-----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, MnCoEmzGBfj0wdOSniXarL4kfj4/AejAfRBlLVZcoQY1vhiItD3GufazLv68p3yg FlvsO5D88uZouCnIFxaLhw== 0000950135-05-002855.txt : 20050513 0000950135-05-002855.hdr.sgml : 20050513 20050513140629 ACCESSION NUMBER: 0000950135-05-002855 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 1 CONFORMED PERIOD OF REPORT: 20050512 ITEM INFORMATION: Material Impairments FILED AS OF DATE: 20050513 DATE AS OF CHANGE: 20050513 FILER: COMPANY DATA: COMPANY CONFORMED NAME: Benjamin Franklin Bancorp, Inc. CENTRAL INDEX KEY: 0001302176 STANDARD INDUSTRIAL CLASSIFICATION: SAVINGS INSTITUTIONS, NOT FEDERALLY CHARTERED [6036] IRS NUMBER: 043336598 STATE OF INCORPORATION: MA FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 000-51194 FILM NUMBER: 05828210 BUSINESS ADDRESS: STREET 1: 58 MAIN STREET STREET 2: P.O. BOX 309 CITY: FRANKLIN STATE: MA ZIP: 02038 BUSINESS PHONE: (508) 528-7000 MAIL ADDRESS: STREET 1: 58 MAIN STREET STREET 2: P.O. BOX 309 CITY: FRANKLIN STATE: MA ZIP: 02038 FORMER COMPANY: FORMER CONFORMED NAME: Benjamin Franklin Bancorp, M.H.C. DATE OF NAME CHANGE: 20040901 8-K 1 b55127bfe8vk.htm BENJAMIN FRANKLIN BANCORP, INC. e8vk
 

 
 

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, DC 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):
  May 12, 2005
   

BENJAMIN FRANKLIN BANCORP, INC.

(Exact Name of Registrant as Specified in Charter)
         
Massachusetts   000-51194   04-3336598
 
(State or Other Jurisdiction
of Incorporation) 		  (Commission
File Number) 		  (IRS Employer
Identification No.)
     
58 Main Street, Franklin, Massachusetts   02038
 
(Address of Principal Executive Offices)   (Zip Code)
     
Registrant’s telephone number, including area code
  (508) 528-7000
   
     
(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):

o Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

o Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

o Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

o Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

 
 

 

 

Item 2.06. Material Impairments.

     On May 12, 2005, the Executive Committee of the Company’s Board of Directors, in consultation with the Company’s management, determined to make available for sale a parcel of real estate on which the Company had previously intended to build a bank branch. The Executive Committee’s determination followed a recent decision by the town planning board to reject the Company’s proposed plans for combined retail-banking development of the parcel, after the Company had reworked the plans to deal with the concerns previously raised by the planning board. Although the Executive Committee considered whether to again revise and resubmit development plans that would be acceptable both to the Company and the planning board, the Committee decided that under the circumstances it would not continue to pursue its combined retail-banking development plans. This decision is consistent with the Company’s emerging strategy of opting in favor of leasing rather than owning future branch locations.

     As a result of the Executive Committee’s decision to classify this parcel as available for sale, the Company expects to record an impairment charge in its second fiscal quarter. The parcel in question is zoned for commercial use and has been used for commercial purposes in the past. The Company intends to engage a real estate broker to aggressively market the parcel, and the amount of the impairment charge will depend upon the assessment of third parties of the parcel’s fair market value for uses that would meet the planning board’s requirements. The Company’s Board of Directors has also recently decided to sell two additional properties that it was holding for future Bank premises. The Company currently expects the impairment charge to be in the range of $900,000 to $1,400,000.

     The sale of the property is not expected, in and of itself, to result in any direct future cash expenditure (other than transaction and other potential permitting costs regularly involved with the sale of commercial real estate).

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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.

         
    BENJAMIN FRANKLIN BANCORP, INC.
 
        
Date: May 13, 2005
  By:   /s/ Claire S. Bean
       
      Claire S. Bean
Executive Vice President, Chief Financial Officer
      and Treasurer
(Principal Financial Officer)

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