8-K

                                  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


                         CCBT FINANCIAL COMPANIES, INC.
 -------------------------------------------------------------------------------
               (Exact name of registrant as specified in charter)




      Massachusetts                  000-25381                  04-3437708
      -------------                  ---------                  ----------
(State or other jurisdiction    (Commission file number)      (IRS employer
    of incorporation)                                      identification no.)


             495 Station Avenue, South Yarmouth, Massachusetts 02664
               (Address of principal executive offices) (Zip code)
- --------------------------------------------------------------------------------


                                 (508) 394-1300
                                 --------------
              (Registrant's telephone number, including area code)








Item 5. Other Events and Regulation FD Disclosure.

     On March 5, 2003, CCBT Financial Companies, Inc. (the "Company"),  the bank
holding company for Cape Cod Bank and Trust Company, N.A. (the "Bank"), issued a
press  release  announcing  the effect on the Company and the Bank of changes in
Massachusetts   tax  law.  The  press  release   attached  as  Exhibit  99.1  is
incorporated by reference herein.

Item 7. Financial Statements, Pro Forma Financial Information and Exhibits

       (c) Exhibits

           Exhibit 99.1 Press Release dated March 5, 2003.






                                   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 thereunto duly authorized.


                                             CCBT FINANCIAL COMPANIES, INC.



Date: March 5, 2003                          /s/ Phillip W. Wong
                                                 -------------------------------
                                                 Phillip W. Wong
                                                 Executive Vice President and
                                                 Chief Financial Officer






                                  Exhibit Index

99.1 Press release, dated March 5, 2003

EX-99.1

                                                                    Exhibit 99.1

                CCBT Affected by Change in Massachusetts Tax Law

     SOUTH  YARMOUTH,  Massachusetts,  -- (BUSINESS  WIRE) - March 5, 2003--CCBT
Financial  Companies,  Inc. (the "Company") (NASDAQ:  CCBT), the holding company
for Cape Cod Bank and Trust Company, N.A. (the "Bank"), announced today that the
Company  will accrue a liability in the first  quarter of 2003 of  approximately
$5.1 million,  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 1999 through 2001
fiscal years,  and the previously  anticipated  deduction for fiscal 2002,  thus
reducing  earnings  by $5.1  million in the first  quarter of 2003.  The accrued
liability  is the result of new  legislation  signed  today 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.

     CCBT Preferred Corp. ("CCBT Preferred") is a REIT formed by the Bank in the
second  quarter of 1999.  Since that time and prior to the  enactment of the new
legislation  discussed  above,  the  Bank  has  taken  a tax  deduction  under a
Massachusetts  statute that provides for a dividends received deduction equal to
95% of certain  dividend  distributions  made by CCBT  Preferred to the Bank. As
previously  announced,   the  Bank  received  notices  of  assessment  from  The
Commonwealth of Massachusetts  Department of Revenue ("DOR") for tax years ended
December 31, 1999,  2000 and 2001 based on the DOR's  contention  that  dividend
distributions by CCBT Preferred to the Bank are fully taxable in  Massachusetts.
The  Company is aware  that the DOR has also sent  similar  notices to  numerous
other  financial  institutions  in  Massachusetts  that reported a deduction for
dividends  received  from a REIT on their  Massachusetts  financial  institution
excise tax returns.

     The Company believes that this  legislation will be challenged,  especially
the retroactive  provisions,  on constitutional  and other grounds.  The Company
would support such a challenge and otherwise  intends to defend  vigorously  its
position.

     This press release may contain statements that are not historical facts and
are  considered  forward-looking  statements  within the  meaning of the federal
securities  laws.  These  statements  are based on  management's  beliefs and on
assumptions made by, and information  currently  available to,  management.  You
should not rely on  forward-looking  statements  because  the  Company's  actual
results may differ  materially  from those  indicated  by these  forward-looking
statements as a result of a number of important factors.  These factors include,
but are not limited to, changes in  legislation,  prevailing  interest rates and
changes  in  economic   conditions.   The  Company   cautions  you  that,  while
forward-looking statements reflect its good faith beliefs when the Company makes
them,  they are not guarantees of future  performance and are impacted by actual
events when they occur after the Company makes such statements.

Contact:
         CCBT Financial Companies, Inc.
         Phillip W. Wong, 508/760-8306