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 14, 2005
SLADE'S FERRY BANCORP.
(Exact name of registrant as specified in its charter)
Massachusetts 000-23904 04-3061936
(State or other jurisdiction (Commission (IRS Employer
of incorporation) File Number) Identification No.)
100 Slade's Ferry Avenue, PO Box 390, Somerset, Massachusetts 02726
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code: (508) 675-2121
Not Applicable
(Former name or former address, if changed since last report)
Check the appropriate box below if the Form 8-K filing is intended to
simultaneously satisfy the filing obligation of the registrant under any of
the following provisions (see General Instruction A.2. below):
[ ] Written communications pursuant to Rule 425 under the Securities Act
(17 CFR 230.425)
[ ] Soliciting material pursuant to Rule 14a-12 under the Exchange Act
(17 CFR 240.14a-12)
[ ] Pre-commencement communications pursuant to Rule 14d-2(b) under the
Exchange Act (17 CFR 240.14d-2(b))
[ ] Pre-commencement communications pursuant to Rule 13e-4(c) under the
Exchange Act (17 CFR 240.13e-4(c))
Item 4.01 Changes in Registrant's Certifying Accountant.
(a)
On March 14, 2005, the Audit Committee of the Board of Directors of
Slade's Ferry Bancorp. (the "Company") dismissed Shatswell, MacLeod &
Company, P.C. ("Shatswell") as the Company's registered public accounting
firm. Pursuant to the Company's Audit Committee Charter, the Audit
Committee has sole authority to terminate and to appoint the Company's
independent auditors. Accordingly, the dismissal of Shatswell was approved
solely by the Audit Committee.
The reports issued by Shatswell on the consolidated financial
statements of the Company for the two most recent fiscal years (2003 and
2002) did not contain any adverse opinion or a disclaimer of opinion, or
any qualification or modification as to uncertainty, audit scope or
accounting principles. During the Company's two most recent fiscal years
(2003 and 2002) through the date hereof, there were no disagreements with
Shatswell on any matter of accounting principles or practices, financial
statement disclosure, or auditing scope or procedure, which, if not
resolved to the satisfaction of Shatswell, would have caused Shatswell to
make reference to the subject matter of the disagreement in connection with
its reports.
The Company provided Shatswell with a copy of the foregoing
disclosures and requested in writing that Shatswell furnish it with a
letter addressed to the Securities and Exchange Commission stating whether
or not it agrees with such disclosures. The confirming letter from
Shatswell is attached as Exhibit 16.1 hereto.
(b)
On March 14, 2005, the Audit Committee of the Company's Board of
Directors engaged Wolf & Company, P.C. ("Wolf") as the Company's registered
public accounting firm for the fiscal year ending December 31, 2005.
During the two most recent fiscal years and through the date hereof,
the Company did not consult with Wolf regarding either the application of
accounting principles to a specific completed or contemplated transaction
or the type of audit opinion that might be rendered on the Company's
financial statements, and neither a written report nor oral advice was
provided to the Company that was an important factor considered by the
Company in reaching a decision as to an accounting, auditing or financial
reporting issue. During the two most recent fiscal years and through the
date hereof, the Company did not consult with Wolf regarding any matter
that was the subject of a disagreement or reportable event identified in
response to Item 304(a)(1)(iv) of Regulation S-B.
Item 9.01 Financial Statements and Exhibits
(c) Exhibits
16.1 Letter from Shatswell, MacLeod & Company, P.C. to the
Securities and Exchange Commission dated March 18, 2005.
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.
SLADES FERRY BANCORP.
(Registrant)
By: /s/ Deborah A. McLaughlin
------------------------------------
Name: Deborah A. McLaughlin
Title: Treasurer/Vice President and Chief
Financial Officer
Date: March 18, 2005
EXHIBIT INDEX
Exhibit No. Description
----------- -----------
16.1 Letter from Shatswell, MacLeod & Company, P.C. to the
Securities and Exchange Commission dated March 18, 2005.