SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 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): June 11, 2003
BROOKLINE BANCORP, INC.
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(Exact name of registrant as specified in its charter)
Delaware 0-23695 04-3402944
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(State or other jurisdiction (Commission File No.) (I.R.S. Employer
of incorporation) Identification No.)
160 Washington Street, Brookline, MA 02447-0469
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(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code (617) 730-3500
Not Applicable
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(Former name or former address, if changed since last report)
Item 5. Other Events
Brookline Bancorp Confirms It Is In Negotiations to Settle a Massachusetts REIT
Tax Issue
In previous communications with stockholders, the Company stated $5,515,000
was charged to earnings in the three month period ended March 31, 2003. The
charge resulted from legislation passed during that period disallowing, for
Massachusetts income tax purposes, dividend received deductions for dividend
distributions from real estate investment trusts ("REITs") retroactively to tax
years beginning in 1999. The charge represented estimated liabilities for taxes
and interest from the retroactive application of the new law to the Company's
REIT subsidiary for the years 1999 through 2002. The amount charged was net of
federal and state income tax benefits.
Today, it was reported in an article appearing in The Boston Globe that the
Massachusetts Department of Revenue is in negotiations with a number of banks
regarding the REIT tax issue referred to in the preceding paragraph. The article
stated that the proposed settlement would call for payment of fifty percent of
taxes and interest due involving REITS for the years 1999 through 2002. As
further reported, the settlement would be subject to receiving an aggregate
total from all the banks involved and satisfactory resolution of several other
issues by the negotiating parties.
The Company is confirming that it is one of the banks in negotiation with
the Department of Revenue. Certain conditions and issues must be resolved to the
satisfaction of all parties concerned before a final agreement can be reported.
If and when such an agreement is reached, the Company will publicly provide more
specific information.
SIGNATURE
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.
BROOKLINE BANCORP, INC.
Date: June 12, 2003 By: /s/ Paul R. Bechet
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Paul R. Bechet, Chief Financial Officer