8-K

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

                                  FORM 8-K

                 CURRENT REPORT UNDER SECTION 13 OR 15(d) OF
                     THE SECURITIES EXCHANGE ACT OF 1934


Date of Report (Date of earliest event reported)   April 14, 2003
                                                   --------------

Commission file number  33-47248
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                            SLADE'S FERRY BANCORP
                            ---------------------
           (Exact name of registrant as specified in its charter)


Massachusetts                                        04-3061936
- -------------                                        ----------
(State or other jurisdiction of                      (I.R.S. Employer
incorporation or organization)                       Identification Number)


100 Slade's Ferry Avenue
PO Box 390                                           02726
Somerset, Massachusetts                              ----------
- -----------------------                              (Zip Code)
(Address of Principal Executive Offices)


                                (508)675-2121
                             --------------------
            (Registrant's Telephone Number, including Area Code)



- ---------------------------------------------------------------------------
        (Former name or former address, if changed since last report)


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Item 7.  Financial Statements and Exhibits
- ------------------------------------------

(c)    Exhibits - See Exhibit Index.
       --------

Item 12.  Results of Operation and Financial Condition
- ---------------------------------------------------

      Slade's Ferry Bancorp issued a press release April 14, 2003 disclosing
certain information concerning its first quarter results of operation and
financial condition.  A copy of that press release is attached as an exhibit
hereto.


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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, thereunto duly authorized.

                                             SLADE'S FERRY BANCORP
                                             ---------------------
                                             (Registrant)


May 14, 2003                                 By  /s/ Edward Bernardo, Jr.
- ------------                                     ------------------------
(Date)                                           Edward Bernardo, Jr.
                                              Vice President and Treasurer


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                                EXHIBIT INDEX
                                -------------

Exhibit No.       Description
- -----------       -----------

20.1              April 14, 2003 press release announcing certain
                  information concerning first quarter results of operation
                  and financial condition


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EX-20

                                                               Exhibit 20.1

SLADE'S FERRY REPORTS SIGNIFICANT LOAN AND DEPOSIT GROWTH
IN FIRST QUARTER 2003


      SOMERSET, MASSACHUSETTS, April 14, 2003:  Despite a sluggish economy
and war in Iraq, Slade's Ferry Bancorp, (NASDAQ small cap; SFBC) parent
company of Slade's Ferry Trust Company (the "Bank"), managed to increase its
loan and deposit business by significant percentages in first quarter of
2003.

      Loan growth equaled 3.3% percent since year end, attributable
primarily to an aggressive advertising campaign to promote historically low
home equity and mortgage rates.  "We've always had a great product at
competitive rates but now people know about it," said President and Chief
Executive Officer Mary Lynn Lenz.  In the first quarter, the bank closed 77
mortgages for more than $11 million worth of business and 111 home equity
loans for $7.8 million.

      On the deposit side of the business, the bank's first-quarter campaign
to promote money market accounts has also been successful, generating more
than $8.9 million in deposits.  "We've been aggressively seeking new
customers on this front," said Lenz.  "More than three-quarters of new
accounts opened during this quarter was new money and over half of that was
from imported from other local banks.  We have well exceeded our first
quarter goals in this area and are, consequently, extending our campaign."

      The bank also reported a stabilized net interest margin and improved
asset quality in the last 90 days.

      During the first quarter, Slade's Ferry was one of more than 50 banks
that were affected by recent Massachusetts legislation that disallows banks
to take real estate investment trust (REIT) tax breaks, retroactively to
FY1999.  Consequently, the bank recorded a $1,285,000 charge to earnings
that resulted in a net loss for the quarter of $692,180, as compared to a
net income of $781,922 for the same period over the previous year. This
charge to earnings recorded as an extraordinary item, net of tax benefits,
was the primary reason for the decrease in first quarter 2003 net income and
resulted in a $0.38 per share decrease in this quarter's earnings when
compared to the same quarter in 2002.

      [Slade's Ferry Bancorp, along with other members of the Massachusetts
Bankers Association, is supporting an industry challenge to this
legislation.]

      Due to asset repricing at historically low interest rate levels
(without the same decrease in cost of funds on deposits and borrowing), the
bank's net interest margin has compressed, resulting in a slight decrease in
the net interest margin from approximately 3.97% in Q1 2002 to 3.93% in Q1
2003. Management expects the net interest margin to continue to be pressured
and contract in the coming months as the weak economy and uncertainty of
world events continue to suppress interest rates.

      Changes in the composition of the loan portfolio, strong underwriting
guidelines, and asset quality improvement resulted in a lower credit risk
and the provision for loan losses decreased from $187,500 to $141,000 from
Q4 2002 to Q1 20003.

      Total non-interest income increased by $5,346 for the first quarter,
when compared to the same period last year.  Service charge revenue on
deposit accounts increased by $53,797, or 26.7%, reflecting core deposit
growth.  This increase in service charge income was partially offset by a
$40,918 net loss


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recognized on the sale of a certain equity security.  After a downgrade in
the rating, and a negative outlook on the company's future performance,
management felt it prudent to sell this stock and recognize a loss.

      Stockholders' equity as of March 31, 2003 totaled $40,418,211 as
compared to $41,167,004 at December 31, 2002.  The decrease in equity is
primarily due to the charge to earnings as a result of the new tax law
legislation pertaining to the REIT.  During the first quarter of 2003, the
company declared a dividend of $.09 per share payable to shareholders of
record March 21, 2003.  As of that date, both the company and the bank's
capital levels are sufficient to be considered "well-capitalized" under
applicable regulatory requirements and guidelines.

      Slade's Ferry Bancorp was founded to serve community-banking needs
with both personal and commercial products and services.  With more than
$400 million in assets and 11 retail branches in Southeastern Massachusetts,
Slade's Ferry is a trusted community partner.  Traded on the NASDAQ Small
Cap Market as SFBC, Slade's Ferry Bancorp can also be found on the web at
www.sladesferry.com and in six Massachusetts communities - Fairhaven, Fall
River, New Bedford, Seekonk, Somerset and Swansea.

                                    # # #

This new release contains forward-looking statements within the meaning of
the Private Securities Litigation Reform Act of 1995, including statements
regarding the strength of the company's capital and asset quality.  Other
such statements may be identified by words such as "believes," "will,"
"expects," "project," "may," "developments," "strategic," "launching,"
"opportunities," "anticipates," "estimates," "intends," "plans," "targets"
and similar expressions.  These statements are based upon the current
beliefs and expectations of Slade's Ferry Bancorp's management and are
subject to significant risks and uncertainties.  Actual results may differ
materially from those set forth in the forward-looking statements as a
result of numerous factors.

The following factors, among others, could cause actual results to differ
materially from the anticipated results or other expectation expressed in
our forward-looking statements: (1) enactment of adverse government
regulations (2) competitive pressures among depository and other financial
institutions may increase significantly and have an effect on pricing,
spending, third-party relationships and revenues; (3) the strength of the
United States economy in general and specifically the strength of the New
England economics may be different than expected, resulting in, among other
things, a deterioration in overall credit quality and borrowers' ability to
service and repay loans, or a reduced demand for credit, including the
resultant effect on the Bank's loan portfolio, levels of charge-offs and
non-performing loans and allowance for loan losses; (4) changes in the
interest rate environment may reduce interest margins and adversely impact
net interest income and (5) changes in assumptions used in making such
forward-looking statements.  Should one or more of these risks materialize
or should underlying beliefs or assumptions prove incorrect, Slade's Ferry
Bancorp's actual results could differ materially from those discussed.  All
subsequent written and oral forward-looking statements attributable to
Slade's Ferry Bancorp or any person acting on its behalf are expressly
qualified in their entirety by the cautionary statements set forth above.
Slade's Ferry Bancorp does not intend or undertake any obligation to update
any forward-looking statement to reflect circumstances or events that occur
after the date of the forward-looking statements are made.


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