Form 8-K Principal Officers
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
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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): November 29, 2005 (November 22, 2005)
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BANCORP RHODE ISLAND, INC.
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(Exact name of registrant as specified in its charter)
Rhode Island
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(State or other jurisdiction of incorporation)
333-33182 05-0509802
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(Commission File Number) (IRS Employer Identification Number)
One Turks Head Place, Providence, Rhode Island 02903
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(Address of principal executive offices)
(401) 456-5000
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(Registrant's telephone number, including area code)
Not Applicable
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(Former name or former address, if changed since last report)
ITEM 5.02. APPOINTMENT OF PRINCIPAL OFFICER
On November 22, 2005, Michael J. Hebert, 29, was appointed Principal Accounting
Officer of Bancorp Rhode Island, Inc. (the "Registrant") and Bank Rhode Island,
the Registrant's wholly owned subsidiary (the "Bank"). Mr. Hebert has served as
Senior Vice President and Controller of the Bank since September 2005. Prior to
joining the Bank, Mr. Hebert was with PricewaterhouseCoopers LLP in Boston, MA
as an assurance manager. Mr. Hebert holds a bachelor's degree in Business
Administration from Bryant University with a concentration in Accounting, and is
a Certified Public Accountant.
Effective November 28, 2005, Jeffrey W. Angus, 50, was appointed Vice President
of the Registrant and Executive Vice President and Chief Operating Officer of
the Bank. Mr. Angus previously served as senior vice president of information
systems and as a corporate officer at New England Business Service in Groton, MA
from 1998 to 2004 and attended Rhode Island College and Bryant University. Mr.
Angus will earn an annual salary of $218,000, be eligible to receive payments
under any incentive compensation or bonus program as in effect from time to time
and participate in any and all employee benefit plans generally available to
full-time employees of the Bank. He will also be entitled to an annual benefit
of $50,000 under the Bank's Supplemental Executive Retirement Plan, which
benefit is subject to Mr. Angus' insurability and will vest at the rate of 20%
per year commencing on November 28, 2010. In addition, Mr. Angus will be
entitled to receive severance equal to nine month's of his base salary unless
his separation is for cause. Upon termination in connection with a change in
control, Mr. Angus is entitled to receive an amount equal to two times the sum
of his then current base salary plus his annual cash bonus. The Bank is in the
process of finalizing Mr. Angus' employment agreement.
ITEM 9.01. FINANCIAL STATEMENTS AND EXHIBITS
(c) Exhibits
None.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, as
amended, the Registrant has duly caused this report to be signed on its behalf
by the undersigned hereunto duly authorized.
BANCORP RHODE ISLAND, INC.
By: /s/ Linda H. Simmons
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Linda H. Simmons
Chief Financial officer and Treasurer
Date: November 29, 2005