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): June 24, 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 7.  Financial Statements, Pro Forma Financial Information and Exhibits

         (c)      Exhibits

Exhibit 99.1      Press Release dated June 23, 2003.

Item 9.  Regulation FD Disclosure.

     On June 23, 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 that the Bank has entered into a settlement with the
Massachusetts Department of Revenue regarding a disputed tax liability. The
press release attached as Exhibit 99.1 is incorporated by reference herein.








                                   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: June 24, 2003                               /s/ Phillip W. Wong
                                                  -----------------------------
                                                  Phillip W. Wong
                                                  Treasurer and
                                                  Chief Financial Officer







                                  Exhibit Index


99.1              Press release, dated June 23, 2003

EX-99

                                                                Exhibit 99.1

         CCBT Settles REIT Tax Dispute with Massachusetts DOR


    SOUTH YARMOUTH, Mass.--(BUSINESS WIRE)--June 23, 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 Bank has entered into a settlement with the
Massachusetts Department of Revenue ("DOR"), representing
approximately 50% of a disputed tax liability for which the Company
previously accrued income tax and related interest expense totaling
approximately $5.1 million. As a result of this settlement, the
Company will recognize a reduction of income tax and related interest
expense of approximately $2.5 million, or approximately $.30 per
share, in the second quarter of 2003.
    The Bank's settlement with the DOR is similar to and in
participation with numerous other financial institutions in
Massachusetts. The dispute involved the DOR's disallowance of the
deduction taken by the Bank for dividends received from its REIT
subsidiary for the 1999, 2000, 2001 and 2002 tax years. In March 2003,
legislation was enacted in Massachusetts expressly disallowing the
deduction for dividends received from a real estate investment trust
subsidiary, retroactive to tax years ending on or after December 31,
1999. As a result of the enactment of this legislation, the Company
ceased recording the tax benefits associated with the dividends
received deduction effective for the 2003 tax year and established the
$5.1 million accrual, representing an estimate of the additional state
tax liability, including interest (net of any federal and state tax
deduction associated with such taxes and interest), relating to the
deduction for dividends received from the REIT for the 1999 through
2002 fiscal years.
    Stephen B. Lawson, President and Chief Executive Officer of the
Company, commented, "While we do not agree with the DOR's contentions,
we believe that the settlement is in the best interest of the Bank and
will enable us to focus our efforts on the business of the Bank. We
are pleased that we were able to settle the dispute for significantly
less than the earlier accrual."
    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
             Phillip W. Wong, 508/760-8306