SECURITIES AND EXCHANGE COMMISSION
               Washington, DC  20549

                   FORM 10-QSB

(Mark One)

[X]    QUARTERLY REPORT UNDER SECTION 13 OR 15 (d) OF THE
       SECURITIES EXCHANGE ACT OF 1934
            FOR THE QUARTER ENDED JUNE 30, 2003

[ ]    TRANSITION REPORT UNDER SECTION 13 OR 15(d) OF THE
       SECURITIES AND EXCHANGE ACT OF 1934 FOR THE TRANSITION
       PERIOD FROM __________________ TO _________________

            Commission File Number:  0001060244

                  PEOPLES BANCORP, INC.
      (Exact name of issuer as specified in its charter)

  _______MARYLAND_______   ___________52-2027776____________
 (State of incorporation) (I.R.S. Employer Identification No.)

 P. O. BOX 210, 100 SPRING STREET, CHESTERTOWN, MARYLAND 21620
          (Address of principal executive offices)

                 _____(410) 778-3500______
                (Issuer's telephone number)

 _____________________Not Applicable____________________
 (Former name, former address and former fiscal year, if
changed since last report)


Check whether the issuer (1) filed all reports required to be
filed by Section 13 or 15(d) of the Exchange Act 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 _____


State the number of shares outstanding of each of the issuer's
classes of common equity, as of the latest practicable date:

The registrant has 794,012 shares of common stock ($10.00 par)
outstanding as of August 1, 2003.


Transitional Small Business Disclosure Format (check one)
                 YES _____      NO __X__


                           - 1 -



PEOPLES BANCORP, INC. AND SUBSIDIARY
FORM 10-QSB
INDEX


Part I   -  Financial Information
                                                         Page

    Item 1  Financial Statements
            Consolidated Statements of Condition            3
            Consolidated Statements of Income               4
            Consolidated Statements of Cash Flows           5
            Notes to Financial Statements                   6

    Item 2  Management's Discussion and Analysis of Financial
            Condition and Results of Operation            7-9

    Item 3  Controls and Procedures                        10


Part II  -  Other Information
    Item 1  Legal Proceedings                              11
    Item 2  Changes in Securities                          11
    Item 3  Defaults Upon Senior Securities                11
    Item 4  Submission of Matters to a Vote of Security
            Holders                                        11
    Item 5  Other Information                              11
    Item 6  Exhibits and Reports on Form 8-K               11





                           - 2 -


PEOPLES BANCORP, INC. AND SUBSIDIARY
PART I  -  FINANCIAL INFORMATION
ITEM 1.    FINANCIAL STATEMENTS
CONSOLIDATED STATEMENTS OF CONDITION
          (Dollar Amounts In Thousands)
                                     (un-audited)
                                     June 30   December 31,
                                      2003           2002
                           ASSETS
Cash and due from banks             $4,633          $5,024
Federal funds sold                     575           3,652
Interest-bearing deposits                0               0
Investment securities
     available for sale             26,936          33,364
Investment securities held to maturity (approximate fair
     value of $1,041 and $2,082)     1,022           2,027
Loans, less allowance for credit losses
     of $1,233 and $1,160          129,335         119,535
Premises and equipment               3,337           3,428
Accrued interest income                880           1,029
Federal Home Loan Bank Stock           411             386
Other assets                           721             675
                                  $167,850        $169,120

           LIABILITIES AND STOCKHOLDERS' EQUITY
Deposits
  Non-interest-bearing             $24,155         $22,745
  Interest-bearing                 118,349         115,435
                                   142,504         138,180
Fed funds purchased and repurchase
  Agreements                         3,480           5,727
Other Borrowed Money                 1,200           5,000
Accrued interest payable               359             357
Deferred income taxes                  313             281
Accrued expenses                       151              86
Other liabilities                      233             201
                                   148,240         149,832

Stockholders' equity
  Common stock, par value $10 per share authorized
  876,000 shares, issued and    outstanding 794,012 shares
  as of June 30, 2003                7,940           8,013
  Capital surplus                    2,921           2,921
  Retained earnings                  8,029           7,684
                                    18,890          18,618
  Net unrealized gain on securities
   available for sale                  720             670
                                    19,610          19,288
                                  $167,850        $169,120


                           - 3 -


PEOPLES BANCORP, INC. AND SUBSIDIARY
CONSOLIDATED STATEMENTS OF INCOME (un-audited)
  (Dollar Amounts in Thousands Except Per-Share Data)

For the three    For the six
                    months ended     months ended   Year End
                      June 30           June 30     December
                   2003     2002     2003     2002     2002
Interest and dividend revenue
  Loans, including fees
                  $2,101   $2,060   $4,141   $4,079   $8,302
  U.S. Treasury securities
                       0        0        0        0        0
  Government Agencies Securities
                     304      444      667      902    1,706
  Municipal Securities 0        0        0        0        0
  Federal funds sold  15        7       28       17       49
  Deposits with banks  0        0        0        0        0
  Equity securities    4        6        9       12       23
          Total interest and dividend revenue
                   2,424    2,517    4,845    5,010   10,080

          Total interest expense
                     715      775    1,442    1,573    3,168

          Net interest income
                   1,709    1,742    3,403    3,437    6,912

Provision for credit losses
                      85       25       88       43      133
          Net interest income after provision for credit
          losses   1,624    1,717    3,315    3,394    6,779

Other operating revenue
  Service charges on deposit accounts
                     171      147      325      285      612
  Miscellaneous revenue
                      42       42      114      111      194
          Total other operating revenue
                     213      189      439      396      806

Other expenses
  Salaries and employee benefits
                     645      611    1,282    1,214    2,501
  Occupancy           56       55      107      101      209
  Furniture and equipment
                      52       56      108      108      222
  Other operating    288      288      557      552    1,111
          Total other expenses
                   1,041    1,010    2,054    1,975    4,043

Income before income taxes
                     795      896    1,700    1,815    3,542
Income taxes         292      327      625      660    1,287

Net income          $503     $569   $1,075   $1,155   $2,255

Earnings per common share
                   $0.63    $0.71    $1.35    $1.43    $2.80


                           - 4 -


PEOPLES BANCORP, INC. AND SUBSIDIARY
CONSOLIDATED STATEMENTS OF CASH FLOWS (un-audited)
      (Dollar Amount in Thousands Except Per-Share Data)
                                     For the Six Months Ended
                                                 June 30
                                              2003      2002
CASH FLOWS FROM OPERATING ACTIVITIES
  Interest received                          $4,984    $4,914
  Other revenue received                        414       271
  Cash paid for operating expenses           (1,831)   (1,962)
  Interest paid                              (1,441)   (1,700)
  Taxes paid                                   (658)     (418)
                                              1,468     1,105

CASH FLOWS FROM INVESTING ACTIVITIES
  Cash paid for premises, equipment, intangibles,
    and construction in progress                (21)      (50)
  Net customer loans repaid (advanced)       (9,866)   (6,105)
  Proceeds from sales and maturities of securities
    Available for sale                        7,503     2,605
    Held to maturity                              0         0
  Investment in Federal Home Loan Bank Stock    (25)        0
  Proceeds from other real estate                 0         0
                                             (2,409)   (3,550)

CASH FLOWS FROM FINANCING ACTIVITIES
  Net change in time deposits                 2,014      (310)
  Net change in other deposits                2,310     2,975
  Net change in repurchase agreements        (2,247)   (2,949)
  Advances(repayments) under notes payable   (3,800)    5,000
  Cash paid to repurchase stock, net of proceeds
                                               (292)     (385)
  Dividends paid                               (512)     (486)
                                             (2,527)    3,845
NET INCREASE (DECREASE) IN CASH              (3,468)    1,400
CASH AND EQUIVALENTS AT BEGINNING OF PERIOD   8,676     6,928
CASH AND EQUIVALENTS AT END OF PERIOD        $5,208    $8,328
RECONCILIATION OF NET INCOME TO NET CASH PROVIDED
  FROM OPERATING ACTIVITIES
  Net income                                 $1,075    $1,155
  Adjustments
    Depreciation and amortization               118       121
    Provision for loan losses                    88        43
    Amortization of premiums and accretion of
        Discounts                                12        (1)
    Loss(gains) on sales                          0         0
    Decrease (increase) in accrued interest
      Receivable and other assets                97      (127)
    Increase (decrease)
      Deferred origination fees and costs, net  (22)      (24)
      Accrued Interest payable and other liabilities
                                                100       (62)
                                             $1,468    $1,105


                           - 5 -


PEOPLES BANCORP, INC. AND SUBSIDIARY
NOTES TO FINANCIAL STATEMENTS


1.   Basis of Presentation

     The accompanying un-audited condensed financial
statements have been prepared in accordance with generally
accepted accounting principles for the interim financial
information and with the instructions to Form 10-QSB and
Regulation S-X of the Securities and Exchange Commission.
Accordingly, they do not include all the information and
footnotes required by generally accepted accounting principles
for complete financial statements.  In the opinion of
management, all adjustments (consisting of normal recurring
accruals) considered necessary for a fair presentation have
been included.  Operating results of the six months ended June
30, 2003 and 2002 are not necessarily indicative of the
results that may be expected for the years ending December 31,
2003 and 2002.  For further information, refer to the
financial statements and footnotes included in the annual
report as of December 31, 2002.

2.   Cash Flows

     For purposes of reporting cash flows, cash and cash
equivalents include cash on hand, amounts due from banks and
overnight investments in federal funds sold.

3.   Comprehensive income

     For the six months ended June 30, 2003 and 2002, total
comprehensive income, net of taxes, was $1,125,000 and
$1,242,000 respectively.

4.   Commitments

     For purposes of reporting unused commitments, the
following table represents un-funded obligations rounded to
the approximate thousand dollar of obligation:


     Revolving Home Equity Lines            $   2,386,000
     Commercial Real Estate                 $   1,551,000
     Other Unused Commitments               $  16,037,000
     Commercial Letters of Credit           $   2,132,000








                           - 6 -



PEOPLES BANCORP, INC. AND SUBSIDIARY
PART I  FINANCIAL INFORMATION
ITEM 2  MANAGEMENT'S DISCUSSION AND ANALYSIS OR PLAN OF
OPERATION.

     This Report contains statements which constitute forward-
looking statements within the meaning of Section 27A of the
Securities Act of 1933 and Section 21E of the Securities
Exchange Act of 1934.  These statements appear in a number of
places in this Report and include all statements regarding the
intent, belief or current expectations of the Company, its
directors or its officers with respect to, among other things:
(i) the Company's financing plans; (ii) trends affecting the
Company's financial condition or results of operations; (iii)
the Company's growth strategy and operating strategy; and (iv)
the declaration and payment of dividends.  Investors are
cautioned that any such forward-looking statements are not
guarantees of future performance and involve risks and
uncertainties, and that actual results may differ materially
from those projected in the forward-looking statements as a
result of various factors discussed herein and those factors
discussed in detail in the Company's filings with the
Securities and Exchange Commission.

     The following discussion of the financial condition and
results of operations of the Registrant (the Company) should
be read in conjunction with the Company's financial statements
and related notes and other statistical information included
elsewhere herein.


GENERAL

     The Company was incorporated in Maryland on December 10,
1996 as a bank holding company.  Stock of a Maryland state
bank with the name Peoples Bank of Kent County, Maryland  (the
"Bank") was exchanged in March, 1997 for the outstanding stock
of the Company.

     The Bank was established and incorporated in 1910.  The
Company currently engages in no business other than owning and
managing the Bank.


FINANCIAL CONDITION, LIQUIDITY AND SOURCES OF CAPITAL

     The primary sources of liquidity of the Bank are from
loan payments, short-term investments, including federal funds
sold, and cash and due from banks.  Average liquid assets
(cash and amounts due from banks, interest bearing deposits in
other banks, federal funds sold, and investment securities)
compared to average deposits were 25.21% at June 30, 2003 as
compared to 28.29% at the same period last year.  Another
source of liquidity is a secured line of credit for
$21,769,000 from the Federal Home Loan Bank of which
$1,000,000 has been advanced leaving $20,769,000 available, as
well as lines of credit in the amount of $8,000,000 from
correspondent banks, namely, Bank of America and Allfirst
Bank.

     Tier one capital ratios of the Bank, based on average
assets for the six months ended June 30, 2003 and 2002 were
13.22% and 14.05%, respectively.  Both are substantially in
excess of regulatory minimum requirements.  The Bank expects
that its current capital and short-term investments will
satisfy the Bank's cash requirements for the foreseeable
future.  However, no assurance can be given in this regard as
rapid growth, deterioration in loan quality or a downturn in
earnings, or a combination of these factors could change the
Bank's capital position in a relatively short period of time.

     At June 30, 2003, the Bank's interest rate sensitivity,
as measured by gap analysis, showed the bank was liability-
sensitive with a six month cumulative gap, as a percentage of
interest-earning assets, of 75.43%.  This shows that the bank
is fairly evenly matched where any rate change will affect the
same amount of both assets and liabilities. Generally,
liability sensitivity indicates that a higher dollar amount of
liabilities re-price than assets and in a declining rate
environment net interest income increases.  On the other hand,
if interest rates increase, then typically the net interest
income should decline.  The bank controls this matching of
assets to liabilities to minimize interest rate risk while at
the same time maximizing income.


                           - 7 -


RESULTS AND PLAN OF OPERATION

     Net income for the six months ended June 30, 2003, was
$1,075,000, or $1.35 per share, compared to $1,155,000, or
$1.43 per share, for the first six months of 2002.  Net
interest income has decreased approximately $34,000 with a
increase of approximately $45,000 in provision to loan losses
and an increase of $79,000 in total other operating expenses.
However these reductions to income have been offset by an
increase in other operating income of $43,000.  The Bank has
had a reduction in total assets of $1,270,000 as of June 30,
2003 compared to December 31, 2002.

     The Bank's loan portfolio increased from $119.5 million
at December 31, 2002 to $129.3 million at June 30, 2003.  As a
result, loan income has increased $62,000 or 1.50% from
$4,079,000 for the first six months of 2002 to $4,141,000 for
the first six months ended June 30, 2003.  The Bank's
provision for loan losses was $88,000 for the six months ended
June 30, 2003 compared to $43,000 for the six months ended
June 30, 2002.  The allowance for loan losses was .94% of
total loans.  The level of the allowance for loan losses
represents management's current estimate of future losses in
the loan portfolio; however, there can be no assurance that
loan losses in future periods will not exceed the allowance
for loan losses or that additional increases in the allowance
will not be required.



                 ALLOWANCE FOR LOAN LOSSES
                                                 Year End
                                     June 30,     December
                                      2002          2002

Balance at beginning of year       1,159,910     1,062,286
Loan losses:
  Commercial                           8,918        15,473
  Mortgages                                0             0
  Consumer                            10,062        21,786
                Total loan losses     18,980        37,259
Recoveries on loans previously charged off
  Commercial                               0            63
  Mortgages                                0             0
  Consumer                             3,726         1,820
                Total loan recoveries  3,726         1,883
Net loan losses                       15,254        35,376
Provision for loan losses charged to
  Expense                             88,000       133,000
Balance                            1,232,656     1,159,910

Allowance for loan losses to loans
  Outstanding                          0.94%         0.98%

Net charge-offs to average loans       0.01%         0.01%


                           - 8 -




     As a result of declining interest rates, interest expense
has reduced even though balances have increased.  Interest
earning deposit balances have increased approximately
$2,914,000 from $115,435,000 as of December 31, 2002 compared
to $118,349,000 at June 30, 2003.  Interest expense has
dropped $131,000 from $1,573,000 as of June 30, 2002 to
$1,442,000 as of June 30, 2003.

     Non-interest expense increased $79,000 to $2,054,000 for
the six months ended June 30, 2003, from $1,975,000 for the
six months ended June 30, 2002.  The increase was primarily
related to the increases in salaries and benefits of $68,000
and data processing expenses of $16,000.  The increase in
salaries and benefits was due to increased health insurance
premiums and increased data processing expenses are the result
of increased fees from the banks outside processor.

     The company's assets ended the first six months of 2003
at $167.9 million, a decrease of $1,270,000 or .76% from
$169.1 million at December 31, 2002.  Maturing investments and
federal funds have been used to reduce the notes payable with
Federal Home Loan Bank and to fund loan demand.

     Management expects that its 2003 income will exceed
expenses.  Although management expects that the Company's
current profitably will continue, future events, such as an
unanticipated deterioration in the loan portfolio, could
reverse this trend.  Management's expectations are based
on managements best judgments and actual results will depend
on the number of factors that cannot be predicted with
certainty and thus fulfillment of managements expectations
cannot be assured.

     The Bank employed sixty-four full time equivalent
employees during the second quarter of 2003.  The Company
employs no employees outside those hired by the Bank.

     The Bank offers a variety of commercial banking services
in its trade area, which encompasses all of Kent County,
northern Queen Anne's County and southern Cecil County,
Maryland.  This primary service area is located between the
Chesapeake Bay and the western boundary of Delaware.  The Bank
emphasizes its primary goal of meeting the banking needs of
individuals and small to medium sized business in its daily
operations.  The Bank offers a full range of deposit services
that are generally available in most banks and other similar
institutions, i.e., checking accounts, now accounts, savings
accounts and other time deposits of various types, ranging
from daily money market accounts to long-term certificates of
deposit.

     The Bank also offers a broad range of short and medium
term commercial and personal loans.  The bank originates
demand and balloon type mortgage loans to fit many types of
loan requests, i.e., real estate construction, acquisition,
home equity and a variety of commercial purposes.  Loans
originated to date are anticipated to be held in the Bank's
portfolio.

     The Bank's services also include cash management
opportunities, safe deposit boxes, direct deposit of various
types of needs, automatic transfers of funds, as well as
discount brokerage services and financial planning, along with
security sales and purchases, including mutual funds and
annuities.  The bank also offers ATM services though the Star
and Cirrus networks.  The Bank offers Master Card and Visa
credit card services through a correspondent bank as an agent
for the Bank as well as debit card services.

MARKET RISK

     Net interest income of the Company is one of the most
important factors in evaluating the financial performance of
the Company.  The Company uses interest sensitivity analysis
to determine the effect of rate changes.  Net interest income
is projected over the one-year period to determine the effect
of an increase or decrease in the prime rate of 100 basis
points.  If prime were to decrease 100 basis points, the
Company would experience a decrease in net interest income of
$95,000, if all assets and liabilities maturing within that
period were adjusted for the rate change.  The sensitivity
analysis does not consider the likelihood of these rate
changes nor whether management's reaction to this rate change
would be to re-price its loans and deposits.  This paragraph
contains certain forward-looking statements within the meaning
of and made pursuant to the safe harbor provisions of the
Private Litigation Securities Reform Act of 1995.


                           - 9 -



PEOPLES BANCORP, INC. AND SUBSIDIARY
PART I   FINANCIAL INFORMATION
ITEM 3   CONTROLS AND PROCEDURES


     Within 90 days prior to the date of this report, we
carried out an evaluation, under the supervision and with the
participation of our principal executive officer and principal
financial officer, of the effectiveness of the design and
operation of our disclosure controls and procedures.  Based on
this evaluation, our principal executive officer and principal
financial officer concluded that our disclosure controls and
procedures are effective in timely alerting them to material
information required to be included in our periodic SEC
reports.  The design of any system of controls is based in
part upon certain assumptions about the likelihood of future
events, and there can be no assurance that any design will
succeed in achieving its stated goals under all potential
future conditions, regardless of how remote.

     In addition, we reviewed our internal controls, and there
have been no significant changes in our internal controls or
in other factors that could significantly affect those
controls subsequent to the date of their last evaluation.














                           - 10 -



PEOPLES BANCORP, INC. AND SUBSIDIARY
PART II  OTHER INFORMATION


Item 1       LEGAL PROCEEDINGS
             Not applicable

Item 2       CHANGES IN SECURITIES
             The Bancorp previously adopted a policy of
             purchasing stock from existing stockholders.
             During the present quarter 2,292 shares of stock
             were purchased.

Item 3       DEFAULTS UPON SENIOR SECURITIES
             Not applicable

Item 4       SUBMISSION OF MATTERS TO A VOTE OF SECURITY
             HOLDERS
             The slate of directors proposed in the Proxy
             Statement dated May 21,2003 were elected at the
             annual stockholders meeting held on May 21,2003.
             The selection of Rowles & Company as our 2003
             Independent auditing and accounting firm for tax
             purposes was also approved at the meeting.

Item 5       OTHER INFORMATION
             Not applicable.

Item 6       Exhibits and Reports on Form 8-K
        a)   Exhibits
             1.  Proxy Statement dated May 21, 2003, is
                 incorporated by reference.
             2.  Registration statement dated May 1, 1998, is
                 incorporated by reference.

        b)   Reports on Form 8-K
             There were no reports on Form 8-K filed for the
             quarter ended June 30, 2003.









                           - 11 -








                          SIGNATURES

          Pursuant to the requirements of Section 13 or 15(d)
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.



                              PEOPLES BANCORP, INC.



Date: __JULY 31, 2003__       By:__/S/ THOMAS G. STEVENSON__
                              Thomas G. Stevenson
                              President
                              Chief Executive Officer and
                              Chief Financial Officer









CERTIFICATION OF PRINCIPAL EXECUTIVE AND FINANCIAL OFFICER


Pursuant to 18 U.S.C. 1350
(Section 302 and 906 of the Sarbanes-Oxley Act of 2002)

I, Thomas G. Stevenson, certify that:

1.    I have reviewed this quarterly report on Form 10-Q of
Peoples Bancorp, Inc.;

2.    Based on my knowledge, this quarterly report does not
contain any untrue statement of a material fact or omit to
state a material fact necessary to make the statements made,
in light of the circumstances under which such statements were
made, not misleading with respect to the period covered by
this quarterly report;

3.    Based on my knowledge, the financial statements, and
other financial information included in this quarterly report,
fairly present in all material respects the financial
condition, results of operations and cash flows of the
registrant as of, and for, the periods presented in this
quarterly report;

4.    The registrant's other certifying officers and I are
responsible for establishing and maintaining disclosure
controls and procedures (as defined in Exchange Act Rules 13a-
14 and 15d-14) for the registrant and we have:

     a) designed such disclosure controls and procedures to
        ensure that material information relating to the
        registrant, including its consolidated subsidiaries,
        is made known to us by others within those entities,
        particularly during the period in which this quarterly
        report is being prepared;

     b) evaluated the effectiveness of the registrant's
        disclosure controls and procedures as of a date within
        90 days prior to the filing date of this quarterly
        report (June 19, 2003); and

     c) presented in this quarterly report our conclusions
        about the effectiveness of the disclosure controls and
        procedures based on our evaluation as of the
        Evaluation Date;

5.     The registrant's other certifying officers and I have
disclosed, based on our most recent evaluation, to the
registrant's auditors and the audit committee of registrant's
board of directors (or persons performing the equivalent
function):

     a) all significant deficiencies in the design or
        operation of internal controls which could adversely
        affect the registrant's ability to record, process,
        summarize and report financial data and have
        identified for the registrant's auditors any material
        weaknesses in internal controls; and

     b) any fraud, whether or not material, that involves
        management or other employees who have a significant
        role in the registrant's internal controls; and

6.     The registrant's other certifying officers and I have
indicated in this [quarterly/annual] report whether or not
there were significant changes in internal controls or in
other factors that could significantly affect internal
controls subsequent to the date of our most recent evaluation,
including any corrective actions with regard to significant
deficiencies and material weaknesses.

                              PEOPLES BANCORP, INC.


Date: __JULY 31, 2003__       By:__/S/ THOMAS G. STEVENSON__
                              Thomas G. Stevenson
                              President
                              Chief Executive Officer and
                              Chief Financial Officer







                      EXHIBIT 99.1

      PEOPLES BANCORP, INC. CERTIFICATION OF PRESIDENT,
    CHIEF EXECUTIVE OFFICER AND CHIEF FINANCIAL OFFICER

    Certification of President, Chief Executive Officer and
             Chief Financial Officer
            Pursuant to 18 U.S.C. 1350
     (Section 906 of the Sarbanes-Oxley Act of 2002)



We, the undersigned, certify that to the best of our
knowledge, based upon a review of the Quarterly Report on Form
10-Q for the period ended June 30, 2003 of the Registrant (the
"Report"):


(1)    The Report fully complies with the requirements of
       Section 13(a) or 15(d) of the Securities Exchange Act
       of 1934, as amended; and


(2)    The information contained in the Report fairly
       presents, in all material respects, the financial
       condition and  results of operations of the Registrant.



                              PEOPLES BANCORP, INC.



Date: __JULY 31, 2003__       By: __/S/THOMAS G. STEVENSON__
                              Thomas G. Stevenson
                              President,
                              Chief Executive Officer
                              and Chief Financial Officer