrant") and, under the date of January 26, 2001, except for Note 2 as to which the date is March 26, 2001, we reported on the consolidated financial statements of People's Bancshares, Inc. and subsidiaries as of December 31, 2000 and 1999, and for each of the years in the three-year period ended December 31, 2000. On June 28, 2001, we were informed that our appointment as principal accountants was terminated effective June 26, 2001. We have read the Registrant's statements included under Item 4 of its Form 8-K dated July 2, 2001, and we agree with such statements except that we were not present at the referenced meeting of the Registrant's Board of Directors and therefore have no direct knowledge of the activities of such meeting, and we have no knowledge of the events described in paragraph four. Very truly yours, /s/ Wolf & Company, P.C. - ------------------------ Wolf & Company, P.C. -----END PRIVACY-ENHANCED MESSAGE-----