-----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, MKcB/5tNe5mJYSBkkFmhKWiXSUIzD0qy5KxL42ugeyIVIZ0PMgiC5wgslhaUwG+v JahjItGg9F1X8CQfsNH/nw== 0000882377-97-000219.txt : 19970627 0000882377-97-000219.hdr.sgml : 19970627 ACCESSION NUMBER: 0000882377-97-000219 CONFORMED SUBMISSION TYPE: 11-K PUBLIC DOCUMENT COUNT: 1 CONFORMED PERIOD OF REPORT: 19961231 FILED AS OF DATE: 19970626 SROS: NONE FILER: COMPANY DATA: COMPANY CONFORMED NAME: MSB BANCORP INC /DE CENTRAL INDEX KEY: 0000887202 STANDARD INDUSTRIAL CLASSIFICATION: SAVINGS INSTITUTIONS, NOT FEDERALLY CHARTERED [6036] IRS NUMBER: 061341670 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 11-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-12177 FILM NUMBER: 97630132 BUSINESS ADDRESS: STREET 1: 35 MATTHEWS ST CITY: GOSHEN STATE: NY ZIP: 10924 BUSINESS PHONE: 9142948100 MAIL ADDRESS: STREET 1: 35 MATTHEWS ST CITY: GOSHEN STATE: NY ZIP: 10924 11-K 1 MSB BANCORP, INC. SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 ---------------------- FORM 11-K ANNUAL REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 (MARK ONE): (X) ANNUAL REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 1996 OR ( ) TRANSACTION REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from ____________ to ___________. Commission file number 0-20187 A. Full title of the plan and the address of the plan, if different from that of the issuer named below: MIDDLETOWN SAVINGS BANK 401(k) SAVINGS PLAN B. Name of issuer of the securities held pursuant to the plan and the address of its principal executive office: MSB Bancorp, Inc. 35 Matthews Street Goshen, New York 10924 SIGNATURES The Plan. Pursuant to the requirements of the Securities Exchange Act of 1934, the trustees (or other persons who administer the 401(k) savings plan) have duly caused this annual report to be signed on its behalf by the undersigned hereunto duly authorized. Middletown Savings Bank 401(k) Savings Plan ---------------------------------------- (Name of Plan) Date: June 26, 1997 /s/ William C. Myers -------------------------- ---------------------------------------- (Signature) William C. Myers, President and Chief Executive Officer Plan Administrator [LOGO OF KPMG PEAT MARWICK LLP] MIDDLETOWN SAVINGS BANK 401(K) SAVINGS PLAN Financial Statements and Schedules December 31, 1996 and 1995 (With Independent Auditors' Report Thereon) [LOGO OF KPMG PEAT MARWICK LLP] KPMG Peat Marwick LLP New Jersey Headquarters 150 John F. Kennedy Parkway Short Hills, NJ 07078 INDEPENDENT AUDITORS' REPORT The Plan Administrator Middletown Savings Bank 401(k) Savings Plan: We have audited the accompanying statement of net assets available for plan benefits of the Middletown Savings Bank 401(k) Savings Plan as of December 31, 1996, and the related statement of changes in net assets available for plan benefits for the year then ended. These financial statements are the responsibility of the Plan's management. Our responsibility is to express an opinion on these financial statements based on our audit. The accompanying financial statements of the Middletown Savings Bank 401(k) Savings Plan as of December 31, 1995 were audited by other auditors whose report thereon dated June 6, 1996 expressed an unqualified opinion on those statements. We conducted our audit in accordance with generally accepted auditing standards. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audit provides a reasonable basis for our opinion. In our opinion, the financial statements referred to above present fairly, in all material respects, the net assets available for plan benefits of the Plan as of December 31, 1996, and the changes in net assets available for plan benefits for the year then ended in conformity with generally accepted accounting principles. Our audit was performed for the purpose of forming an opinion on the basic financial statements taken as a whole. The supplemental schedules of assets held for investment purposes, and reportable transactions are presented for the purpose of additional analysis and are not a required part of the basic financial statements but are supplementary information required by the Department of Labor's Rules and Regulations for Reporting and Disclosure under the Employee Retirement Income Security Act of 1974. The fund information in the statement of net assets available for plan benefits and the statement of changes in net assets available for benefits is presented for purposes of additional analysis rather than to present the net assets available for plan benefits and changes in net assets available for plan benefits of each fund. The supplemental schedules and fund information have been subjected to the auditing procedures applied in the audit of the basic financial statements and, in our opinion, are fairly stated in all material respects in relation to the basic financial statements taken as a whole. /s/ KPMG Peat Marwick LLP May 30, 1997 2 [LOGO OF KPMG PEAT MARWICK LLP] MEMBER FIRM OF KPMG INTERNATIONAL MIDDLETOWN SAVINGS BANK 401(K) SAVINGS BANK Statement of Net Assets Available for Plan Benefits December 31, 1996
Fidelity Fidelity Advisor Advisor Fidelity Growth Fidelity Fidelity Inter- Advisor Oppor- Advisor Advisor mediate Daily tunities Balanced Overseas Bond Money Fund Fund Fund Fund Fund ---- ---- ---- ---- ---- Assets: Investments, at fair market value: $ 842,824 571,313 87,194 182,734 166,241 Mutual funds (notes 2 and 3) - - - - - ------- ------- ------- ------- ------- MSB Bancorp stock Total investments 842,824 571,313 87,194 182,734 166,241 ------- ------- ------ ------- ------- Receivables: Employer contribution - - - - - Participant notes receivable - - - - - Accrued income - - - - - ------- ------- ------ ------ ------- Total receivables - - - - - ------- ------- ------ ------ ------- Cash - - - - - ------- ------- ------ ------ ------- Net assets available for plan benefits $ 842,824 571,313 87,194 182,734 166,241 ======= ======= ====== ======= ======= MSB Bancorp Par- Stock ticipant Fund Notes Other Total ---- ----- ----- ----- Assets: Investments, at fair market value: - - - 1,850,306 Mutual funds (notes 2 and 3) 585,846 - - 585,846 ------- ------- ------- --------- MSB Bancorp stock Total investments 585,846 - - 2,436,152 ------- ------- ------- --------- Receivables: Employer contribution - - 167,320 167,320 Participant notes receivable - 133,399 - 133,399 Accrued income 4,564 - - 4,564 ------- ------- ------- ------- Total receivables 4,564 133,399 167,320 305,283 ------ ------- ------- ------- Cash 20,350 - - 20,350 ------ ------- ------- ------- Net assets available for plan benefits 610,760 133,399 167,320 2,761,785 ======= ======= ======= =========
See accompanying notes to financial statements. 3 MIDDLETOWN SAVINGS BANK 401(K) SAVINGS PLAN Statement of Net Assets Available for Plan Benefits December 31, 1995
Fidelity Fidelity Fidelity Advisor Advisor Advisor Fidelity Growth Income Fidelity Limited Advisor MSB Oppor- and Advisor Term Daily Bancorp tunities Growth Overseas Bond Money Stock Fund Fund Fund Fund Fund Fund ---- ---- ---- ---- ---- ---- Assets: Investments, at fair market value: Mutual funds (notes 2 and 3) $ 281,708 205,874 39,891 107,406 -- -- MSB Bancorp stock -- -- -- -- -- 440,781 --------- --------- --------- --------- --------- --------- Total Investments 281,708 205,874 39,891 107,406 -- 440,781 --------- --------- --------- --------- --------- --------- Receivables: Employer contribution -- -- -- -- -- -- Participant notes receivable -- -- -- -- -- -- Accrued income 3 2 -- 1 1,195 3,632 --------- --------- --------- --------- --------- --------- Total receivables 3 2 -- 1 1,195 3,632 --------- --------- --------- --------- --------- --------- Cash 2,333 1,473 238 859 68,783 2,404 --------- --------- --------- --------- --------- --------- Net assets available for plan benefits $ 284,044 207,349 40,129 108,266 69,978 446,817 ========= ========= ========= ========= ========= ========= Par- ticipant Notes Other Total ----- ----- ----- Assets: Investments, at fair market value: Mutual funds (notes 2 and 3) -- -- 634,879 MSB Bancorp stock -- -- 440,781 --------- --------- --------- Total Investments -- -- 1,075,660 --------- --------- --------- Receivables: Employer contribution -- 60,000 60,000 Participant notes receivable 63,690 -- 63,690 Accrued income -- -- 4,833 --------- --------- --------- Total receivables 63,690 60,000 128,523 --------- --------- --------- Cash -- -- 76,090 --------- --------- --------- Net assets available for plan benefits 63,690 60,000 1,280,273 ========= ========= =========
See accompanying notes to financial statements. 4 MIDDLETOWN SAVINGS BANK 401(K) SAVINGS PLAN Statement of Changes in Net Assets Available for Plan Benefits Year ended December 31, 1996
Fidelity Fidelity Advisor Advisor Fidelity Growth Fidelity Fidelity Inter- Advisor MSB Oppor- Advisor Advisor mediate Daily Bancorp Par- tunities Balanced Overseas Bond Money Stock ticipant Fund Fund Fund Fund Fund Fund Notes ---- ---- ---- ---- ---- ---- ----- Additions: Investment income: Net appreciation (depreciation) in fair value of investments $ 76,943 22,733 6,100 (5,741) -- 14,379 -- Interest -- -- -- -- -- 703 -- Dividends 11,775 11,695 781 11,212 2,717 16,146 -- -------- -------- -------- -------- -------- -------- -------- Total investment income 88,718 34,428 6,881 5,471 2,717 31,228 -- -------- -------- -------- -------- -------- -------- -------- Contributions: Participant 261,031 144,658 22,946 75,471 24,064 174,753 69,709 Employer 18,393 11,415 2,125 6,274 3,087 -- -- -------- -------- -------- -------- -------- -------- -------- Total contributions 279,424 156,073 25,071 81,745 27,151 174,753 69,709 -------- -------- -------- -------- -------- -------- -------- Rollovers from Middletown Savings Bank Retirement Plan in RSI Retirement Trust 328,169 202,249 24,921 52,619 51,373 58,061 -- -------- -------- -------- -------- -------- -------- -------- Total additions 696,311 392,750 56,873 139,835 81,241 264,042 69,709 Deductions from net assets attributed to benefits paid to participants 113,395 43,403 8,513 38,399 41,639 81,220 -- -------- -------- -------- -------- -------- -------- -------- Net increase prior to transfers 582,916 349,347 48,360 101,436 39,602 182,822 69,709 Transfers (24,136) 14,617 (1,295) (26,968) 56,661 (18,879) -- -------- -------- -------- -------- -------- -------- -------- Net increase 558,780 363,964 47,065 74,468 96,263 163,943 69,709 Net assets available for plan benefits: Beginning of year 284,044 207,349 40,129 108,266 69,978 446,817 63,690 -------- -------- -------- -------- -------- -------- -------- End of year $842,824 571,313 87,194 182,734 166,241 610,760 133,399 ======== ======== ======== ======== ======== ======== ======== Other Total ----- ----- Additions: Investment income: Net appreciation (depreciation) in fair value of investments -- 114,414 Interest -- 703 Dividends -- 54,326 -------- -------- Total investment income -- 169,443 -------- -------- Contributions: Participant -- 772,632 Employer 167,320 208,614 -------- -------- Total contributions 167,320 981,246 -------- -------- Rollovers from Middletown Savings Bank Retirement Plan in RSI Retirement Trust -- 717,392 -------- -------- Total additions 167,320 1,868,081 Deductions from net assets attributed to benefits paid to participants 60,000 386,569 -------- -------- Net increase prior to transfers 107,320 1,481,512 Transfers -- -- -------- ---------- Net increase 107,320 1,481,512 Net assets available for plan benefits: Beginning of year 60,000 1,280,273 -------- --------- End of year 167,320 2,761,785 ======== =========
See accompanying notes to financial statements. 5 MIDDLETOWN SAVINGS BANK 401(K) SAVINGS BANK Statement of Changes in Net Assets Available for Plan Benefits Year ended December 31, 1995
Fidelity Fidelity Advisor Advisor Fidelity Growth Fidelity Fidelity Limited Advisor Oppor- Advisor Advisor Term Daily tunities Balanced Overseas Bond Money Fund Fund Fund Fund Fund ---- ---- ---- ---- ---- Additions: Investment income: Net appreciation (depreciation) in fair value of investments $ 4,699 1,422 659 635 - Interest - - - - - Dividends 470 400 22 558 1,227 -------- ------- ------ ------ ------- Total investment income 5,169 1,822 681 1,193 1,227 -------- ------- ------ ------ ------- Contributions: Participant 25,080 15,687 2,811 8,773 2,840 Employer - - - - - -------- ------- ------- ------- ------- Total contributions 25,080 15,687 2,811 8,773 2,840 -------- ------- ------- ------- ------- Total additions 30,249 17,509 3,492 9,966 4,067 Deductions from net assets attributed to benefits paid to participants 128 62 - 42 20 -------- ------- ------- ------- ------- Net increase (decrease) prior to transfer 30,121 17,447 3,492 9,924 4,047 Transfers 253,923 189,902 36,637 98,342 65,931 -------- ------- ------- ------- ------- Net increase (decrease) 284,044 207,349 40,129 108,266 69,978 Net assets available for plan benefits: Beginning of year - - - - - -------- ------- ------- ------- ------- End of year $ 284,044 207,349 40,129 108,266 69,978 ======== ======= ======= ======= ======= MSB Bancorp Par- RSI Stock ticipant Retirement Fund Notes Other Trust Total ---- ----- ----- ----- ----- Additions: Investment income: Net appreciation (depreciation) in fair value of investments (59,700) - - 167,658 115,373 Interest - 2,376 - - 2,376 Dividends 12,008 - - - 14,685 --------- ------- ------- -------- -------- Total investment income (47,692) 2,376 - 167,658 132,434 --------- ------- ------- -------- -------- Contributions: Participant 44,733 - - 43,428 143,352 Employer - - 60,000 - 60,000 -------- ------- ------- -------- -------- Total contributions 44,733 - 60,000 43,428 203,352 -------- ------- ------- -------- -------- Total additions (2,959) 2,376 60,000 211,086 335,786 Deductions from net assets attributed to benefits paid to participants 157,161 - - 202,502 359,915 -------- ------- ------- -------- -------- Net increase (decrease) prior to transfer (160,120) 2,376 60,000 8,584 (24,129) Transfers 190,156 2,143 - (837,034) - -------- ------- ------- --------- -------- Net increase (decrease) 30,036 4,519 60,000 (828,450) (24,129) Net assets available for plan benefits: Beginning of year 416,781 59,171 - 828,450 1,304,402 -------- ------- ------- ------- --------- End of year 446,817 63,690 60,000 - 1,280,273 ======== ======= ====== ======= =========
See accompanying notes to financial statements. 6 MIDDLETOWN SAVINGS BANK 401(K) SAVINGS PLAN Notes to Financial Statements December 31, 1996 and 1995 (1) DESCRIPTION OF PLAN The following description of the Middletown Savings Bank 401(k) Savings Plan (the Plan) provides general information. Participants should refer to the plan agreement for a more complete description of the Plan's provisions: (A) GENERAL The Plan is a defined contribution plan covering all full-time employees of MSB Bank (the Bank) who have one year of service, as defined, and are age 21 or older. The Plan is subject to the provisions of the Employee Retirement Income Security Act of 1974 (ERISA). Employee contribution to the plan is voluntary. (B) CONTRIBUTIONS Each year, participants may elect to make contributions of not less than 2% nor more than 10% of pretax annual compensation, as defined in the Plan. Participants may also contribute amounts representing distributions from other qualified defined benefit or contribution plans. Additional amounts may be contributed by the Bank at the discretion of the Bank. Contributions are subject to certain limitations. (C) PARTICIPANT ACCOUNTS Each participant's account is credited with the participant's contribution and allocations of (i) the Bank's contribution, if any, and (ii) plan earnings or losses. Bank contributions shall be allocated among the eligible employees in the proportion that the compensation of each such eligible employee bears to the aggregate compensation of all such eligible employees. The benefit to which a participant is entitled is the benefit that can be provided from the participant's vested account. (D) VESTING Participants are immediately vested in their contributions and actual earnings or losses thereon. After two years of service, a participant is vested in employer contributions plus actual earnings or losses thereon, 20% for each year of service until the participant is 100% vested. 7 MIDDLETOWN SAVINGS BANK 401(K) SAVINGS PLAN Notes to Financial Statements, Continued (1), CONTINUED (E) PARTICIPANT DIRECTED INVESTMENT OPTIONS Upon enrollment in the Plan, a participant may direct his or her contributions in 5% increments in any of the following six investment options: Fidelity Advisor Growth Opportunities Fund Fidelity Advisor Balanced Fund Fidelity Advisor Overseas Fund Fidelity Advisor Intermediate Bond Fund Fidelity Advisor Daily Money Fund MSB Bancorp Stock Fund During 1996, the name of the Fidelity Advisor Income and Growth Fund changed to Fidelity Advisor Balanced Fund and the name of the Fidelity Advisor Limited Term Bond Fund changed to Fidelity Advisor Intermediate Bond Fund. Participants may change their investment options quarterly. (F) PARTICIPANT NOTES RECEIVABLE Participants may borrow from their accounts up to an amount equal to the lesser of $50,000 or 50% of their vested account balance. Loan transactions are treated as a transfer to (from) the investment fund from (to) the participant notes fund. Loan terms shall not exceed five years unless the loan is used to acquire a primary residence, in which case the borrower may have a term of up to ten years. The loans are secured by the balance in the participant's account and bear interest at the prime rate, rounded to the nearest quarter of 1%. Principal and interest are paid ratably through monthly payroll deductions. (G) PAYMENT OF BENEFIT Upon termination of service, a participant may elect to receive either a lump-sum amount equal to the value of the participant's vested interest in his or her account or annual installments over a period not to exceed ten years. (H) FORFEITURES Upon the termination of service of a participant for any reason other than early retirement, death or disability, that portion, if any, of his or her account that is not vested shall be forfeited. Amounts that are forfeited by participants terminating during a plan year are allocated, as of the last valuation date in such year, among the matching contribution accounts of participants who are eligible employees as of the last day of such year. Such allocation is made in the same proportion that each such participant's compensation for the plan year bears to the aggregate compensation of all such participants for such year. 8 MIDDLETOWN SAVINGS BANK 401(K) SAVINGS PLAN Notes to Financial Statements, Continued (2) SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (A) BASIS OF ACCOUNTING The accompanying financial statements of the Plan are prepared on an accrual basis of accounting. (B) USE OF ESTIMATES The preparation of financial statements in conformity with generally accepted accounting principles requires the plan administrator to make estimates and assumptions that affect the reporting of assets and liabilities and disclosures of contingent assets and liabilities. Accordingly, actual results may differ from those estimates. (C) INVESTMENT VALUATION AND INCOME RECOGNITION The Plan's investments are stated at fair market value. Mutual funds are valued at quoted market prices which represent the net asset value of shares held by the Plan at year end. Bank stock is valued at its quoted market price. Participant notes receivable are valued at cost which approximates fair value. The assets of the Plan are primarily financial instruments which are monetary in nature. As a result, interest rates have a more significant impact on the Plan's performance than the effects of general levels of inflation. Interest rates do not necessarily move in the same direction or in the same magnitude as the prices of goods and services as measured by the consumer price index. Investments in funds are subject to risk conditions of the individual fund objectives, the stock market, interest rates, economic conditions and world affairs. Purchases and sales of securities are recorded on a trade-date basis. Interest income is recorded on an accrual basis. Dividends are recorded on the ex-dividend date. (D) PAYMENT OF BENEFITS Benefits are recorded when paid. (E) PLAN TERMINATION Although it has not expressed any intent to do so, the Bank has the right under the Plan to terminate the Plan at any time, subject to the provisions of ERISA. In the event of plan termination, the accounts of each affected participant shall become fully vested. 9 MIDDLETOWN SAVINGS BANK 401(K) SAVINGS PLAN Notes to Financial Statements, Continued (2), CONTINUED (F) FEDERAL INCOME TAXES The Internal Revenue Service has determined and informed the Bank by a letter dated October 24, 1995 that the Plan and related trust are designed in accordance with applicable sections of the Internal Revenue Code and, therefore, are exempt from federal income taxes. In the opinion of the plan administrator and the Plan's tax counsel, the Plan and related trust have operated within the terms of the Plan and remain qualified under the applicable provisions of the Internal Revenue Code. (G) ADMINISTRATIVE EXPENSES Administrative expenses are paid by the Bank. (3) INVESTMENTS Investments that represent 5% or more of net assets available for plan benefits as of December 31, 1996 and 1995 are as follows: 1996 1995 ---- ---- Fidelity Advisor Growth Opportunities Fund- 23,876.026 shares in 1996 and 8,903.51 shares in 1995 $ 842,824 281,708 Fidelity Advisor Balanced Fund-- 34,878.711 shares in 1996 and 13,104.290 shares in 1995 571,313 205,874 Fidelity Advisor Intermediate Bond Fund-- 17,403.205 shares in 1996 and 9,917.467 shares in 1995 182,734 107,406 Fidelity Advisor Daily Money Fund -- 166,241.290 shares 166,241 - MSB Bancorp Stock Fund-- 29,852.00 shares in 1996 and 23,826.00 shares in 1995 585,846 440,781 ======= ======= 10 Schedule 1 ----------
MIDDLETOWN SAVINGS BANK 401(K) SAVINGS PLAN Item 27a - Schedule of Assets Held for Investment Purposes December 31, 1996 Number of Current Shares Cost value ------ ---- ----- Mutual funds: Fidelity Advisor Growth Opportunities Fund 23,876.026 $ 808,572 842,824 Fidelity Advisor Balance Fund 34,878.711 552,508 571,313 Fidelity Advisor Overseas Fund 5,676.675 84,456 87,194 Fidelity Advisor Intermediate Bond Fund 17,403.205 185,180 182,734 Fidelity Advisor Daily Money Fund 166,241.290 166,241 166,241 ---------- --------- 1,796,957 1,850,306 MSB Bancorp common stock 29,852.000 514,463 585,846 Participant notes N/A 133,399 133,399 =========== ---------- --------- $2,444,819 2,569,551 ========== =========
11 Schedule 2 ----------
MIDDLETOWN SAVINGS BANK 401(K) SAVINGS PLAN Item 27c - Schedule of Reportable Transactions Year Ended December 31, 1996 Number Trans- of Average Net action trans- cost of Cost/ gain Type actions assets proceeds (loss) ---- ------- ------ -------- ------ 259,666.020 PAR Money Market FD Fidelity Daily Money FD Purchase 94 $ - 259,666 - 167,111.370 PAR Money Markt FD Fidelity Daily FD Sale 64 167,111 167,111 - 21,549.771 units Fidelity Advisor SER II Growth Opportunity Port Purchase 48 - 742,710 - 6,577.255 units Fidelity Advisor SER II Growth Opportunity Port Sale 35 211,564 257,974 46,410 25,142.259 units Fidelity Advisor SER II Balance Portfolio Purchase 44 - 400,765 - 3,368.201 units Fidelity Advisor SER II Balance Portfolio Sale 29 52,747 57,642 4,895 10,505.382 units Fidelity Advisor SER IV Intermediate Bond - Institutional Client Purchase 12 - 112,565 - 392.174 units Fidelity Advisor SER IV Intermediate Bond - Institutional Client Sale 5 4,230 4,182 (48) 8,206.414 units Fidelity Advisor SER IV Intermediate BD FD Purchase 35 - 86,189 -
12 SCHEDULE 2 MIDDLETOWN SAVINGS BANK 401(K) SAVINGS PLAN Item 27c - Schedule of Reportable Transactions, Continued
Number Average Trans- of cost Net action trans- of Cost/ gain Type actions assets proceeds (loss) ---- ------- ------ -------- ------ 10,583.047 units Fidelity Advisor SER IV Intermediate BD FD Sale 25 $ 116,117 113,335 (2,782) 4,234.335 units Fidelity Advisor SER IV Overseas Fund Class A Purchase 42 - 64,257 - 1,331.720 units Fidelity Advisor SER IV Overseas Fund Class A Sale 13 19,035 22,985 3,950 1,256,259.350 PAR Marine Midland Bank Colletive Trust Short Term Investment Fund Directed Purchase 104 - 1,256,259 - 1,214,249.090 PAR Marine Midland Bank Collective Trust Short Term Investment Fund Directed Sale 81 1,214,249 1,214,249 - 12,261.000 shares MSB Bancorp Inc. Purchase 14 - 222,712 - 5,372.000 shares MSB Bancorp Inc. Sale 9 92,761 91,044 (1,717) ===== ========= ========= ========
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