SEC FORM 4

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

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Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

1. Name and Address of Reporting Person^*

ORENSTEIN BRIAN A

(Last)

(First)

(Middle)

C/O CONNECTICUT BANCSHARES INC

923 MAIN STREET

(Street)

MANCHESTER

06040

(City)

(State)

(Zip)

2. Issuer Name and Ticker or Trading Symbol
CONNECTICUT BANCSHARES INC/DE [ SBMC ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

	Director	10% Owner
X	Officer (give title below)	Other (specify below)
	Senior Vice President

3. Date of Earliest Transaction (Month/Day/Year)
07/29/2003

4. If Amendment, Date of Original Filed (Month/Day/Year)

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	Code	V	Amount	(A) or (D)	Price		6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
Common Stock	07/29/2003		M		1,500	A	$27.74	9,000	D
Common Stock	07/29/2003		S		1,500	D	$51.14	7,500	D
Common Stock								492	I	By 401(k)⁽¹⁾
Common Stock								2,500	I	By Award⁽²⁾
Common Stock								482	I	By ESOP
Common Stock								1,000	I	By IRA
Common Stock								2,000	I	By Trust for Son I
Common Stock								2,000	I	By Trust for Son II

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares	8. Price of Derivative Security (Instr. 5)		10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
Stock Option (right to buy)	$27.74	07/29/2003		M			1,500	02/19/2003⁽³⁾	02/19/2012	Common Stock	1,500	$0	6,000	D
Stock Option (right to buy)	$21.8							09/24/2002⁽⁴⁾	09/24/2011	Common Stock	6,000		6,000	D
Stock Option (right to buy)	$37.5							10/21/2003⁽⁵⁾	10/21/2012	Common Stock	15,000		15,000	D

Explanation of Responses:

1. This Form reflects increases in beneficial ownership resulting from exempt acquisitions under the 401(k) plan pursuant to Rule 16b-3(c).

2. Stock Awards granted pursuant to the Connecticut Bancshares, Inc. 2002 Equity Compensation Plan, which vest in five annual installments commencing on October 21, 2003.

3. Stock Options granted pursuant to the Connecticut Bancshares, Inc. 2000 Stock-Based Incentive Plan, which vest in five annual installments commencing on February 19, 2003.

4. Stock Options granted pursuant to the Connecticut Bancshares, Inc. 2000 Stock-Based Incentive Plan, which vest in five annual installments commencing on September, 24, 2002.

5. Stock Options granted pursuant to the Connecticut Bancshares, Inc. 2002 Equity Compensation Plan, which vest in five annual installments commencing on October 21, 2003.

Remarks:

	By: /s/ Brian A. Orenstein	07/30/2003
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
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