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

                                 FORM 10-QSB

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


For quarter ended          March 31, 1997

Commission file number     33-47248

                            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                         02726
        Somerset, Massachusetts                        (Zip Code)
(Address of principal executive offices)


                               (508)675-2121
            (Registrant's telephone number, including area code)

Check whether the registrant (1) has filed all reports required to be filed 
by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the 
past 12 months (or for such shorter period that the registrant was required 
to file such reports), and (2) has been subject to such filing requirements 
for the past 90 days.

             Yes     X                           No     __

Indicate the number of shares outstanding of each of the issuer's classes of 
common stock, as of the latest practical date:

Common stock ($.01 par value) 2,797,473.722 shares as of March 31, 1997. 

Traditional Small Business Disclosure Format:

             Yes     X                           No     __

                                    PART I

ITEM 1

Financial Statements

                            SLADE'S FERRY BANCORP
                         CONSOLIDATED BALANCE SHEET
                                 (UNAUDITED)

<TABLE>
<CAPTION>
                                              March 31, 1997      December 31, 1996
                                              --------------      -----------------

<S>                                           <C>                 <C>
ASSETS:
  Cash and due from banks                     $ 15,364,874        $ 11,128,724
  Federal funds sold                             8,500,000          13,000,000
  Interest bearing time deposits                   149,598             149,598
  Investment securities(1)                      19,395,691          19,586,678
  Securities available for sale(2)              36,453,096          37,255,163
  Federal Home Loan Bank Stock                     890,600             890,600
  Loans (net)                                  195,953,254         194,934,845
  Premises and equipment                         5,888,295           5,970,874
  Other real estate owned                          386,380             307,591
  Accrued interest receivable                    2,012,910           1,853,783
  Goodwill                                       3,250,668           3,307,368
  Other assets                                   2,556,590           2,957,251
                                              --------------------------------
      TOTAL ASSETS                            $290,801,956        $291,342,475
                                              ================================

LIABILITIES & STOCKHOLDERS' EQUITY:
  Deposits                                    $266,513,822        $267,791,009
  Short term borrowings                          1,697,941           1,200,000
  Notes Payable                                  1,025,000           1,042,626
  Other liabilities                              1,386,333           1,461,515
                                              --------------------------------
      TOTAL LIABILITIES                       $270,623,096        $271,495,150

STOCKHOLDERS' EQUITY:
  Common stock                                      27,975              27,891
  Paid in capital                               14,682,921          14,607,299
  Retained earnings                              5,709,055           5,214,763
  Net unrealized gain (loss) on investments
   in available for sale securities               (241,091)             (2,628)
                                              --------------------------------
      TOTAL STOCKHOLDERS' EQUITY              $ 20,178,860        $ 19,847,325
                                              --------------------------------
      TOTAL LIABILITIES & 
       STOCKHOLDERS' EQUITY                   $290,801,956        $291,342,475
                                              ================================

<F1>  Investment securities are to be held to maturity and have a fair 
      market value of $19,271,324 as of March 31, 1997 and $19,544,811 as of 
      December 31, 1996.

<F2>  Securities classified as Available for Sale are stated at fair value 
      with any unrealized gains or losses reflected as an adjustment in 
      Stockholders' Equity.
</TABLE>

                CONSOLIDATED STATEMENT OF INCOME AND EXPENSE
                                 (UNAUDITED)
                          3 MONTHS ENDING MARCH 31,

<TABLE>
<CAPTION>
                                                       1997              1996
                                                       ----              ----

<S>                                                    <C>               <C>
INTEREST AND DIVIDEND INCOME:
Interest and fees on loans                             $4,509,123        $3,466,793 
Interest and dividends on investments                     881,092           821,134 
Other interest                                            163,934           161,537
                                                       ----------------------------
      Total interest and dividend income                5,554,149         4,449,464
                                                       ----------------------------
INTEREST EXPENSE:
Interest on deposits                                    2,503,775         2,142,373 
Interest on other borrowed funds                           36,933            13,143
                                                       ----------------------------
  Total interest expense                                2,540,708         2,155,516
                                                       ----------------------------
  Net interest and dividend income                      3,013,441         2,293,948
                                                       ----------------------------
PROVISION FOR LOAN LOSSES                                 150,000           150,000 
  Net interest and dividend income
   after provision for loan losses                      2,863,441         2,143,948
                                                       ----------------------------
OTHER INCOME:
Service charges on deposit accounts                       238,743           202,545 
Security gains (losses) net                               106,251            50,795 
Other income                                               92,294            68,828
                                                       ----------------------------
  Total other income                                      437,288           322,168
                                                       ----------------------------
OTHER EXPENSE:
Salaries and employee benefits                          1,326,013           973,747 
Occupancy expense                                         169,709           135,226 
Equipment expense                                         154,671           104,693 
Gain on sale of other real estate owned                    (2,830)             (657)

Writedown of other real estate owned                            0            30,000 
Other expense                                             598,201           363,699
                                                       ----------------------------
  Total other expense                                   2,245,764         1,606,708
                                                       ----------------------------
Income before income taxes                              1,054,965           859,408 
Income taxes                                              420,800           323,648
                                                       ----------------------------
NET INCOME                                             $  634,165        $  535,760
                                                       ============================
Earnings per share                                     $     0.23        $     0.19
                                                       ============================
Average shares outstanding                              2,795,502         2,753,224
                                                       ============================
</TABLE>

                    SLADE'S FERRY BANCORP AND SUBSIDIARY
                    CONSOLIDATED STATEMENTS OF CASH FLOWS

                         Three Months Ended March 31
                                 (Unaudited)

<TABLE>
<CAPTION>
Reconciliation of net income to net cash used in operating activities:      1997              1996
                                                                            ----              ----

<S>                                                                         <C>               <C>
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income                                                                  $   634,165       $   535,760 
Adjustments to reconcile net income to net cash used in operating 
 activities:
  Accretion, net of amortization of fair market value adjustments                (1,429)              -0-
  Amortization of goodwill                                                       56,700               -0-
  Depreciation and amortization                                                 164,294           100,578 
  Securities available for sale (gains) losses, net                            (106,251)          (50,795)
  Provision for loan losses                                                     150,000           150,000 
  Increase in taxes payable                                                     251,110           211,998 
  (Increase) decrease in interest receivable                                   (159,127)          166,871 
  Increase (decrease) in interest payable                                        (5,452)            1,178 
  Increase (decrease) in accrued expenses                                        17,113           (50,797)
  (Increase) decrease in prepaid expenses                                        (2,489)           (9,043)
  Accretion of securities, net of amortization                                  (53,857)          (42,409)
  Accretion of securities available for sale, net of amortization               (21,063)          (20,473)
  Gain on sale of other real estate owned                                        (2,830)             (657)
  Writedown of other real estate owned                                              -0-            30,000 
  Change in unearned income                                                    (114,600)          (94,523)
  Decrease in other assets                                                      557,043            85,048 
  Increase (decrease) in other liabilities                                     (339,374)          488,810
                                                                            -----------------------------
  Net cash provided by operating activities                                 $ 1,023,953       $ 1,501,546
                                                                            -----------------------------
CASH FLOWS FROM INVESTING ACTIVITIES:
  Purchases of securities available for sale                                 (1,372,533)         (141,257)
  Maturities of securities available for sale                                 1,583,820         7,904,129 
  Sales of securities available for sale                                        325,738           185,954 
  Proceeds from sale of other real estate owned                                  89,830           254,124 
  Proceeds from maturities of investment securities                           4,222,134         5,445,264 
  Purchases of investment securities                                         (3,977,290)       (2,935,536)
  Net increase in loans                                                      (1,224,818)       (3,229,132)
  Capital expenditures                                                          (81,714)          (62,585)
  Purchases of Federal Home Loan Bank Stock                                         -0-          (204,700)
  Recoveries of previously charged-off loans                                      8,069             5,967
                                                                            -----------------------------
  Net cash provided by (used in) investing activities                       $  (426,764)      $ 7,222,228
                                                                            -----------------------------
</TABLE>

                    SLADE'S FERRY BANCORP AND SUBSIDIARY
                    CONSOLIDATED STATEMENTS OF CASH FLOWS

                         Three Months Ended March 31
                                 (Unaudited)
                                 (Continued)

<TABLE>
<CAPTION>
                                                           1996              1995
                                                           ----              ----

<S>                                                        <C>               <C>
CASH FLOWS FROM FINANCING ACTIVITIES:
  Proceeds from issuance of stock                          $    75,705       $    62,460 
  Net decrease in demand deposits, NOW, money market
   and savings accounts                                     (4,363,451)       (3,906,369)
  Net increase in time deposits                              3,086,264           285,692 
  Net increase in short-term borrowing                         497,941           651,009 
  Dividends paid                                              (139,872)         (113,538)
  Decrease in notes payable                                    (17,626)              -0-
                                                           -----------------------------
  Net cash used in financing activities                       (861,039)       (3,020,746)
                                                           -----------------------------
   Net increase (decrease) in cash and cash equivalents       (263,850)        5,703,028 
  Cash and cash equivalents at beginning of period          24,128,724        18,539,970
                                                           -----------------------------
  Cash and cash equivalents at end of period               $23,864,874       $24,242,998
                                                           =============================
SUPPLEMENTAL DISCLOSURES:
  Loans originating from sales of Other Real Estate
   Owned                                                   $    93,600       $   110,000 
  Interest paid                                            $ 2,546,160       $ 2,154,338 
  Income taxes paid                                        $   169,690       $   111,650 
  Loans transferred to Other Real Estate Owned             $   165,789       $       -0-
</TABLE>

       SLADE'S FERRY BANCORP AND SUBSIDIARY, SLADE'S FERRY TRUST COMPANY
       NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

                               March 31, 1997

Note A - Basis of Presentation

The accompanying unaudited consolidated financial statements have been 
prepared in accordance with generally accepted accounting principles for 
interim financial information and the instructions to Form 10QSB and, 
accordingly, do not include all of the information and footnotes required by 
generally accepted accounting principles for complete financial statements.  
In the opinion of the management of Slade's Ferry Bancorp, all adjustments 
(consisting of normal recurring accruals) considered necessary for a fair 
presentation have been included.  Operating results for the three months 
ended March 31, 1997 are not necessarily indicative of the results that may 
be expected for the year ending December 31, 1997.

Note B - Accounting Policies

The accounting principles followed by Slade's Ferry Bancorp and subsidiary 
and the methods of applying these principles which materially affect the 
determination of financial position, results of operations, or changes in 
financial position are consistent with those used at year end 1996.

The consolidated financial statements of Slade's Ferry Bancorp include its 
wholly-owned subsidiary, Slade's Ferry Trust Company, and its subsidiaries, 
the Slade's Ferry Realty Trust and the Slade's Ferry Securities Corporation.  
All significant intercompany balances have been eliminated.


ITEM 2

Management's Discussion and Analysis

Financial Condition

Assets decreased slightly during the first three months in 1997 by $0.5 
Million to $290.8 Million at March 31, 1997 from $291.3 Million reported at 
December 31, 1996.  Net loans increased by $1.0 Million as loan demand 
continues to improve in the region.  There was a slight decrease  in 
deposits of $1.3 Million to $266.5 Million from the $267.8 Million at year 
end 1996.  In spite of the Bank paying competitive rates on deposit 
accounts, and an increase in customer base, deposit levels have remained 
relatively stagnant.  Bank management attributes this to the attraction of 
investment funds into non banking investment products. 

The combined investment portfolio which consists of Investment Securities 
and Securities Available for Sale totaled $55.8 Million, down slightly from 
$56.8 Million reported at year end 1996.

Investment Securities are securities that the Company will hold to maturity 
and are carried at amortized cost on the balance sheet, and are summarized 
as follows as of March 31, 1997.

<TABLE>
<CAPTION>
                                                                             Gross
                                                            Gross            Unrealized
                                              Amortized     Unrealized       Holding
                                              Cost Basis    Holding Gains    Losses       Fair Value
                                              ----------    -------------    ----------   ----------
                                                                (Dollars in Thousands)

<S>                                           <C>           <C>              <C>          <C>
Debt securities issued by the U. S.
 Treasury and other U. S.
 Government corporations and
 agencies                                     $12,130       $ 23             $ 64         $12,089
Debt securities issued by states of the
 United States and political
 subdivisions of the states                     7,026        151              186           6,991
Mortgage-backed securities                        239        ---               49             190
Other debt securities                               1        ---              ---               1
                                              ---------------------------------------------------
                                              $19,396       $174             $299         $19,271
                                              ===================================================
</TABLE>

Investments in Available for Sale securities are carried at fair value on 
the balance sheet and are summarized as follows as of March 31, 1997.

<TABLE>
<CAPTION>
                                                                             Gross
                                                            Gross            Unrealized
                                              Amortized     Unrealized       Holding
                                              Cost Basis    Holding Gains    Losses       Fair Value
                                              ----------    -------------    ----------   ----------
                                                                (Dollars in Thousands)

<S>                                           <C>           <C>              <C>          <C>
Debt securities issued by the U. S.
 Treasury and other U. S.
 Government corporations and
 agencies                                     $31,302       $ 18             $499         $30,821
Marketable Equity                               1,905        202               50           2,057
Mortgage-backed securities                      3,423        ---               92           3,331
Asset-backed securities                           244        ---              ---             244
                                              ---------------------------------------------------
                                              $36,874       $220             $641         $36,453
                                              ===================================================

Deduction to Stockholders' Equity:
(In Whole Dollars)
  Unrealized loss on Available for Sale Securities            $420,308
  Less tax effect                                              179,217
                                                              --------
  Net unrealized loss on Available for Sale Securities        $241,091
                                                              ========
</TABLE>

At March 31, 1997, securities classified as Available for Sale had net 
unrealized losses of $241,091 as a result of current market conditions, 
compared to net unrealized losses of $2,628 reported on December 31, 1996.  
The current unrealized losses in the opinion of management does not have a 
material effect upon future income.  Securities in the Available for Sale 
category may be sold if it becomes desirable to improve liquidity, or when 
management feels it would be appropriate to improve interest rate risk by 
selling various securities, and reinvesting the proceeds into higher 
yielding investments.

Federal Funds Sold at March 31, 1997 decreased to $8.5 Million from $13.0 
Million reported at year end 1996.  This decrease was due to a combination 
of funds used to offset the slight decrease in deposits and also funding of 
new loans that were recently transacted at end of first quarter 1997.

Nonperforming assets which consist of nonaccrual loans, loans past due 90 
days or more but still accruing, and real estate acquired by foreclosure or 
substantively repossessed, increased by $1.6 Million to $6.4 Million on 
March 31, 1997 from $4.8 Million reported at year end 1996.  The increase 
was primarily due to a commercial real estate loan of $1.6 Million being 
classified as nonaccrual in March 1997.  Based on a current appraisal 
obtained at that time, the collateral is valued at $2.8 Million.  The 
business is dependant on seasonal cash flows which generally peak during the 
spring-summer period.  The borrower has agreed to accelerate cash payments 
to become current within the July-August time frame on the assumption that 
the incoming cash flows will occur as predicted.  In addition, due to the 
excess collateral values, the Bank does not anticipate any loss on this 
loan.

The combination of this loan, along with several other loans totaling 
$800,000 that became past due 90 days or more but still accruing, was offset 
by loans totaling $407,000 that were resolved, payments made on other 
nonaccruing loans of $55,000, charge offs of $114,000, and transfers to 
Other Real Estate Owned of $222,000, resulting in a net increase in 
nonperforming assets of $1.6 Million, from $4.8 Million reported on December 
31, 1996.

The percentages of nonaccrual loans to total loans increased to 2.60% at 
March 31, 1997 from 2.19% reported at December 31, 1996.  This increase is 
predominately associated with the aforementioned loan.  The percentage of 
nonaccrual loans and real estate acquired by foreclosure or substantively 
repossessed to total assets increased to 1.92% from 1.88% reported at year 
end, also attributable to the aforementioned loan.  The percentage of the 
Allowance for Possible Loan Losses to Nonaccrual Loans decreased to 64% at 
March 31, 1997 when compared to 77% reported at year end 1996 and 92% at 
year end 1995.  The Company did not make any special provision to the 
Allowance on the aforementioned loan due to the excess in collateral values 
of approximately 43%.

          INFORMATION WITH RESPECT TO NONACCRUAL AND PAST DUE LOANS
          AT MARCH 31, 1997 AND 1996 AND DECEMBER 31, 1996 AND 1995

<TABLE>
<CAPTION>
                                                               (Dollars in Thousands)
                                                         At March 31           At December 31
                                                      ----------------        ----------------
                                                      1997        1996        1996        1995
                                                      ----        ----        ----        ----

<S>                                                   <C>         <C>         <C>         <C>
Nonaccrual Loans                                      $5,205      $2,751      $4,352      $2,695
Loans 90 days or more past due and still accruing        836         517         112          23
Real estate acquired by foreclosure
 or substantively repossessed                            386         350         308         633
Percentage of nonaccrual loans to total loans           2.60%       1.78%       2.19%       1.78%
Percentage of nonaccrual loans and real estate 
 acquired by foreclosure or substantively
 repossessed to total assets                            1.92%       1.34%       1.88%       1.42%
Percentage of allowance for possible loan losses
 to nonaccrual loans                                   63.84%      96.36%      77.07%      92.69%
</TABLE>

The $5.2 Million in nonaccrual loans consists of $4.9 Million of real estate 
mortgages and $.3 Million attributed to commercial loans.  Of the total 
nonaccrual loans outstanding, $275,588 are restructured at March 31, 1997.

        INFORMATION WITH RESPECT TO NONACCRUAL AND RESTRUCTURED LOANS
          AT MARCH 31, 1997 AND 1996 AND DECEMBER 31, 1996 AND 1995

<TABLE>
<CAPTION>
                                                               (Dollars in Thousands)
                                                         At March 31           At December 31
                                                      ------------------      ------------------
                                                      1997        1996        1996        1995
                                                      ----        ----        ----        ----

<S>                                                   <C>         <C>         <C>         <C>
Nonaccrual Loans                                      $5,205      $2,751      $4,352      $2,695
Interest income that would have been recorded
 under original terms                                    125          62         361         243
Interest income recorded during the period                50           3          62          21
</TABLE>

The Company stops accruing interest on a loan once it becomes past due 90 
days or more unless there is adequate collateral and the financial condition 
of the borrower is sufficient.  When a loan is placed on a nonaccrual 
status, all previously accrued but unpaid interest is reversed and charged 
against current income.  Interest is thereafter recognized only when 
payments are received and the loan becomes current.

Loans in the nonaccrual category will remain until the possibility of 
collection no longer exists, the loan is paid off or becomes current.  When 
a loan is determined to be uncollectible, it is then charged off against the 
Allowance for Possible Loan Losses.

Statement of Financial Accounting Standards No. 114 "Accounting by Creditors 
for Impairment of a Loan" was adopted by the Company as of January 1, 1995.  
Statement 114 applies to all loans except large groups of smaller-balance 
homogeneous loans that are collectively evaluated for impairment, loans 
measured at fair value or at a lower of cost or fair value, leases, and debt 
securities as defined in Statement 115.  Statement 114 requires that 
impaired loans be valued at the present value of expected future cash flows 
discounted at the loan's effective interest rate or as a practical 
expedient, at the loan's observable market value of the collateral if the 
loan is collateral dependent.  Smaller balance homogeneous loans are 
considered by the Company to include consumer installment loans and credit 
card loans.

Included in the $5,205,321 in nonaccrual loans are $4,920,509 which the 
Company has determined to be impaired, for which $2,156,090 have a related 
allowance for credit losses of $520,519 and $2,764,419 have no related 
allowance for credit losses.

The Company has $500,000 of potential problem loans for which payments are 
presently current.  However, the borrowers are experiencing financial 
difficulty.  These loans are subject to management's attention and their 
classification is reviewed monthly.  If these loans should become 
nonperforming, the effect will be immaterial, due to the asset values of 
their collateral.

There were no other loans classified for regulatory purposes at March 31, 
1997 that management reasonably expects will materially impact future 
operating results, liquidity or capital resources.

             ANALYSIS OF THE ALLOWANCE FOR POSSIBLE LOAN LOSSES

<TABLE>
<CAPTION>
                                                  (Dollars in Thousands)
                                           Three Months            Years Ended
                                           At March 31             At December 31
                                        -------------------       ------------------
                                        1997         1996         1996        1995
                                        ----         ----         ----        ----

<S>                                     <C>          <C>          <C>         <C>
Balance at January 1                    $3,354       $2,498       $2,498      $2,306
Charge Offs:  
  Commercial                                 8          ---          276         184
  Real Estate - Construction               ---          ---          ---         ---
  Real Estate - Mortgage                   146          ---            4          79
  Installment/Consumer                      35            2          159         134
                                        --------------------------------------------
                                           189            2          439         397
Recoveries: 
  Commercial                                 2            1          332           1
  Real Estate - Construction               ---          ---          ---         ---
  Real Estate - Mortgage                   ---          ---          ---          16
  Installment/Consumer                       6            5          107          22
                                        --------------------------------------------
                                             8            6          439          39
                                        --------------------------------------------

Net Charge Offs                            181           (4)           0         358
                                        --------------------------------------------
Additions Charged to Operations            150          150          400         550
Allowance attributable to acquisition      ---          ---          456         ---
Balance at End of Period                $3,323       $2,652       $3,354      $2,498
                                        ============================================
Ratio of Net Charge Offs to
      Average Loans Outstanding          0.090%      (0.003%)       0.00%       0.25%
</TABLE>

The Allowance for Possible Loan Losses at March 31, 1997 was $3,323,262, 
compared to $3,354,311 at year end 1996.  The Allowance for Possible Loan 
Losses as a percent of outstanding loans was 1.66% at March 31, 1997, and 
1.69% at December 31, 1996.

The Bank provided $400,000 in 1996, $550,000 in 1995, and $150,000 as of 
March 31, 1997 to the Allowance for Possible Loan Losses.  Loans charged off 
were $439,229 in 1996, $396,639 in 1995, and $189,118 as of March 31, 1997.  
Recoveries on loans previously charged off were $439,788 in 1996, $39,553 in 
1995, and $8,069 as of March 31, 1997.  Management believes that the 
Allowance for Loan Losses of $3,323,262 is adequate to absorb any losses in 
the foreseeable future, due to the Bank's strong collateral position and the 
current asset quality.

The level of the Allowance for Possible Loan Losses is evaluated by 
management and encompasses several factors, which include but are not 
limited to, recent trends in the nonperforming loans, the adequacy of the 
assets which collateralize the nonperforming loans, current economic 
conditions in the market area, and various other external and internal 
factors.

This table shows an allocation of the allowance for loan losses as of the 
end of each of the periods indicated.

<TABLE>
<CAPTION>
                                    March 31, 1997              December 31, 1996             December 31, 1995
                                -------------------------    -------------------------     ------------------------
                                               Percent of                   Percent of                   Percent of
                                               Loans in                     Loans in                     Loans in
                                               Each                         Each                         Each
                                               Category                     Category                     Category
                                               to Total                     to Total                     to Total
                                Amount         Loans         Amount         Loans          Amount        Loans
                                ------         ----------    ------         ----------     ------        ----------
                                                               (Dollars in Thousands)

<S>                             <C>            <C>           <C>            <C>            <C>           <C>
Domestic:
  Commercial                    $  789(1)       17.02%       $  789(1)       15.70%        $  597(1)      11.35%
  Real estate - Construction        37           2.89%           41           3.46%            40          4.55%
  Real estate - mortgage         2,160(2)       76.84%        2,150(2)       77.42%         1,581(2)      80.04%
  Consumer(3)                      337           3.25%          374           3.42%           280          4.06%
                                -------------------------------------------------------------------------------
                                $3,323         100.00%       $3,354         100.00%        $2,498        100.00%
                                ===============================================================================

<F1>  Includes specifically reserved for impaired loans of $.00 as of March 
      31, 1997, $0.00 as of December 31, 1996 and $214,542 as of December 31, 
      1995 as required by Financial Accounting Standard No. 114, Accounting 
      for Impairment of Loans.

<F2>  Includes specifically reserved for impaired loans of $520,519 as of 
      March 31, 1997, $838,290 as of December 31, 1996 and $240,500 as of 
      December 31, 1995 as required by Financial Accounting Standard No. 114, 
      Accounting for Impairment of Loans.

<F3>  Percent of loans in each category to total loans includes consumer, 
      obligations of states and political subdivisions and other.
</TABLE>

The loan portfolio's largest segment of loans is commercial real estate 
loans, which represent   50% of gross loans.  Residential real estate, which 
is the second largest segment of the loan portfolio, represents 27% of gross 
loans.  The Company requires a loan to value ratio of 80% in both commercial 
and residential mortgages.  These mortgages are secured by real properties 
which have a readily ascertainable value.

Generally, commercial real estate loans have a higher degree of credit risk 
than residential real estate loans because they depend primarily on the 
success of the business.  When granting these loans, the Company evaluates 
the financial statements of the borrower(s), the location of the real 
estate, the quality of management, and general economic and competitive 
conditions.  When granting a residential mortgage, the Company reviews the 
borrower(s) repayment history on past debts, and assesses the borrower(s) 
ability to meet existing obligations and payments on the proposed loans.

Commercial loans consist of loans predominantly collateralized by inventory, 
furniture and fixtures, and accounts receivable.  In assessing the 
collateral for this type of loan, management applies a 40% liquidation value 
to inventories, 25% to furniture, fixtures and equipment; and 60% to 
accounts receivable.  Commercial loans represent 17% of the loan portfolio.  

Consumer loans are generally unsecured credits and represent 3% of the total 
loan portfolio.  These loans have a higher degree of risk then residential 
mortgage loans.  The underlying collateral of a secured consumer loan tends 
to depreciate in value. Consumer loans are typically made based on the 
borrower's ability to repay the loan through continued financial stability.  
The Company endeavors to minimize risk by reviewing the borrower's repayment 
history on past debts, and assessing the borrower's ability to meet existing 
obligations on the proposed loans.

The allocation of the Allowance for Loan Losses is based on management's 
judgement of potential losses in the respective portfolios.  While 
management has allocated reserves to various portfolio segments, the 
Allowance is general in nature and is available for the portfolio in its 
entirety.

Results of Operations

Income and expenses during the first quarter of 1997 compared to the same 
period of the previous year reflect certain significant variances primarily 
due to the acquisition of the National Bank of Fairhaven which took place 
during the third quarter of 1996.

Net interest income increased by $719,493 to $3,013,441 on March 31, 1997 
when compared to $2,293,948 recorded during the same period in 1996.  
Interest income was up by $1,104,685 mostly due to the acquired loan and 
investment portfolios as well as the increase in new loans that were booked 
throughout 1996.  Interest expense increased by $385,192 primarily due to 
the deposits that were assumed through the merger.

The provision for loan losses is a charge against earnings, which in turn 
funds the Allowance for Possible Loan Losses.  The Company's provision for 
the three months ending March 31, 1997 was $150,000, the same provision as 
recorded during the same period in 1996.

Other income was up by $115,120 to $437,288 on March 31, 1997, when compared 
to $322,168 earned during the same period in the previous year.  Service 
charges on deposit accounts increased by $36,198 due to the customer base 
now being serviced in the Fairhaven and New Bedford communities as well as 
the increase in accounts attracted to the new drive-up facility  at the 
Brayton Avenue office.  Gains realized on Sale of Securities for the three 
months amounted to $106,251 compared to gains of $50,795 realized during the 
same three months of the prior year.  The Bank sold various marketable 
equity securities due to the increase in values as a result of market 
conditions.  Other income reflected an increase of $23,466 of which $10,974 
came from income derived from the rental of safe deposit boxes acquired 
through the merger, $7,458 interest earned on escrowed funds during the 
stock tendering process affiliated with the National Bank of Fairhaven 
acquisition, and the remaining $5,034 due to normal business operations.

Other expense increased by $639,056 for the first three months in 1997 to 
$2,245,764 from $1,606,708 reported for the same period in 1996.  Salaries 
and employee benefits increased by $352,266 which is attributable to general 
wage adjustments and increases in employee benefits as well as the addition 
of 29 new officers and employees of the National Bank of Fairhaven who were 
retained as employees of Slade's Ferry Trust Company.  Occupancy and 
equipment expense combined, increased by $84,461 due to increases in 
depreciation attributed to the new tellers equipment, equipment at the new 
drive-up facility at the Brayton Avenue office, and the building acquired 
from the National Bank of Fairhaven.  In addition, lease expense also 
increased due to the facilities rented at the New Bedford branch.  The Bank 
also realized a gain of $2,830 on sale of Other Real Estate Owned during the 
current period compared to a gain of $657 realized in the previous year.  
Due to the few parcels of properties in Other Real Estate Owned, and the 
value of the appraisals obtained, the Bank did not have to writedown any 
values in the properties owned compared to a $30,000 writedown incurred in 
the prior year.

The table below illustrates the line item other expense, which reflects an 
increase of $234,502 for the first three months in 1997 compared to the same 
period reported in 1996.

<TABLE>
<CAPTION>
                                 March 31, 1997     March 31, 1996      Variance
                                 -----------------------------------------------

<S>                              <C>                <C>                 <C>
Amortization of Goodwill         $ 56,700                -0-            $ 56,700
Advertising                        77,991             28,648              49,343
Stationery & Supplies              92,724             58,433              34,291
Postage                            50,479             32,667              17,812
Legal                              13,000              3,750               9,250
Collection and Repossessions       32,741             24,319               8,422
FDIC Insurance                      8,040              1,000               7,040
Computer Services                  20,000             13,294               6,706
Fleet Loan Fee                      4,500                -0-               4,500
Other                             242,026            201,588              40,438
                                 -----------------------------------------------
Other Expense                    $598,201           $363,699            $234,502
                                 ===============================================
</TABLE>

Amortization of Goodwill is a new expense item.  Goodwill was a result of 
the premium paid above the book value to the stockholders of Fairbank Inc., 
parent company of the National Bank of Fairhaven.  Goodwill is to be 
amortized over a fifteen year period.  Advertising expenses have increased 
significantly when compared to March 31, 1996, due to the ongoing process of 
promoting the name recognition of Slade's Ferry Trust Company in the 
Fairhaven-New Bedford market area.  In addition, stationery & supplies 
expense has increased due to the additional branches maintained while 
postage expense increased as a result of the larger customer base due to the 
acquisition of the National Bank of Fairhaven.  Other listed expenses have 
increased through normal business transactions due to the increased asset 
base after the acquisition.
Liquidity

The Company's principal sources of funds are customer deposits, loan 
amortization, loan payoffs, and the maturities of investment securities.  
Through these sources, funds are provided for customer withdrawals from 
their deposit accounts, loan originations, draw-downs on loan commitments, 
acquisition of investment securities and other normal business activities.  
Investors' capital also provides a source of funding.

The largest source of funds is provided by depositors.  The largest 
component of the Company's deposit base is reflected in the Time Deposit 
category.  The Company does not participate in brokered deposits.  Deposits 
are obtained from consumers and commercial customers within the Bank's 
community reinvestment area, being Bristol County, Massachusetts and several 
abutting towns in Rhode Island.

The Company also has the ability to borrow funds from correspondent banks, 
the Federal Home Loan Bank, as well as the Federal Reserve Bank of Boston by 
pledging various investment  securities as collateral.  The Company did not 
have the need to borrow in 1996 and in the current year.  Tax payments made 
by our customers which are owed to the Federal Reserve Bank Treasury Tax and 
Loan account are classified as Short Term borrowings.  The Notes Payable 
represents a note due Fleet Bank.  The note is attributable to Fairbank, 
Inc. which was assumed at the time of the merger and has a final maturity in 
November, 1999.  Due to the applicable prepayment fees, it is advantageous 
for the Bank to continue with the applicable terms of the note.

Excess available funds are invested on a daily basis as Federal Funds Sold 
and can be withdrawn daily.  The Bank attempts through its cash management 
strategies to maintain a minimum level of Federal Funds Sold to further 
enhance its liquidity.

Liquidity represents the ability of the Bank to meet its funding 
requirements.  In assessing the appropriate level of liquidity, the Bank 
considers deposit levels, lending requirements, and investment maturities in 
light of prevailing economic conditions.  Through this assessment, the Bank 
manages its liquidity level to optimize earnings and respond to fluctuations 
in customer borrowing needs.

At March 31, 1997, the Bank's liquidity ratio stood at 30.0% as compared to 
30.3% at December 31, 1996.  The liquidity ratio is determined by dividing 
the Bank's short term assets (cash and due from banks, interest bearing 
deposits due from other banks, securities, and federal funds sold) by the 
Bank's total deposits.  Management believes the Bank's liquidity to be 
adequate to meet the current and presently foreseeable needs of the Bank.

The comparison of cash flows for three months ending March 31, 1997 and 1996 
indicates that cash flows, as a result of operating activities, decreased by 
$477,593 during the current period compared to the same period in the 
previous year.  There were increases in interest and dividends received of 
$746,572, service charges and other income of $59,664, income taxes paid of 
$58,040, interest paid of $391,822 and cash paid to suppliers and employees 
of $477,778.  These were offset by an increase in other assets of $471,995 
and a decrease in other liabilities of $828,184.

Net cash provided by investing activities as of March 31, 1997 decreased by 
$7.6 Million when compared to March 31, 1996.  There was an increase in 
securities purchased of $2.1 Million, offset by decreases in securities 
matured or sold of $7.4 Million, net loans of $2.0 Million and proceeds from 
sales of other real estate owned of $.2 Million.

Cash used in financing activities during the period ending March 31, 1997 
was $.9 Million, a decrease of $2.2 Million when compared to March 31, 1996.  
There was a net increase in time deposits of $2.8 Million over the same 
period in 1996.  This was offset by a net decrease in demand, NOW, Money 
Market and Savings Accounts of $.5 Million over the same period in the prior 
year.

Capital

As of March 31, 1997, the Company had total capital of $20,178,860.  This 
represents an increase of $331,535 from $19,847,325 reported on December 31, 
1996.  The increase in capital was a combination of several factors.  
Additions consisted of three months earnings of $634,165, transactions 
originating through the Dividend Reinvestment Program whereby 2,586.305 
shares were issued for cash contributions of $24,000 and 5,745.075 shares 
were issued for $51,705 in lieu of cash dividend payments.  These additions 
were offset by dividends paid of $139,872.

Also, affecting capital is the adjustment that reflects net unrealized gains 
or losses, net of taxes,  on securities classified as Available for Sale.  
On December 31, 1996 the Available for Sale portfolio had unrealized losses, 
net of taxes, of $2,628, and on March 31, 1997, as a result of current 
market values, the portfolio reflects unrealized losses, net of taxes, of 
$241,091 which is an adjustment from capital.

Under the requirements for Risk Based and Leverage Capital of the federal 
banking agencies, a minimum level of capital will vary among banks based on 
safety and soundness of operations.  Risk Based Capital ratios are 
calculated with reference to risk-weighted assets, which include both on and 
off balance sheet exposure.  At December 31, 1993, the minimum regulatory 
capital level for Risk Based Capital was 4.0% for Tier 1 capital, 8.0% for 
total capital, and 4.0% for Leverage Capital (Tier 1 as a percentage of 
total assets).

At March 31, 1997 the actual Risk Based Capital of the Bank was $17,053,000 
for Tier 1 Capital, exceeding the minimum requirements of $8,023,000 by 
$9,030,000.  Total Capital of $19,560,000 exceeded the minimum requirements 
of $15,981,000 by $3,579,000 and Leverage Capital of $17,053,000 exceeded 
the minimum requirements of $11,541,000 by $5,512,000.      

In addition to the "minimum capital" requirements, "well capitalized" 
requirements have also been established by Federal Banking regulators.  At 
December 31, 1995, the capital ratios for the Bank exceeded the "well 
capitalized" requirements of 10% for Total Capital, 6% for Tier I Capital, 
and 5% for Leverage Capital.  As a result of the merger and the acquisition 
of $65.1 Million in assets, the capital ratios at December 31, 1996 and at 
March 31, 1997 did not meet the "well capitalized" standard for Total 
Capital.  On December 31, 1996, the Bank's Total Capital was $18,935,000, 
$983,000 below the $19,918,000 needed to be considered "well capitalized".  
Total Capital on March 31, 1997 was $19,560,000, $416,000 below the required 
$19,976,000.  On April 14, 1997, the Company filed a registration statement 
with the Securities and Exchange Commission relative to a proposed public 
offering to increase the capital of the Bank and to assist in meeting the 
requirements of a "well capitalized" bank.

The proposed offering consists of 325,000 shares of Common Stock par value 
$.01 per share ("Common Stock").  The Company, at its option, may offer up 
to an additional 225,000 shares of Common Stock, thereby increasing the 
amount of Common Stock offered to 550,000 shares.  All of the shares offered 
are being sold by the Company.  Assuming that all of the Common Stock 
offered is sold in the initial offering, and the optional offering, the 
Company will receive approximately $5,225,000.  The Company will contribute 
60% of such proceeds to the Bank.  The remaining 40% will remain at the 
Company until such time as the growth of the Bank should need additional 
capital, or the possibility of acquiring another financial institution 
should avail itself.


ITEM 4

Submission of Matters to a Vote of Security Holders

The Annual Meeting of the stockholders of the Slade's Ferry Bancorp was held 
on April 14, 1997.

Proposal One - Election of Clerk/Secretary
The following individual, was reelected by the stockholders to serve as 
Clerk/Secretary until the next annual meeting of the stockholders, and until 
his successor is elected and qualified.

<TABLE>
<CAPTION>
                                               Votes
                                     --------------------------
      Nominee                        For                Against
      -------                        ---                -------

      <S>                            <C>                <C>
      Attorney Peter G. Collias      2,112,776.877      5,765.270
</TABLE>

Proposal Two - Election of Class One Directors
The following four individuals were re-elected to serve as directors of the 
Company until the 2000 Annual Meeting of stockholders and until their 
successors are elected or qualified.

<TABLE>
<CAPTION>
                                               Votes
                                     --------------------------
      Nominee                        For                Against
      -------                        ---                -------

      <S>                            <C>                <C>
      Thomas B. Almy                 2,100,203.877      18,338.270
      Peter G. Collias               2,104,354.877      14,187.270
      Edward S. Machado              2,083,029.318      35,512.829
      William Sullivan               2,104,354.877      14,187.270 
</TABLE>

The following additional directors continued their terms in office after the 
meeting:

      James D. Carey                         Peter Paskowski
      Donald T. Corrigan                     Kenneth R. Rezendes
      Francis A. Macomber                    Bernard T. Shuman
      Majed M. Mouded                        Charles Veloza


ITEM 5

NONE


ITEM 6

Exhibits and Reports on Form 8-K 

      (a)  Exhibits:  See exhibit index.

      (b)  Reports on Form 8-K:  NONE

                                 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 08, 1997                           /s/ Kenneth R. Rezendes
(Date)                                 (Signature)      Kenneth R. Rezendes
                                                                  President


May 08, 1997                           /s/ James D. Carey
(Date)                                 (Signature)           James D. Carey
                                                   Executive Vice President

May 08, 1997                           /s/ Ralph S. Borges
(Date)                                 (Signature)          Ralph S. Borges
                                                                  Treasurer
                                                    Chief Financial Officer
                                                   Chief Accounting Officer

                                EXHIBIT INDEX

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

3.1              Articles of Incorporation of Slade's Ferry        *
                 Bancorp as amended

<F*>  Incorporated by reference to the Registrant's Registration Statement on 
      Form SB-2 filed with the Commission on April 14, 1997.