Document:

Exhibit 10.1

 

PURCHASE
AND ASSUMPTION AGREEMENT

CONCERNING
THE GRISWOLD,  LEDYARD, AND PLAINFIELD
BRANCHES

 

BETWEEN

 

PEOPLE’S
BANK

 

and

 

PUTNAM
SAVINGS BANK

 

DATED AS
OF JUNE 13, 2005

 

 

TABLE OF
CONTENTS

 

	
  ARTICLE I

  	
  DEFINITIONS

  	
   

  
	
  Section

  	
  1.1

  	
  “Assets”

  	
   

  
	
  Section

  	
  1.2

  	
  “Book
  Value”

  	
   

  
	
  Section

  	
  1.3

  	
  “Branch”
  and “Branch Premises”

  	
   

  
	
  Section

  	
  1.4

  	
  “Branch
  Employees”

  	
   

  
	
  Section

  	
  1.5

  	
  “Business
  Day”

  	
   

  
	
  Section

  	
  1.6

  	
  “Cash
  on Hand”

  	
   

  
	
  Section

  	
  1.7

  	
  “Closing
  Date”

  	
   

  
	
  Section

  	
  1.8

  	
  “Customer”
  or “Customers”

  	
   

  
	
  Section

  	
  1.9

  	
  “Deposits”

  	
   

  
	
  Section

  	
  1.10

  	
  “Effective Time”

  	
   

  
	
  Section

  	
  1.11

  	
  “Estimation
  Date”

  	
   

  
	
  Section

  	
  1.12

  	
  “Lease
  Assignments”

  	
   

  
	
  Section

  	
  1.13

  	
  “Loans”

  	
   

  
	
  Section

  	
  1.14

  	
  “Miscellaneous Assets”

  	
   

  
	
  Section

  	
  1.15

  	
  “Record”
  or “Records”

  	
   

  
	
  Section

  	
  1.16

  	
  “Regulatory
  Approvals”

  	
   

  
	
  Section

  	
  1.17

  	
  “Safe
  Deposit Boxes” and “Safe Deposit Box Account”

  	
   

  
	
  Section

  	
  1.18

  	
  “Schedule
  of Assets”

  	
   

  
	
  Section

  	
  1.19

  	
  “Schedule
  of Deposits”

  	
   

  
	
  Section

  	
  1.20

  	
  “Seller’s
  Knowledge”

  	
   

  
	
  Section

  	
  1.21

  	
  “Settlement
  Date”

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  ARTICLE II

  	
  TRANSACTION OVERVIEW

  	
   

  
	
  Section

  	
  2.1

  	
  Transaction

  	
   

  
	
  Section

  	
  2.2

  	
  Interim
  Operations

  	
   

  
	
  Section

  	
  2.3

  	
  Defense of Claims

  	
   

  
	
  Section

  	
  2.4

  	
  Continuation of Business

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  ARTICLE III

  	
  ASSUMPTION OF DEPOSIT LIABILITIES

  	
   

  
	
  Section

  	
  3.1

  	
  Deposits
  Assumed by Purchaser

  	
   

  
	
  Section

  	
  3.2

  	
  Interest
  on Deposit Liabilities Assumed

  	
   

  
	
  Section

  	
  3.3

  	
  Successor
  Custodian

  	
   

  
	
  Section

  	
  3.4

  	
  Notice
  to Depositors Pending Regulatory Approval

  	
   

  
	
  Section

  	
  3.5

  	
  Notice
  to Depositors Subsequent to Regulatory Approval

  	
   

  
	
  Section

  	
  3.6

  	
  Seller’s
  Final Customer Statements

  	
   

  
	
  Section

  	
  3.7

  	
  Payment
  of Deposit Liabilities After Effective Time

  	
   

  
	
  Section

  	
  3.8

  	
  Depositor
  Objections

  	
   

  
	
  Section

  	
  3.9

  	
  Uncollected
  Checks Returned to Seller

  	
   

  

 

i

 

	
  Section

  	
  3.10

  	
  Automated
  Clearing House System

  	
   

  
	
  Section

  	
  3.11

  	
  Deposit
  Account Overdrafts

  	
   

  
	
  Section

  	
  3.12

  	
  Interest
  Reporting

  	
   

  
	
  Section

  	
  3.13

  	
  Withholding

  	
   

  
	
  Section

  	
  3.14

  	
  IRS
  Notices

  	
   

  
	
  Section

  	
  3.15

  	
  Liability
  Related to IRS Regulations

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  ARTICLE IV

  	
  PURCHASE OF ASSETS

  	
   

  
	
  Section

  	
  4.1

  	
  Assets
  Purchased by Purchaser

  	
   

  
	
  Section

  	
  4.2

  	
  Closing
  Without Recourse; Limitation of Warranties

  	
   

  
	
  Section

  	
  4.3

  	
  Loan
  Assignments

  	
   

  
	
  Section

  	
  4.4

  	
  Loan
  Payments Received After Settlement Date.

  	
   

  
	
  Section

  	
  4.5

  	
  Agreement
  With Respect to Safe Deposit Box Accounts

  	
   

  
	
  Section

  	
  4.6

  	
  Notice
  to Obligors on Loans

  	
   

  
	
  Section

  	
  4.7

  	
  Notices
  to Customers with Safe Deposit Box Accounts

  	
   

  
	
  Section

  	
  4.8

  	
  Default
  on Loan Payments to Seller

  	
   

  
	
  Section

  	
  4.9

  	
  Sale
  Recorded as Sale of Assets.

  	
   

  
	
  Section

  	
  4.10

  	
  Branch
  Premises

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  ARTICLE V

  	
  REPRESENTATIONS AND WARRANTIES OF PURCHASER

  	
   

  
	
  Section

  	
  5.1

  	
  Corporate
  Organization

  	
   

  
	
  Section

  	
  5.2

  	
  Corporate
  Authorization

  	
   

  
	
  Section

  	
  5.3

  	
  Corporate
  Compliance

  	
   

  
	
  Section

  	
  5.4

  	
  Legal
  and Regulatory Compliance

  	
   

  
	
  Section

  	
  5.5

  	
  Consents
  and Approvals

  	
   

  
	
  Section

  	
  5.6

  	
  No
  Brokers

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  ARTICLE VI

  	
  REPRESENTATIONS AND WARRANTIES OF SELLER

  	
   

  
	
  Section

  	
  6.1

  	
  Corporate
  Organization

  	
   

  
	
  Section

  	
  6.2

  	
  Corporate
  Authorization

  	
   

  
	
  Section

  	
  6.3

  	
  Corporate
  Compliance

  	
   

  
	
  Section

  	
  6.4

  	
  Legal
  and Regulatory Compliance

  	
   

  
	
  Section

  	
  6.5

  	
  Consents
  and Approvals

  	
   

  
	
  Section

  	
  6.6

  	
  Brokers

  	
   

  
	
  Section

  	
  6.7

  	
  Suits

  	
   

  
	
  Section

  	
  6.8

  	
  Deposits

  	
   

  
	
  Section

  	
  6.9

  	
  Loans

  	
   

  
	
  Section

  	
  6.10

  	
  FIRPTA

  	
   

  
	
  Section

  	
  6.11

  	
  Employees

  	
   

  
	
  Section

  	
  6.12

  	
  Records

  	
   

  
	
  Section

  	
  6.13

  	
  Tax
  Matters

  	
   

  
	
  Section

  	
  6.14

  	
  Other
  Assets

  	
   

  

 

ii

 

	
  ARTICLE VII

  	
  COVENANTS

  	
   

  
	
  Section

  	
  7.1

  	
  Purchaser’s
  General Covenants

  	
   

  
	
  Section

  	
  7.2

  	
  Purchaser’s
  Covenants Regarding Branch Employees

  	
   

  
	
  Section

  	
  7.3

  	
  Seller’s
  Covenants

  	
   

  
	
  Section

  	
  7.4

  	
  Mutual
  Covenant

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  ARTICLE VIII

  	
  CONDITIONS PRECEDENT

  	
   

  
	
  Section

  	
  8.1

  	
  Conditions to Seller’s Obligations

  	
   

  
	
  Section

  	
  8.2

  	
  Conditions to Purchaser’s Obligation

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  ARTICLE IX

  	
  CLOSING AND CLOSING OF ASSET AND DEPOSIT
  RECORDS

  	
   

  
	
  Section

  	
  9.1

  	
  Time
  and Place

  	
   

  
	
  Section

  	
  9.2

  	
  Updated
  Schedules

  	
   

  
	
  Section

  	
  9.3

  	
  Interim Closing Statement

  	
   

  
	
  Section

  	
  9.4

  	
  Closing

  	
   

  
	
  Section

  	
  9.5

  	
  Assets
  Delivered

  	
   

  
	
  Section

  	
  9.6

  	
  Closing of Asset Records.

  	
   

  
	
  Section

  	
  9.7

  	
  Loan Documentation.

  	
   

  
	
  Section

  	
  9.8

  	
  Closing of Deposit Records

  	
   

  
	
  Section

  	
  9.9

  	
  Purchase Price

  	
   

  
	
  Section

  	
  9.10

  	
  Earnest Money

  	
   

  
	
  Section

  	
  9.11

  	
  Payment

  	
   

  
	
  Section

  	
  9.12

  	
  Wire Closing
  of Payment

  	
   

  
	
  Section

  	
  9.13

  	
  Data
  Processing

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  ARTICLE X

  	
  ADJUSTMENTS

  	
   

  
	
  Section

  	
  10.1

  	
  Final Schedules

  	
   

  
	
  Section

  	
  10.2

  	
  Payment and Closing on Settlement Date

  	
   

  
	
  Section

  	
  10.3

  	
  Interest

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  ARTICLE XI

  	
  CONTINUING COOPERATION

  	
   

  
	
  Section

  	
  11.1

  	
  General Matters

  	
   

  
	
  Section

  	
  11.2

  	
  Cooperation in Transaction

  	
   

  
	
  Section

  	
  11.3

  	
  Claims and Suits

  	
   

  
	
  Section

  	
  11.4

  	
  Preservation of Records

  	
   

  
	
  Section

  	
  11.5

  	
  Access to Records

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  ARTICLE XII

  	
  TERMINATION

  	
   

  
	
  Section

  	
  12.1

  	
  Methods of Termination

  	
   

  

 

iii

 

	
  Section

  	
  12.2

  	
  Effect of Termination

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  ARTICLE XIII

  	
  DAMAGES AND REMEDIES

  	
   

  
	
  Section

  	
  13.1

  	
  Remedies Upon Default

  	
   

  
	
  Section

  	
  13.2

  	
  Notice of Default

  	
   

  
	
  Section

  	
  13.3

  	
  Indemnification by Both Parties

  	
   

  
	
  Section

  	
  13.4

  	
  Indemnification

  	
   

  
	
  Section

  	
  13.5

  	
  Attorneys Fees and Costs

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  ARTICLE XIV

  	
  MISCELLANEOUS

  	
   

  
	
  Section

  	
  14.1

  	
  Entire Agreement

  	
   

  
	
  Section

  	
  14.2

  	
  Assignment and Modification

  	
   

  
	
  Section

  	
  14.3

  	
  Public Announcements

  	
   

  
	
  Section

  	
  14.4

  	
  Successors and Assigns

  	
   

  
	
  Section

  	
  14.5

  	
  Manner of Payment

  	
   

  
	
  Section

  	
  14.6

  	
  Notice

  	
   

  
	
  Section

  	
  14.7

  	
  Counterparts; Facsimile

  	
   

  
	
  Section

  	
  14.8

  	
  Governing Law

  	
   

  
	
  Section

  	
  14.9

  	
  Reproduction of Documents

  	
   

  
	
  Section

  	
  14.10

  	
  Waiver

  	
   

  
	
  Section

  	
  14.11

  	
  Costs, Fees and Expenses

  	
   

  
	
  Section

  	
  14.12

  	
  Severability

  	
   

  
	
  Section

  	
  14.13

  	
  Headings

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  EXHIBITS

  	
   

  	
   

  
	
  Exhibit A

  	
   

  	
  Form of Assignment and Assumption of Lease

  	
   

  
	
  Exhibit B

  	
   

  	
  Form of Assignment of Loans

  	
   

  
	
  Exhibit C

  	
   

  	
  Form of Interim Closing Statement

  	
   

  
	
  Exhibit D

  	
   

  	
  Form of Bill of Sale

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  SCHEDULES

  	
   

  	
   

  
	
  I

  	
   

  	
  Schedule of Assets

  	
   

  
	
  II

  	
   

  	
  Schedule of Deposits Liabilities

  	
   

  
	
  III

  	
   

  	
  Schedule of Safe Deposit Boxes 

  	
   

  

 

iv

 

PURCHASE
AND ASSUMPTION AGREEMENT

 

This
Purchase And Assumption Agreement, (the “Agreement”) made and entered into as
of the 13TH day of June, 2005, by and between PEOPLE’S
BANK organized under the laws of the State of Connecticut, and having its
principal place of business in Bridgeport, Connecticut (“Seller”), and Putnam
Savings Bank, organized under the laws of the United States of America and having its
principal place of business at 40 Main Street in Putnam, Connecticut, 06260 (“Purchaser”).

 

RECITALS

 

WHEREAS, Seller wishes to sell its bank branches
located at the following locations: 461 Voluntown Rd, Rt 138, Griswold, CT
06351 ( the “Griswold Branch”); 1616 Route 12, Gales Ferry, CT 06335 (the “Ledyard
Branch”); and 67 Lathrop Rd, Plainfield, CT 06374 (the “Plainfield Branch”),
each referred to as a “Branch” and collectively referred to as the “Branches”;
and

 

WHEREAS, in connection with the sale of the Branches,
Seller, desires to transfer certain assets and transfer certain deposit
liabilities associated with the Branches, and Purchaser desires to purchase
these assets and assume these deposit liabilities from Seller pursuant to the
terms and conditions set forth herein;

 

NOW THEREFORE, in
consideration of the mutual promises herein set forth and other valuable
consideration, each of the parties hereto agree as follows:

 

ARTICLE I

DEFINITIONS

 

Wherever used herein, the following words and phrases,
unless the context otherwise requires, shall have the following meanings.

 

1.1                               “Assets”
prior to the Estimation Date means those assets associated with the Branches
and set forth in the Schedule of Assets attached hereto as Schedule I.  On and after the Estimation Date and prior to
the Closing Date “Assets” means those assets set forth in the Updated Schedule
of Assets.  On and after the Closing Date
“Assets” means those assets transferred to Purchaser pursuant to this Agreement
as set forth in the Final Schedule of Assets delivered to Purchaser on the
Settlement Date.

 

1.2                               “Book
Value”  means the dollar amount
stated on the books of Seller as of the Closing Date after adjustment for
differences in accounts, suspense items, unposted debits and credits, and other
similar adjustments or corrections made in accordance with generally accepted
accounting principles.

 

1

 

1.3                               “Branch
Premises” means the banking houses presently leased by Seller and
occupied by the Branches including safe deposit boxes and certain furniture,
fixtures, and equipment located thereon, all as more particularly desribed in
the Lease Assignments.

 

1.4                               “Branch
Employees”  means Seller’s
employees who are assigned to the Branches, or become assigned to the Branches
prior to the Closing Date.

 

1.5                               “Business
Day”  means a day other than a
Saturday, Sunday, Federal legal holiday or legal holiday under the laws of the
State of Connecticut, or a day on which the principal office of Seller is
closed.

 

1.6                               “Cash
on Hand”  means all petty cash, vault cash, teller cash, cash in the ATM
located on the premises of the Branches, and the value of foreign currency, if
any, at the Branches at any point in time.

 

1.7                               “Closing
Date”  means the third Business
Day following receipt of all Regulatory Approvals, the expiration of all
waiting periods, and the satisfaction or waiver of all conditions, unless
otherwise agreed by the parties.  The
parties will use their best efforts to assure that the Closing Date is no later
than September 23, 2005.  “Closing” means
the consummation of the transaction contemplated hereby as described in Article
IX.

 

1.8                               “Customer”
or “Customers” mean the owner(s) of the Deposits, the renter(s) of the
Safe Deposit Boxes, and/or the borrowers under the terms and conditions of the
Loans.

 

1.9                               “Deposits”
or “Deposit Accounts” prior to the Estimation Date means the deposit
accounts to be assumed by Purchaser pursuant to this Agreement as set forth in
Schedule II.  On and after the Estimation
Date and prior to the Closing Date “Deposits” or “Deposit Account” means those
deposits set forth in the Updated Schedule of Deposits, and on and after the
Closing Date “Deposits” or “Deposit Accounts” means those deposits transferred
to Purchaser pursuant to this Agreement as set forth in the Final Schedule of
Deposits delivered to Purchaser on the Settlement Date.

 

1.10                        “Effective
Time”  means 5:00 p.m. on the Closing Date.

 

1.11                        “Estimation
Date” means the close of business on such date as is mutually agreed
upon by Seller and Purchaser which shall be at least five (5) days prior to the
Closing Date or such other date as agreed to in writing by Seller and
Purchaser.

 

1.12                        “Lease
Assignments” means the assignments of the leased premises occupied by
each Branch pursuant to the terms and conditions of the Assignment and
Assumption of Lease Agreement executed by Purchaser for each Branch on or
before the Closing Date, which shall be substantially in conformance with the
form attached hereto as Exhibit A.

 

1.13                        “Loans”
prior to the Estimation Date means those retail and commercial loans and
lines of credit set forth in the Schedule of Assets.  On and after the Estimation Date and prior to
the Closing Date “Loans” means those loans set forth in the Updated Schedule of
Assets, and on and after the Closing

 

2

 

Date “Loans” means those loans transferred to Purchaser pursuant to
this Agreement as set forth in the Final Schedule of Assets delivered to
Purchaser on the Settlement Date, which shall be prepared consistent with
generally accepted accounting principles.

 

1.14                        “Miscellaneous
Assets”  prior to the Estimation
Date means, those Assets, if any, appearing on the Schedule of Assets, other
than the Loans, overdrafts, and Safe Deposit Box Accounts, and including only
that personal property located at the Branches specifically listed on the
Schedule of Assets.  On and after the
Estimation Date and prior to the Closing Date “Miscellaneous Assets” means
those Assets set forth in the Updated Schedule of Assets, other than the Loans,
overdrafts, and Safe Deposit Box Accounts, and includes without limitation,
only that personal property located at the Branches specifically listed on the
Schedule of Assets.  On and after the
Closing Date “Miscellaneous Assets” means those Assets, other than the Loans,
overdrafts, and Safe Deposit Box Accounts, and 
includes only that personal property located at the Branches
specifically listed on the Schedule of Assets, which shall be transferred to
Purchaser pursuant to this Agreement as set forth in the Final Schedule of
Assets delivered to Purchaser on the Settlement Date.  In no event shall the term “Miscellaneous Assets”
include any hardware, software, equipment, or other personal property located
in the Branches which is considered to be part of the infrastructure of the
Seller, including without limitation the routers located in the Branches, the
phone lines to and from the Branches, the security devices for the Branches,
and the software loaded on any of the equipment located in the Branches.  Further, to the extent the term “Miscellaneous
Assets” includes any equipment, such as ATM’s, computers, servers, TAU machines
or microencoders, Seller may elect to either (i) clean such equipment of all of
Seller’s information and software, or (ii) replace any such piece of equipment
with comparable equipment, or (iii) give the Purchaser a credit equal to the
net Book Value of such equipment.

 

1.15                        “Record”
or “Records” means all records, whether paper, microfiche,
microfilming, electronic or other medium pertaining solely to the Deposits or
Assets necessary or required by law to consummate the transfer contemplated
hereby.  For any Record which Seller is
required to provide pursuant to the terms hereof, Seller may elect the medium
in which said Record will be delivered.

 

1.16                        “Regulatory
Approvals”  means all approvals, permits, authorizations, waivers, or
consents of governmental agencies or authorities necessary to permit the
consummation of the transaction contemplated under this Agreement.

 

1.17                        “Safe
Deposit Boxes”  means the safe
deposit boxes located at the Branches including the removable safe deposit
boxes and safe deposit stacks in the vault and all keys and combinations
thereto.  A list of the Safe Deposit
Boxes is attached as Schedule III.  A “Safe Deposit Box Account” means a Safe Deposit Box rental
agreement entered into by Seller and a Customer or Customers pursuant to which
Seller and its Customers have attained certain rights, benefits, and
obligations with respect to the rental of the Safe Deposit Boxes.  A list of the Safe Deposit Box Accounts is
included in the Schedule of Assets. On and after the Estimation Date and prior
to the Closing Date “Safe Deposit Box Accounts” means those safe deposit box
accounts set forth in the Updated Schedule of Assets, and on and after the
Closing Date “Safe Deposit Box Accounts” means those safe deposit box accounts
transferred to Purchaser pursuant to this Agreement as set forth in the Final
Schedule of Assets delivered to Purchaser on the Settlement Date.

 

3

 

1.18                        “Schedule
of Assets”  means the list of
Assets attached hereto as Schedule I. 
The “Updated Schedule of Assets” shall be the list of Assets updated and
delivered by Seller to Purchaser prior to the Closing Date in accordance with
the terms of this Agreement.  The “Final
Schedule of Assets” shall be the list of Assets actually transferred by Seller
to Purchaser as of the Closing Date, which shall be delivered by Seller to
Purchaser on or before the Settlement Date in accordance with the terms of this
Agreement.

 

1.19                        “Schedule
of Deposits”  means the list of all Deposits attached hereto as Schedule
II.  The “Updated Schedule of Deposits”
shall be the list of Deposits updated and delivered by Seller to Purchaser
prior to the Closing Date in accordance with the terms of this Agreement.  The “Final Schedule of Deposits” shall be the
list of Deposits as of the Closing Date and delivered by Seller to Purchaser on
or before the Settlement Date in accordance with the terms of this Agreement.

 

1.20                        “Seller’s Knowledge,”  “knowledge of Seller,” or any phrase of
similar import means the collective actual knowledge of an officer of the
Seller at the level of Vice President or above.

 

1.21                        “Settlement
Date”  means the first Business
Day immediately after the day which is thirty (30) days after the Closing Date,
or such other date prior thereto as may be agreed upon in writing by Seller and
Purchaser.

 

ARTICLE II

TRANSACTION
OVERVIEW

 

2.1                               Transaction.  (a) Pursuant to the terms and conditions
of this Agreement, (1) Seller shall assign to Purchaser all of Seller’s right,
title, and interest in and to the Deposits and Purchaser shall assume  the Deposits and all obligations associated
therewith as more particularly described in Article III; (2) Seller shall sell,
assign, and transfer the Assets to Purchaser and Purchaser shall purchase the
Assets as more particularly described in Article IV; (3) Purchaser shall
assume, honor and fully and timely pay, perform, and discharge all of Seller’s
obligations and liabilities of every type and character relating to the
Deposits and Assets all beginning at the Effective Time; and (4) Seller shall
assign the leases related to the Branch premises to Purchaser and Purchaser
shall accept such assignment and assume all obligations under the leases in
accordance with the Assignment and Assumption of Lease Agreement executed for
each Branch lease in the form attached as Exhibit A.

 

(b) Purchaser
understands and agrees that it is purchasing only the Assets and  assuming only the Deposits and other
liabilities as specified in this Agreement and, except as may be expressly
provided for in this Agreement, Purchaser has no interest in, right to, or
obligations relating to any other business relationship which Seller or any
affiliate of Seller may have with any Customer or which in any way may have
arisen out of or in connection with the Branches and/or activities taking place
at the Branches or with Branch Employees.

 

2.2                               Interim
Operations.  Beginning on the
date of this Agreement and ending at the Effective Time, Seller shall continue
to conduct deposit and safe deposit box business at the Branch in substantially
the same manner as it has done prior to the date of this Agreement.  If new deposit accounts are opened

 

4

 

at the Branch or any new loans secured by Deposits are made at the
Branch during this time, Seller shall include the new deposit account and/or
loan secured by deposit in the Updated and Final Schedules of Deposits and/or
in the Updated and Final Schedules of Assets, as appropriate, provided that all
Regulatory Approvals necessary for the transfer of such new deposits and/or
loans have been obtained and the transfer shall be subject to the terms and
conditions of such Regulatory Approval, if any, and further provided that any
new deposit account is held by a Customer who has no other relationship with
the Seller other than (i) the new deposit account or other Deposit, (ii) a loan
secured by the new deposit account and/or any other Deposit, and/or (iii) as
the renter of one or more Safe Deposit Boxes, and further provided that the
account can legally be transferred.  In
the event that a new account is opened by a Customer who does not primarily
transact their business at one of the Branches, the new account  shall not be included in the Updated or Final
Schedule of Deposits.

 

2.3                               Defense
of Claims.  (a) In the event that any claim, protest, suit, or other
proceeding is instituted against Purchaser related to this Agreement and/or the
actions contemplated herein, Purchaser shall immediately inform Seller in
writing.  Seller shall have the right, at
its discretion and expense, to intervene in such litigation and Purchaser
hereby consents to such intervention.

 

(b) In the event
that any claim, protest, suit, or other proceeding is instituted against Seller
related to this Agreement and/or the actions contemplated herein, Seller shall
immediately inform Purchaser in writing. 
Purchaser shall have the right, at its discretion and expense, to
intervene in such litigation and Seller hereby consents to such intervention.

 

2.4                               Continuation
of Business.  Purchaser agrees to
provide full service banking at the Branches commencing on the first Business
Day after the Closing Date.  

 

ARTICLE III

ASSUMPTION
OF DEPOSIT LIABILITIES

 

3.1                               Deposits
Assumed by Purchaser.  Deposits
consist of retail and commercial demand deposits, money market accounts,  certificates of deposits and savings deposits
and shall include all uncollected items included in the Deposit Account
balances and credited on the books of the Seller as of the Closing Date as
listed on the Final Schedule of Deposits. 
Seller agrees to transfer to Purchaser and Purchaser agrees to assume on
and as of the Closing Date, all of Seller’s obligations and liabilities of
every type and character relating to the Deposits at Book Value including
accrued and unpaid interest thereon computed up to and including the Closing
Date.  Purchaser further agrees that as
of the Closing Date it shall pay, perform, and discharge the duties,
obligations, and responsibilities arising from and after the Effective Time to
the extent attributable to the Deposits.

 

3.2                               Interest
on Deposit Liabilities Assumed.  
Seller will post interest earned on the Deposits according to Seller’s
normal posting schedule.  On the Closing
Date, Seller will pass to the Purchaser interest accrued from Seller’s last
scheduled posting date up until the Effective Date, and Purchaser shall be
responsible for paying said interest accrued on the Deposits to the
Customers.  Purchaser agrees that it will
accrue and pay interest on Deposit Account liabilities assumed pursuant to

 

5

 

Section 3.1 in accordance with the terms of the respective Deposit
Account agreements between the Seller and the Deposit Account Customers
commencing on the Closing Date at the Effective Time.

 

3.3                               Successor
Custodian.  Effective at the
Effective Time, Seller hereby appoints Purchaser as the successor custodian to
Seller under the Deposits consisting of individual retirement accounts,
simplified employee pension accounts, and Keogh accounts, and Purchaser hereby
accepts from Seller the appointment to serve in such capacity from and after
the Closing Date and to service such Deposits in the manner provided by law and
in accordance with the terms and conditions of applicable documents relating to
such Deposit Account liabilities.

 

3.4                               Notice
to Customers Pending Regulatory Approval.  Purchaser, at its sole cost and expense,
shall notify Deposit Account Customers by letter, sent by first class U.S.
mail, in a form and at a time reasonably acceptable to Seller, of the pending
transaction, and in particular Purchaser’s intention to assume the Deposit
Account liabilities on the Closing Date. 
Seller agrees to provide a file in order to create this mailing.  The letter may be sent jointly with the
Seller subject to the prior agreement and approval by Seller.   Between the date of this Agreement and the
Closing Date, Seller agrees to provide Purchaser with a copy of any written
communication regarding the transaction contemplated hereby sent by Seller to
its Customers at least three Business Days before the mailing or transmission
of any such communication to such Customers, provided that the law does not
require that the communication be made to a Customer or Customers at such a
time that it will not allow for delivery of the communication to Purchaser
three Business Days before delivery to the Customer(s).

 

3.5                               Notice
to Depositors Subsequent to Regulatory Approval.  As soon as possible subsequent to the
procurement of all Regulatory Approvals and prior to the Closing Date,
Purchaser, at its sole cost and expense, shall notify Deposit Account Customers
of the receipt of Regulatory Approvals by sending a letter, by first class U.S.
mail, in a form reasonably acceptable to Seller.  Purchaser may utilize Seller’s files to
create this mailing, which also may be sent jointly with the Seller subject to
the prior agreement and approval by Seller. 
In addition, these notification letters shall include the following as
applicable.

 

(a)         Purchaser’s
Check Forms.  Such letters sent
to Deposit Account Customers who have checking accounts shall (i) include a
notification to those Deposit Account Customers whose accounts are then covered
by any type of overdraft protection offered by Seller that, from and after the
Effective Time, all such overdraft protection from Seller shall terminate, or
shall terminate and be replaced by such other overdraft protection as Purchaser
chooses to offer, if any, and (ii) furnish the Deposit Account Customer with
checks at no charge to the Customer using the forms of Purchaser and instruct
these Customers to utilize such checks on Purchaser’s forms on and after the
Closing Date and thereafter to destroy any unused checks on Seller’s forms; and

 

(b)         ATM/Debit
Cards.  Purchaser shall use best
efforts to make sure that there is no interruption in the Customer’s ability to
access their Accounts by utilizing ATM/Debit cards. In order to do so,
Purchaser shall issue new account numbers to the Customers in sufficient time
for new ATM/Debit cards to be issued and distributed to such Customers prior to
the Closing Date.  Purchaser shall, prior
to the Closing Date, furnish ATM/Debit Cards to Deposit Account Customers to
replace Seller’s ATM/Debit cards and mail to these Customers a letter
explaining when the existing ATM/Debit Card will be

 

6

 

deactivated with instructions to destroy the existing card at that time
and when the new ATM/Debit Card will be activated.

 

3.6                               Seller’s
Final Customer Statements.  At Seller’s sole cost and
expense, Seller shall issue, as of the Closing Date, standard account
statements for each statement savings, NOW, and checking account included in
the Deposit Account liabilities.  Such
final statements shall be sent to the Customers within a reasonable period of
time after the Closing Date.  Passbook
transaction information that has not been posted to a passbook as of the
Closing Date will be passed by Seller to Purchaser via paper report listings, magnetic
tape or other form selected by Seller within a reasonable period of time  after the Closing Date.  Purchaser shall then be responsible for
posting on passbooks the transactions reflected on such listings, tapes or
other form for passbook Deposit Accounts.

 

3.7                               Payment
of Deposit Liabilities After Effective Time. From and after the
Effective Time, Purchaser shall: (i) pay all properly drawn and timely
presented checks, negotiable orders of withdrawal drafts and debits, and other
withdrawal orders presented to Purchaser by Deposit Account Customers, whether
drawn on checks, negotiable orders of withdrawal, drafts, or other withdrawal
order forms provided by Seller or by Purchaser; (ii) in all other respects
discharge, in the usual course of the banking business, the duties and
obligations of Seller with respect to the balances due and owing to the Deposit
Account Customers; provided, however, that Purchaser’s obligations pursuant to
this paragraph to honor checks, negotiable orders of withdrawal drafts, and
other withdrawal orders on forms provided by Seller and carrying its imprint
(including its name and transit routing number) shall not apply to any such
check, negotiable order of withdrawal, draft, or other withdrawal order
presented to Purchaser more than sixty (60) days following the Closing Date.

 

3.8                               Depositor
Objections.  Purchaser hereby
acknowledges that if, after the Effective Time, any Deposit Account Customers,
instead of accepting the obligation of Purchaser to pay the Deposit liabilities
(including accrued interest thereon) assumed hereunder, shall demand payment
from Seller for all or any part of any such Deposit Account liabilities
(including accrued interest thereon), Seller shall not be liable or responsible
for making such payment.  If any such
Deposit Account Customer draws a check, draft, or withdrawal order against the
Deposit Account liabilities which is presented or delivered to Seller not later
than sixty (60) days after the Closing Date, Seller shall use its reasonable
efforts to batch all such checks, drafts, or withdrawal orders and to deliver
the same to Purchaser at Purchaser’s cost. 
Purchaser acknowledges that any delay, failure, or inability on its part
to comply with the obligations imposed upon it as a depository institution
under applicable federal or state law, with regard to such checks, drafts, or
withdrawal orders shall not result in any liability or obligation of Seller and
shall not affect any of the rights of Seller under this Agreement.  In the event Seller, in its sole discretion,
should pay any such check, draft, or withdrawal order, Purchaser shall
immediately, upon demand by Seller, reimburse Seller for such payment or charge,
provided there are sufficient funds in the subject Deposit Account, and if
there are not sufficient funds, Purchaser shall immediately reimburse Seller
when funds become available in said Deposit Account.  Seller shall not be deemed to have made any
representations or warranties to Purchaser with respect to any such checks,
drafts, or withdrawal orders, and any such representations or warranties
implied by law are hereby disclaimed and are the responsibility of Purchaser.

 

3.9                               Uncollected
Checks Returned to Seller.  Purchaser
shall promptly pay to Seller an amount equivalent to the amount of any checks,
negotiable orders of withdrawal drafts, or any other

 

7

 

withdrawal orders returned uncollected to Seller after the Effective
Time and which (i) were credited as of the Effective Time to any Deposit
Account or (ii) had been cashed by Seller prior to the Effective Time if Seller
had placed an equivalent hold upon a Deposit Account pending collection of such
item prior to the Effective Time, provided such hold is reflected on the books
and records of Seller at the Effective Time. 
However, in the event that Seller shall have failed to make or properly
reflect in the information provided to Purchaser any provisional credit or hold
on any such Deposit Accounts in respect of uncollected funds represented by any
such item, Purchaser’s obligations hereunder in respect of such item shall be
limited to the amount of collected funds in the Deposit Account upon which the
returned item was drawn provided that the Purchaser has closed all Deposit
Accounts in the name of the holder of the Deposit Account on which the returned
uncollected item was received.

 

3.10                        Automated
Clearing House System.  After the
Effective Time, Purchaser will make every reasonable effort to notify
immediately all originators of Automated Clearing House (“ACH”) entries
affecting Deposit Accounts of the transfer of the Deposits to Purchaser on the
Closing Date.  Unless otherwise agreed to
by Purchaser and Seller, for a period of sixty (60) days after the Closing
Date, on each Business Day, Seller will deliver to Purchaser each previous
Business Day’s transactions via an ACH format tape or paper listing of all ACH
entries received by Seller for debit or credit to such Deposit Accounts,
accompanied by either a check or deposit advice to a settlement account with
the Seller for the amount by which such credits exceed debits, or an invoice or
charge advice to a settlement account with the Seller, for the amount by which
such debits exceed credits, which invoice shall be paid by Purchaser on the
same Business Day if received before 12:00 noon local time or on the next
Business Day if received after 12:00 noon local time.  Purchaser shall promptly pay all fees and
other expenses incurred in connection with rerouting any ACH transactions,
including without limitation any fees to be paid to the Federal Reserve Bank.

 

3.11                        Deposit
Account Overdrafts.  Deposit
Account overdrafts approved with respect to ledger dates on or after the
Effective Time will be the responsibility and risk of Purchaser.  Deposit Account overdrafts approved with
respect to ledger dates prior to the Effective Time will be the responsibility
and risk of Seller.  Deposit Account
overdrafts approved with respect to ledger dates prior to the Effective Time
will initially be the responsibility and risk of Purchaser; provided, however,
that Purchaser shall have the right to re-transfer any such overdrafts back to
Seller for its responsibility and risk within 
five (5) Business Days following the Closing Date, and Seller will
repurchase all rights in respect of such overdrafts from Purchaser for the
amount of the overdrafts outstanding as of the Effective Time, and provided
further, that Purchaser has closed all Deposit Accounts on which such
overdrafts exist not later than the date of their re-transfer.

 

3.12                        Interest
Reporting.  Unless otherwise
agreed to by the parties, Seller will report to applicable taxing authorities
and holders of Deposit Accounts, all interest which Seller has credited to,
withheld from, and any early withdrawal penalties imposed upon the Deposit
Accounts by Seller, up to the Effective Time, and Purchaser will report to the
applicable taxing authorities and holders of Deposit Accounts, , all such
interest credited to, withheld from, and early withdrawal penalties imposed
upon such Deposit Accounts after the Effective Time.

 

3.13                        Withholding.  Seller will continue backup withholding
and remittance up until the Effective Time. 
Any amounts required by any governmental agencies to be withheld from
any of the Deposit

 

8

 

Accounts up until the Effective Time will be withheld by Seller in
accordance with applicable law or appropriate notice from any governmental
agency and will be remitted by Seller to the appropriate agency on or prior to
the applicable due date.  Any such
withholding required to be made on or subsequent to the Effective Time shall be
withheld by Purchaser in accordance with applicable law or the appropriate
notice from any governmental agency and will be remitted by Purchaser to the
appropriate agency on or prior to the applicable due date.

 

3.14                        IRS
Notices.  Unless otherwise agreed
by the parties, Seller shall be responsible for delivering to payees all IRS
notices with respect to information reporting and tax identification numbers
with respect to the Deposit Accounts required to be delivered for all periods
up until the Effective Time, and Purchaser shall be responsible for delivery to
payees all such notices with respect to the Deposit Accounts required to be
delivered for all periods beginning on and following the Effective Time.  Purchaser and Seller shall, prior to the
Effective Time, consult (and Seller shall take such actions as are necessary)
to permit Purchaser timely to deliver notices required to be delivered after
the Closing Date.

 

3.15                        Liability Related to IRS Regulations.  Seller
shall bear the responsibility and liability for and pay all penalties
associated with missing taxpayer identification numbers and U.S. Treasury
reclamations, and any failures to comply with IRS regulations that occurred
prior to the Effective Time.  Purchaser
shall be responsible for complying with all IRS regulations and requirements
after the Effective Time, including without limitation obtaining missing
taxpayer identification numbers.

 

ARTICLE
IV

PURCHASE OF ASSETS

 

4.1                               Assets
Purchased by Purchaser.  The
Purchaser agrees to purchase the Assets as of the Closing Date, and the Seller
agrees to sell, assign, transfer, convey, and deliver to the Purchaser all
right, title, and interest of the Seller in and to the Assets.  These Assets are set forth in the Schedule of
Assets attached hereto as Schedule I and include:

(a)                                  All
Cash on Hand as of the Effective Time;

(b)                                 Loans
fully secured by a Deposit(s);

(c)                                  Personal
and business lines of credit associated with any demand Deposit;

(d)                                 Overdrafts,
if any, not subject to a line of credit agreement associated with a demand
Deposit Account;

(e)                                  Safe
Deposit Box Accounts, including rental and other fees, if any attributable to any
rental period covering the time from and after the Effective Time;

(f)                                    Records
and other documents as provided in Article IX;

(g)                                 Miscellaneous
Assets, if any

(h)                                 Rights
under the lease agreements related to the Branches;

(i)                                     The
Customer lists delivered to Purchaser pursuant to the terms of this Agreement;
and

(j)                                     Rights
of action related to any liabilities assumed hereunder.

 

Purchaser further
agrees that as of the Closing Date it shall pay, perform, and discharge the
duties, obligations, and responsibilities arising from and after the Effective
Time to the extent attributable to the Assets, including but not limited to (i)
all of Seller’s obligations and liabilities under the Loans, which shall

 

9

 

include
obligations of Seller, if any, to renew or make additional extensions of credit
pursuant to the terms and conditions of the Loans, (ii) all of Seller’s
obligations and liabilities under the Safe Deposit Box rental agreements and/or
other agreements, if any, related to the Safe Deposit Box Accounts, and (iii)
all of Seller’s obligations and liabilities under the leases for the Branches
and any other contracts being transferred in connection with the purchase
contemplated hereby.

 

4.2                               Closing
Without Recourse; Limitation of Warranties. 
EXCEPT AS OTHERWISE SPECIFICALLY PROVIDED FOR IN THIS AGREEMENT,
SELLER MAKES NO REPRESENTATIONS OR WARRANTIES WHATSOEVER WITH RESPECT TO THE
ASSETS, EXPRESS OR IMPLIED, INCLUDING, WITHOUT LIMITATION, ANY WARRANTIES WITH
RESPECT TO MERCHANTABILITY, FITNESS, TITLE, ENFORCEABILITY, COLLECTIBILITY,
DOCUMENTATION OR FREEDOM FROM LIENS OR ENCUMBRANCES (IN WHOLE OR IN PART).  All Loans transferred to Purchaser pursuant
to this Agreement shall be transferred without recourse and without any
representations or warranties whatsoever (including, without limitation, any
representations or warranties as to the enforceability or collectibility of any
such Loans, the creditworthiness of any obligors or guarantors thereunder, or
the value or adequacy of documentation or collateral). 

 

4.3                               Loan
Assignments.  On or before and
effective as of the Closing Date, Seller shall assign to Purchaser without
recourse all promissory notes representing the outstanding indebtedness under
each Loan pursuant to an assignment in substantially the form of Exhibit B
attached hereto.

 

4.4                               Loan
Payments Received After Closing Date. 
From and after the Closing Date, all rights arising out of the Loans
shall vest in the Purchaser, and any payments due and received  after the Closing Date by the Seller  shall be credited to the Purchaser less any
past due amounts owed to the Seller.

 

4.5                               Agreement
With Respect to Safe Deposit Box Accounts. 
Seller agrees to transfer to Purchaser and Purchaser agrees to
assume on and as of the Closing Date, all of Seller’s obligations and
liabilities of every type and character relating to the Safe Deposit Box
Accounts.  Purchaser further agrees that
as of the Closing Date it shall pay, perform, and discharge the duties,
obligations, and responsibilities arising from and after the Effective Time to
the extent attributable to the Safe Deposit Box Accounts.

 

4.6                               Notices
to Obligors on Loans.  Purchaser
shall, after procurement of all Regulatory Approvals and prior to the Closing
Date, prepare and transmit, at Purchaser’s sole cost and expense, a notice to
each obligor on each Loan, to the effect that the Loan shall be transferred to
Purchaser on the Closing Date and directing that payments be made to Purchaser
at any address of Purchaser specified by Purchaser, with Purchaser’s name as
payee on any checks or other instruments used to make such payments and, with
respect to all such Loans on which payment notices or coupon books have been
issued, Purchaser agrees to issue new notices or coupon books reflecting the
name and address of Purchaser as the person to whom and place at which payments
are to be made.  Such notice may be
included in the notice to Deposit Account Customers described in Section 3.5 of
this Agreement.  The form and timing of
this notice shall be reasonably satisfactory to Seller.

 

4.7                               Notices
to Customers with Safe Deposit Box Accounts.  Purchaser shall, after procurement of all
Regulatory Approvals and prior to the Closing Date, prepare and transmit, at

 

10

 

Purchaser’s sole cost and expense, a notice to Customers having a Safe
Deposit Box Account, to the effect that the Safe Deposit Box Account shall be
transferred to Purchaser on the Closing Date and directing that rental and any
other payments related to such Safe Deposit Box Account due and payable on or
after the Closing Date be made to Purchaser at any address of Purchaser
specified by Purchaser, with Purchaser’s name as payee on any checks or other
instruments used to make such payments. 
Such notice may be included in the notice to Deposit Account Customers
described in Section 3.5 of this Agreement for Customers having both one or
more Safe Deposit Box Accounts and one or more Deposit Accounts.

 

4.8                               Default
on Loan Payments to Seller. If the balance due on any Loan which
constitutes an Asset has been reduced by Seller as a result of a payment by
check or draft received prior to the Effective Time, which item is returned to
Seller after the Effective Time and prior to the Settlement Date, the asset
value represented by such Loan shall be correspondingly increased and an amount
in cash equal to such increase shall be promptly paid by Purchaser to Seller,
provided the Loan and the Deposit Account securing the Loan remain in place on
the date the item is returned and the Loan has not been in default for ninety
(90) days or more.

 

4.9                               Sale
Recorded as Sale of Assets.  The
sale of each Asset shall be reflected on the Seller’s balance sheet and other
financial statements and for federal and state income tax purposes, as a sale
of assets by the Seller.  The purchase of
each Asset shall be reflected on the Purchaser’s balance sheet and other
financial statements and for federal and state income tax purposes, as a
purchase of assets by the Purchaser.

 

4.10                        Branch
Premises.  On the Closing Date
the Purchaser shall assume the duties and obligations under the leases
applicable to the Branches  pursuant to
the terms and conditions set forth in the Assignment and Assumption of Lease
Agreement executed by Purchaser for each Branch on or before the Closing Date,
each of which shall be substantially in conformance with the form attached
hereto as Exhibit A.  Prior to the
Closing Date, Purchaser shall take whatever action is necessary to transfer the
utilities serving each Branch  into the
name of the Purchaser.  Prior to the
Effective Time, Seller shall remove all of its promotional material, forms,
signs, and other proprietery information and supplies from the Branches, at
Seller’s sole cost and expense.

 

ARTICLE V

REPRESENTATIONS
AND WARRANTIES OF PURCHASER

 

The Purchaser represents,
warrants and agrees that, as of the date of this Agreement:

 

5.1                               Corporate
Organization.  Purchaser is an
FDIC insured depository institutution duly organized, validly existing, and in
good standing under the laws of the United States of America with its principal
place of business located at 40 Main Street, Putnam Connecticut
06260.  Purchaser has the requisite power
and authority to enter into this Agreement and any other agreements to which
Purchaser is party and that are contemplated by this Agreement.

 

11

 

5.2                               Corporate
Authorization.  The execution,
delivery of this Agreement and the performance by Purchaser of its obligations
hereunder have been duly authorized by all necessary corporate action on the
part of Purchaser.  This Agreement has
been duly executed and delivered by Purchaser and, upon due execution and
delivery by Seller, will constitute the legal, valid, and binding obligations
of Purchaser, enforceable against Purchaser in accordance with its terms
subject to bankruptcy, insolvency, reorganization, fraudulent conveyance, or
similar laws affecting the enforcement of creditors’ rights in general and to
general principles of equity (regardless of whether such enforceability is
considered in a proceeding in equity or at law).

 

5.3                               Corporate
Compliance.  Purchaser is not in
violation of or in default under any obligation, agreement, covenant, or
condition contained in its articles of association or incorporation or its
bylaws, and Purchaser is not in violation of, or in default under, any
contract, lease, or other instrument to which it is a party (or which is
binding on it or its assets), which violation or default, either individually
or in the aggregate with all such other violations and/or defaults, would
materially and adversely affect its business, operations, or financial
condition, or its ability to perform, satisfy, or observe any obligation or
condition under this Agreement.  The
execution and delivery of this Agreement by Purchaser and the performance of
and compliance with the terms of this Agreement will not violate Purchaser’s
articles of association or incorporation or by-laws or constitute a default
under or result in a breach or acceleration of, any material contract,
agreement, or other instrument to which Purchaser is a party or which may be
applicable to Purchaser or its assets. 

 

5.4                               Legal
and Regulatory Compliance.  Purchaser
is not in violation of any statute, regulation, order, decision, judgment, or
decree of, or any restriction imposed by, the United States of America, any
State, municipality, or other political subdivision or any agency of any of the
foregoing, or any court or other competent tribunal having jurisdiction over it
or its assets, or any foreign country having jurisdiction over it or its
assets, in respect of the conduct of its business or the ownership of its
properties, which, either individually or in the aggregate with all such other
violations, would materially and adversely affect its business, operations, or
condition (financial or otherwise) or its ability to perform, satisfy, or
observe any obligation or condition under this Agreement.  The execution, delivery and performance by
Purchaser of this Agreement does not, and will not, violate any provision of
any applicable law or regulation, or any order, writ, decree, or judgment of
any court or governmental authority, and will not result in the creation of any
lien on, or security interest in, its assets. 
Purchaser is in substantial compliance with all applicable fair lending
laws, rules, and regulations, including but not limited to the Community
Reinvestment Act of 1977 as amended (“CRA”) and has received a CRA rating of “Satisfactory”
or better following its last CRA examination conducted by the appropriate
federal supervisory agency.

 

5.5                               Consents and Approvals.  No consents or approvals of or filings or
registrations with any governmental entity or with any third party are
necessary in connection with the consummation by Purchaser of the purchase of
Assets and assumption of Deposit liabilities and any other transactions
contemplated under this Agreement except for the following Regulatory
Approvals:

(a)          The
application to be submitted by Purchaser and signed by Seller pursuant to
Section 18(c) of the Federal Deposit Insurance Act to be approved by the Office
of Thrift Supervision.

(b)          The
filing, if any, required by the Hart Scott Rodino Act.

 

12

 

Purchaser is an “eligible
depository institution” as defined in Section 303.2(r) of the FDIC rules and
regulations and reasonably expects to be “well-capitalized” as defined in the
appropriate capital regulation and guidance of the Purchaser’s primary federal
regulator immediately following the Closing Date.  Purchaser is not aware of any reason why the
Regulatory Approvals and other approvals, if any, required to be obtained by it
in order to consummate the transactions contemplated under this Agreement would
not be obtained within a time frame customary for transactions of the nature
contemplated under this Agreement, specifically including but not limited to
knowledge of weakness in Purchaser’s application(s) for Regulatory Approval
related to regulatory capital requirements, anti-competitive effects,
managerial competencies, and compliance with CRA requirements.

 

5.6                               Brokers.  Neither Purchaser nor any of its
officers, directors, or employees has employed any broker or finder or incurred
any liability for any broker’s fees, commissions, or finder’s fees in
connection with the transactions contemplated herein,and Purchaser shall
indemnify, defend and hold harmless Seller from any and all expenses (including
without limitation attorney’s fees), fees, liabilities and claims against
Seller arising out of any actions taken by the Purchaser or any of its
officers, directors, employees or agents which could give rise to a claim for a
broker’s, finder’s or similar fee or commission.  This indemnification shall survive the
Closing or the earlier expiration or termination of this Agreement.

 

ARTICLE VI

REPRESENTATIONS AND WARRANTIES OF
THE SELLER

 

The Seller represents,
warrants, and agrees that as of the date of this Agreement:

 

6.1                               Corporate
Organization.  Seller is an FDIC
insured capital stock savings bank duly organized, validly existing, and in
good standing under the laws of the State of Connecticut and doing business in
the State of Connecticut.  Seller has the
requisite power and authority to enter into this Agreement and any other
agreements to which Seller is party and that are contemplated by this
Agreement.

 

6.2                               Corporate
Authorization.  The execution,
delivery of this Agreement and the performance by Seller of its obligations hereunder
have been duly authorized by all necessary corporate action on the part of
Seller.  This Agreement has been duly
executed and delivered by Seller and, upon due execution and delivery by
Purchaser, will constitute the legal, valid, and binding obligations of Seller,
enforceable against Seller in accordance with its terms subject to bankruptcy,
insolvency, reorganization, fraudulent conveyance, or similar laws affecting
the enforcement of creditors’ rights in general and to general principles of
equity (regardless of whether such enforceability is considered in a proceeding
in equity or at law).

 

6.3                               Corporate
Compliance.  Seller is not in
violation of or in default under any obligation, agreement, covenant, or
condition contained in its articles of association or incorporation or its
bylaws, and Seller is not in violation of, or in default under, any contract,
lease, or other instrument to which it is a party (or which is binding on it or
its assets), which violation or default, either individually or in the
aggregate with all such other violations and/or defaults, would materially and
adversely affect its business, operations, or conditions (financial or
otherwise), or its ability to perform, satisfy, or observe any obligation or
condition

 

13

 

under this Agreement.  The
execution and delivery of this Agreement by Seller and the performance of and
compliance with the terms of this Agreement will not violate Seller’s articles
of association or incorporation or by-laws or constitute a default under or
result in a breach or acceleration of, any material contract, agreement, or
other instrument to which Seller is a party and which are applicable to the
Branches, and/or the Assets, including without limitation, the Branch leases.

 

6.4                               Legal
and Regulatory Compliance.  Seller
is not in violation of any statute, regulation, order, decision, judgment, or
decree of, or any restriction imposed by, the United States of America, any
State, municipality, or other political subdivision or any agency of any of the
foregoing, or any court or other competent tribunal having jurisdiction over it
or its assets, or any foreign country having jurisdiction over it or its
assets, in respect of the conduct of its business or the ownership of its
properties, which, either individually or in the aggregate with all such other
violations, would materially and adversely affect its business, operations, or
condition (financial or otherwise) or its ability to perform, satisfy, or
observe any obligation or condition under this Agreement.  The execution, delivery and performance by
Seller of this Agreement does not, and will not, violate any provision of any
applicable law or regulation, or any order, writ, decree, or judgment of any
court or governmental authority, and will not result in the creation of any
lien on, or security interest in, its assets. 
Seller is in substantial compliance with all applicable fair lending
laws, rules, and regulations, including but not limited to the Community Reinvestment
Act of 1977 as amended (“CRA”), and has received a CRA rating of “Satisfactory”
or better following its last CRA examination conducted by its federal
supervisory agency.

 

6.5                               Consents
and Approvals.  No consents or
approvals of or filings or registrations with any governmental entity or with
any third party are necessary in connection with the consummation by Seller of
the sale of Assets and transfer of
Deposit liabilities and any other transactions contemplated under this
Agreement except for the following Regulatory Approvals:

(a)                      The
application to be jointly submitted by Purchaser and Seller to the appropriate
federal regulator pursuant to Section 18(c) of the Federal Deposit Insurance
Act.

(b)                     Branch
sale application to be submitted to the Department of Banking for  the State of Connecticut pursuant to C.G.S.
§36a-145.

 

Seller is not aware of
any reason why the regulatory and other approvals, if any, required to be
obtained by it in order to consummate the transactions contemplated under this
Agreement would not be obtained within a time frame customary for transactions
of the nature contemplated under this Agreement, specifically including but not
limited to knowledge of weakness in Seller’s application(s) for Regulatory
Approval related to regulatory capital requirements, anti-competitive effects,
managerial competencies, and compliance with CRA requirements.

 

6.6                               No
Brokers.  Neither Seller nor any
of its officers, directors, or employees has employed any broker or finder or
incurred any liability for any broker’s fees, commissions, or finder’s fees in
connection with the transaction contemplated herein other than Keefe, Bruyette
& Woods and Seller represents and agrees that it shall be solely
responsible for any and all fees and/or commissions due to Keefe, Bruyette
& Woods related to the transactions comtemplated herein.

 

14

 

6.7                               Suits.  There are no pending or to the Seller’s Knowledge
threatened legal, administrative, arbitration, or other proceedings, claims,
actions, or governmental investigation of any nature relating to the Assets and
Deposits, Branch Employees or the Seller’s interest in the Branch Premises.

 

6.8                             Deposits.  The Deposits
are insured by the FDIC to the fullest extent permitted by federal law and no
action is pending or has been threatened by the FDIC against Seller with
respect to the termination of such insurance. 
To the knowledge of Seller, the Deposits (i) are in all respects genuine
and enforceable obligations of Seller and have been acquired and maintained substantially
in compliance with all applicable laws, including (but not limited to) the
Truth in Savings Act and regulations promulgated thereunder; and (ii) were
acquired in the ordinary course of Seller’s business.

 

6.9                               Loans  (a)                                           To
Seller’s Knowledge and except as otherwise reflected on the Records, there are
no material agreements, waivers, opinions of counsel, security or collateral
documents, amendments, releases, discharges, or modifications or releases of
collateral, representations or promises, written or oral, made by Seller or any
of its affiliates, agents or employees with respect to the Loans which have not
been disclosed to Purchaser by Seller and which would be binding upon
Purchaser.  Each of the Loans is
assignable.

 

(b)                                 The
amounts listed as loan balances in the Schedule of Assets represent debt for
actual monies borrowed.

 

(c)                                  To
Seller’s Knowledge and subject to any applicable bankruptcy, insolvency and
other laws affecting the enforcement of creditors’ rights generally and general
principles of equity, the documents representing such Loans (the “Loan
Documents”) are in full force and effect, are valid and binding and enforceable
against the parties thereto in accordance with their terms.  Further to Seller’s Knowledge the balance of
each Loan and the accrued and unpaid interest and fees thereon represents the
genuine, legal, valid and binding payment obligation of the borrower of such
Loan and no Loan is subject to any right of rescission, setoff, recoupment,
abatement, diminution, counterclaim or valid defense by any borrower or
guarantor thereunder.  Seller is the sole
lender under and owns the Loans free and clear of any encumbrance, lien,
pledge, charge, claim, right of third parties or secondary interest.  Each of the Loans was made in compliance with
applicable banking laws, rules and regulations.

 

(d)                                 To Seller’s Knowledge Seller has performed all
obligations required to have been performed by it under the Loan Documents
except where the failure to have performed such obligations would not
materially adversely affect any Loan.  To
Seller’s Knowledge, Seller has not received written notice and does not have
any knowledge that any borrower is asserting any material claim against Seller
or any defense to payment of such borrower’s obligations under any Loan
Documents.  To Seller’s Knowledge there
are no claims, proceedings, actions, arbitrations, or investigations pending,
or, to the knowledge of Seller, threatened, which if adversely determined, would
have a material adverse effect on the Loans taken as a whole.

 

(e)                                  To Seller’s Knowledge, none of the Loans has been
satisfied, cancelled, subordinated or rescinded and no collateral securing or
supporting the Loans has been released from any existing lien nor has any
instrument been executed that would effect any such release, cancellation,
subordination or rescission.

 

15

 

(f)                                    Other than notices received or given which have been
disclosed by Seller to Purchaser or as shown in the Loan files, to Seller’s
Knowledge, Seller has not received or has not given any notice of termination
with respect to any of the Loans.

 

(g)                                 To Seller’s Knowledge, Seller has not received written
notice and does not have knowledge of any material default or breach of any
material representation, agreement or covenant by any borrower under any of the
Loan Documents which remains uncured for any Loan except as may be reflected in
the Loan files

 

(h)                               Upon delivery to Purchaser at the Closing of an
assignment, in accordance with this Agreement, Purchaser shall have all rights,
title and interests of Seller under the Loans purchased, except as otherwise
specifically provided herein, and shall hold the Loans free and clear of any
encumbrance, lien, pledge, charge, claim, right of third party or secondary
interest except as otherwise reflected in the Loan files

 

(i)                                   With respect to each Loan, Seller has (unless otherwise
provided in the relevant Loan Documents) a valid first priority perfected
security interest (subject, however to any prior liens arising by operation of
law) in all collateral described in the Loan Documents as security for such
Loans.

 

(j)                                   To Seller’s Knowledge, there are no material defaults
in the performance of any covenant or obligation to be performed under any Loan
Document by any party thereto which default remains uncured and affects the
enforceability of the Loan or Loans. 
Other than in the ordinary course of business, no waiver has been
granted by Seller with respect to any Loan.

 

(k)                                Other than as expressly provided for herein, Seller is
not making, and shall not be deemed to be making, any representations or
warranties with respect to the collectibility or credit quality of the Loans,
the value or condition of any collateral securing the Loans, the
creditworthiness or financial condition of the borrower under each of the
Loans. Further, notwithstanding the foregoing representations and warranties,
Purchaser for itself and its successors and assigns, hereby agrees that Seller
shall not be liable in any way whatsoever for any breach or misrepresentation
arising out of Section 6.9.

 

6.10                      FIRPTA.  Seller is not
a “foreign person” within the meaning of Section 1445 of the Internal Revenue
Code.

 

6.11                        Employees.  No Branch
Employee is a party to any collective bargaining, employment, severance,
termination, or change of control agreement, formal or written, or represented
under any collective bargaining agreement relating to employment with Seller.  Seller is unaware of any efforts during the
past three years to unionize or organize the Branch Employees.  .

 

6.12                        Records.  To Seller’s
Knowledge the Records are correct, accurate and complete in all material
respects, have been maintained in material compliance with all applicable
federal and state laws and regulations. 
The deposit- and lending-related forms, notices, statements and related
documentation, as well as Seller’s policies, procedures and practices with
respect thereto, used at the Branches comply in all material respects with
applicable federal and state laws and regulations and customary banking
practices.

 

16

 

6.13                        Tax Matters. 
To Seller’s Knowledge and to the extent not reflected in the Records, Seller
has complied in all material respects, with the requirements of the IRS
regarding taxpayer identification number certification, interest information
reporting and backup withholding of interest payable in connection with
Deposits.  In all material respects,
Seller has paid all taxes which it is required to withhold from amounts owing
to employeesor holders of Deposits,  and
has made all material filings and tax and information returns with the
appropriate tax authorities with respect to the Loans, if any such filings or
returns were required.  For all calendar
years ending prior to or on the Closing Date, in all material respects, Seller
has duly and timely sent to each holder of Deposits a Form 1099 (or a
substitute form permitted by law) relating to interest, earnings or dividends
paid on such accounts for those periods.

 

6.14                        Other Assets.

 

(a)                                  Except
as reflected on the Records, Seller has good and marketable title to the Assets
that the parties mutually agree Seller will sell to Purchaser and Purchaser
will purchase from Seller.

 

(b)                                 Except
as reflected on the Records, none of the Assets will be, as of the Closing
Date, subject to any restrictions with respect to transfer or assignment
thereof and no third party consents, or notification to any third parties, that
will not have been obtained by the Closing Date, are required in order to
effect any such transfer or assignment.

 

ARTICLE VII

MISCELLANEOUS
COVENANTS

 

7.1                               Purchaser’s
General Covenants.    In addition
to such other promises and covenants stated herein, Purchaser hereby covenants
to Seller that

 

(a)  Communication with Seller.  Purchaser shall
promptly, and in no event later than  
five (5) Business Days after the date hereof, prepare and submit to
Seller, for Seller’s review and approval, any and all draft regulatory
applications and notices required to obtain the Regulatory Approvals.

 

(b)  Regulatory Approvals.  Purchaser shall submit
such applications and notices to appropriate regulatory authorities not later
than seven (7) Business Days after the date of receipt of (i) a secretary’s
certificate certifying as to the corporate resolutions authorizing the sale
contemplated hereby by the Seller; (ii) an original of the application signed
by the Seller, and (iii) such other information from Seller, if any, necessary
in order for Purchaser to complete such applications and shall simultaneously
provide copies thereof, as well as any and all supplements, amendments, or
items of additional information relating thereto, to Seller; Purchaser shall
promptly deliver to Seller copies of any and all material notices, orders,
opinions, approvals, or denials and all items of correspondence relating to
such Regulatory Approvals, and shall promptly inform Seller of developments and
progress with respect to such matters. Purchaser shall use best efforts to
obtain all of the necessary Regulatory Approvals as soon as possible after the
date hereof.

 

(c)  Marketing. 
 Purchaser
shall not, and will not permit any of its subsidiaries or affiliates, if any,
to conduct at any time prior to the Closing Date, any marketing, media, or
customer solicitation

 

17

 

campaign which is targeted to induce Customers whose Deposit Accounts,
Loans and/or Safe Deposit Box Accounts are to be transferred to Purchaser
pursuant to this Agreement to reduce or discontinue their account or business
relationships with Seller or its subsidiaries or affiliates.  Additionally, at any time prior to the
Closing Date, Purchaser shall not, with respect to its branch offices in the
same market as the Branches, offer to pay on any transaction accounts or any
new or renewal savings accounts or certificates of deposits, rates of interest
greater than those offered or then being paid on similar accounts for like term
and amount by other branch offices of Purchaser located in the same market as
the Branches.  Among other matters, it is
the intent of this provision to prevent Purchaser from paying or offering to
pay a rate of interest on any deposit accounts in excess of that rate paid for
like accounts at other branch offices of Purchaser or its subsidiaries or
affiliates within the market of the Branches prior to the Closing Date.

 

(d)  Corporate Reorganization.  Purchaser shall not
enter into any merger, purchase and assumption, or other acquisition agreement
that would impair Purchaser’s ability to close the transaction contemplated by
this Agreement within the time frames contemplated hereby.

 

(e)          Privacy.
Purchaser and its subsidiaries and affiliates shall not share any nonpublic
personal information regarding customers of Seller or its subsidiaries or
affiliates with any unaffiliated third party except as would be permitted under
Title V of the Financial Services Modernization Act (the Gramm-Leach-Bliley Act
of 1999), or regulations issued thereunder, and in compliance with the
applicable privacy laws of any state, or other applicable laws, statutes,
regulations or ordinances.  The covenants
and obligations of Purchaser hereunder shall survive the Closing and any
earlier termination of this Agreement.

 

(f)            Compliance
with Laws.  On and after the Closing
Date, Purchaser shall be responsible for complying with all laws, statutes,
regulations, guidelines, and orders as the same apply to the Deposits and
Assets being transferred, including, without limitation, any statutes involving
the escheatment of dormant accounts.

 

(g)         Data
Processing – Closing.  Purchaser
shall be responsible for ensuring that any services necessary to consummate the
transaction contemplated hereby to be performed by the Purchaser or a third
party on behalf of Purchaser, such as a service provider, will be performed in
a timely and professional manner so that the contemplated transaction can be
consummated in accordance with the terms herein on or before the Closing Date.

 

7.2                               Purchaser’s
Covenants Regarding Branch Employees. 
Purchaser agrees that it shall offer employment to the Branch
Employees in substantially the same positions that they currently occupy, at
the same level of compensation that they currently receive, and at the same
location where they are currently assigned. 
After all Regulatory Approvals have been obtained Seller will allow
reasonable access to Branch Employees to discuss offers of employment by
Purchaser provided that such discussions do not interfere with the Branch
Employee’s performance of his or her duties as a Branch Employee.  Purchaser hereby makes the following
covenants to Seller with respect to any Branch Employee hired.

 

(a)  Branch Employees hired by Purchaser shall be
eligible to participate in Purchaser’s employee benefit plans, fringe benefit
plans, and arrangements on the same basis as such plans and benefits exist and
are offered to employees of Purchaser with comparable positions subject only to
the further provisions of this Section 7.2;

 

18

 

(b)  Branch Employees shall be immediately
eligible to participate in Purchaser’s medical and dental health benefit plans;

 

(c)  Any pre-existing condition clause in any of
Purchaser’s health or disability insurance plans shall not be applicable to
Branch Employees or their dependants;

 

(d)  Any co-pay or deductible amount incurred by a
Branch Employee under Seller’s health insurance coverage shall be treated as if
incurred under the Purchaser’s health insurance coverage for purposes of
applying any maximums thereunder; and

 

(e)  Purchaser shall credit Branch Employees for
their length of service with Seller, its predecessors, or its affiliates, for
purposes of vesting and eligibility (but not accrual of benefits) under all
employee benefit plans offered by Purchaser to employees in similar positions.

 

7.3                               Seller’s
Covenants.  Seller hereby
covenants to Purchaser that, from the date hereof until the Closing Date or
until termination of this Agreement as provided herein, or such earlier or
later times as may be specified in this Agreement, it will do or cause the
following to occur:

 

(a)         Branch
Access.  Seller shall use its
reasonable efforts to furnish Purchaser, its agents, or representatives
reasonable access to, and permit Purchaser to make or cause to be made such
reasonable investigation of, information and materials relating to the
financial and physical condition of the Branches as Purchaser reasonably deems
necessary or advisable; provided, further, that no action shall be required of
Seller that would constitute a breach of any obligation of confidentiality or
privacy or that would reveal any proprietary information, trade secrets, or
marketing or strategic plans.

 

(b)         Insurance.  Seller shall
maintain insurance in place for the Branches as specified under the leases
applicable to the Branch Premises.

 

(c)          Data
Processing – Test Material.  Not
later than  thirty (30) days prior to
Closing Date, provided the Closing Date is 
not earlier than September 23, 2005, Seller shall provide Purchaser with
applicable product functions, file formats and a set of test tapes related to
the accounts that will be transferred to Purchaser hereunder.  The test files defined by the file formats
shall be extracts of current master files as they exist on the Seller’s
system.  The number of files to be
produced by Seller shall be one version of test files  Purchaser shall promptly return to Seller all
such files.

 

(d)         Data
Processing – Closing Date. No later than the Closing Date, Seller shall
produce the production file tapes and an electronic trial balance of records of
account containing the pertinent data and descriptive information relating to
the Deposit, Loan and Safe Deposit Box accounts being transferred pursuant to
this Agreement and provide such data and information to Purchaser.  Except as otherwise provided above, Seller
shall bear all normal and reasonable costs and expenses relating to the
performance of its obligations pursuant to this paragraph.  Seller shall have no responsibility for the
difference, if any, between its methods of accrual of interest or other amounts
payable with respect to accounts and Purchaser’s methods of accrual of interest
and other amounts payable with respect to deposit, loan, and safety deposit
accounts and business.

 

19

 

(e)          Employee
Training. During the period following receipt of all Regulatory
Approvals until the Closing Date, Seller shall cooperate with Purchaser, at
Purchaser’s sole cost and expense, in making Branch Employees available at
reasonable times for whatever program of training Purchaser deems advisable;
provided, however, that Purchaser shall conduct such training program in a
manner that does not materially interfere with or prevent the performance of
the normal duties and activities of such Branch Employees.

 

(f)  Equipment Installation. During
the period following receipt of all Regulatory Approvals until the Closing
Date, Seller shall cooperate with and permit Purchaser, at Purchaser’s option
and sole cost and expense, to make provision for the installation of teller
equipment in the Branches; provided, however, that Purchaser shall arrange
installation at such times and in a manner that does not significantly
interfere with the normal business activities and operation of the Branches.

 

(g)         IRA
Documentation. Seller shall cooperate with Purchaser in securing proper
documentation of change in custodian for any IRA account that is included in
the Deposit liabilities of the Branches.

 

(h)         Preservation
of Branch Value.  Seller will
operate the Branches prudently, consistent with its ordinary course of business
and will take appropriate measures consistent with prudent and past banking
practices as applied to the Branches to preserve the value of the Assets and
Deposits which are the subject of this Agreement.

 

(i)            Employee Retention. 
Between the date of this Agreement and the Closing Date, Seller will
continue its normal employment practices in staffing the Branches.  After the execution of this Agreement, Seller
will: (i) use commercially reasonable efforts to maintain the Branch Employees
as employees of Seller at the Branches, (ii) refrain from dissuading any Branch
Employee from accepting an offer of employment with Purchaser; and (iii)
refrain from recruiting Branch Employees for alternate positions with Seller.  For
a period of one (1) year beginning on the Closing Date, Seller shall not
directly solicit Branch Employees for employment by Seller.  Notwithstanding the foregoing, nothing shall
preclude Seller from hiring a Branch Employee (i) who has responded to a
solicitation for employment issued by Seller, its agents, or representatives
which solicitation is not directed specifically and solely to Branch Employees
or (ii) who has approached the Seller independently seeking out employment by
the Seller.

 

(j)            Interim Marketing.   For
the period of time beginning with
the date of this Agreement and ending on the first anniversary of the Closing
Date , Seller shall not (i) use any proprietary Customer list of the Deposits
or acquired Loans or other similar record of the holders of accounts that
constitute Deposits or borrowers of acquired Loans on the Closing Date, to
solicit deposits or to solicit loans of the type acquired pursuant to this
Agreement; or (ii) specifically target or solicit Customers for deposits
or loans of the type included in this Agreement (including mailings or
communications to Customers that offer Customers the option or alternative of
maintaining Deposits or Loans with Seller after the Closing Date), provided
that the restriction set forth in this section 7.3(j) shall not prohibit
newspaper, radio, television, internet, or other mass media or mailing
advertisements, if such advertisements are directed at the general public or
Seller’s then existing customers, and are not specifically  targeted or directed at the Deposit or Loan
Customers of the Branches.

 

20

 

7.4                               Mutual
Covenants.  Seller hereby
covenants to Purchaser and Purchaser hereby covenants to Seller, as follows:

 

(a)         Third
Party Consents.  From the date
hereof until the Closing Date, each party shall cooperate fully in obtaining,
and make all reasonable efforts to obtain, any third party consents and
approvals which are required to consummate the transactions contemplated by
this Agreement.

 

(b)         Continuing
Reps and Warranties.  Each party
shall use its best efforts to ensure that its respective representations and
warranties remain true until the Closing Date.

 

(c)          Signage.  During the seven (7) day period
immediately preceding the Closing Date, Seller shall cooperate with any
reasonable request of Purchaser directed to accomplishing the installation of
signage of Purchaser’s choosing at the Branches prior to the Closing Date;
provided, however, that (i) all such installations shall be at the sole cost
and expense of Purchaser, (ii) such installations shall be performed in such a
manner that does not interfere with the normal business activities and
operations of the Branches, (iii) all such installed signage shall be covered
in such a way as to be unreadable at all times prior to the Closing Date and
(iv) Purchaser shall at Purchaser’s sole cost, be responsible  for obtaining all permits and consents
required for the installation of the new signage, including without limitation
the consent of the landlords of the Branches, and Seller shall cooperate with
Purchaser in connection with obtaining such consents and permits.  Not later than the Effective Time, Seller
shall, at its sole cost and expense, commence activities directed to
accomplishing the removal of all of Seller’s existing signage at the Branches
and will diligently pursue such activities in good faith so that such removal
may be effected by the Effective Time.

 

(d)               Information
Access.  Except as otherwise set
forth in this Agreement, for a period of two (2) years following
the Closing Date, Seller and Purchaser mutually agree, subject to any
limitations imposed by law, to provide each other, upon written request, with
reasonable access to, or copies of, information and records relating to each
Branch, including, without limitation, Branch Employee and Customer files which
are in the possession or control of Purchaser or Seller, reasonably necessary
to permit Seller or Purchaser or any of their affiliates to comply with or
contest any applicable legal, tax, banking, accounting, or regulatory policies
or requirements, any legal or regulatory proceedings, or any inquiries by Customers
or Branch Employees.

 

(e)          Confidentiality.
Seller and Purchaser will cause their respective directors, officers,
employees, agents, and other authorized representatives to hold in strict
confidence, and not use or disclose to any other party without the prior
written consent of the other party, the proprietary business procedures of the
other party, the purchase price or terms, and/or the policies or plans of the
other party or any of its affiliates. 
Seller and Purchaser agree that the terms of this Agreement, including,
but not limited to, the financial terms relating to any transaction under this
Agreement, are confidential and, except as required by law (including the
federal securities laws), regulation, or administrative or court order, neither
party shall disclose, and shall prevent any other person not authorized in
writing by the other party from disclosing, any such confidential information
without the prior written consent of the other party.  Neither party is required to give such
consent to the other party.  Purchaser
has entered into a Non-Disclosure Agreement effective as of April 4, 2005, and
such agreement shall remain in full force and effect and shall

 

21

 

survive the Closing.  In the event
of a conflict between the terms of this Section 7.4(e) and the Non-Disclosure
Agreement, the Non-Disclosure Agreement shall control solely with respect to
the preservation of confidentiality.

 

(f)            Allocation
of Consideration.  Purchaser and
Seller agree that the consideration payable hereunder on the Closing Date for
the Assets, as the case may be, shall be allocated among the Assets on the
basis of an allocation to be mutually agreed upon by Purchaser and Seller
within thirty (30) days after the Closing Date and that is consistent with
Section 1060 of the Code.

 

(g)         Legal
Actions and Claims.  Neither
party shall take any action or fail to take any action which would be the basis
for a lawsuit involving the transaction contemplated by this Agreement, if the
effect of such lawsuit is likely to be materially adverse to either party.

 

ARTICLE VIII

CONDITIONS
PRECEDENT

 

8.1                               Conditions
to Seller’s Obligations.  The
obligation of Seller to consummate the transactions contemplated hereby is
subject to the satisfaction, or the waiver by the Seller to the extent
permitted, of each of the following conditions at or prior to the Closing, as
such term is defined in Article IX.

 

(a)  Prior Regulatory and other Approvals and
Consents.  All
filings and registrations with, and notifications to, all federal and state
authorities required for the consummation of the transactions contemplated
hereby shall have been made, all Regulatory Approvals shall have been received
and shall be in full force and effect, with no conditions or limitations, and
all applicable waiting periods shall have passed.  If required under the terms of the applicable
Lease, Seller shall have received the consent of the landlord to assign the
Lease to Purchaser, and said consent shall be in full force and effect, with no
conditions or limitations.

 

(b)  Representations and Warranties.  The representations and warranties of
Purchaser set forth in this Agreement shall be true and correct in all material
respects as of the Closing and the Closing Date with the same effect as though
all such representations and warranties had been made on and as of such time
(unless a different date is specifically indicated in such representations and
warranties), and Purchaser shall have delivered to Seller a certificate, dated
as of the Closing Date and signed by the President of Purchaser, to the effect
that this condition has been satisfied.

 

(c)  Covenants. 
Each and all of the covenants and agreements of
Purchaser to be performed or complied with at or prior to the Closing pursuant
to this Agreement shall have been duly performed or complied with in all
material respects by Purchaser, or shall have been waived in accordance with
the terms hereof, and Purchaser shall have delivered to Seller a certificate,
dated as of the Closing Date and signed by the President of Purchaser, to the
effect that this condition has been satisfied.

 

(d)  No Proceeding or Prohibition.  At the time of the Closing, no court or
governmental or regulatory authority of competent jurisdiction shall have
enacted, issued, promulgated, enforced or entered any statute, rule,
regulation, judgment, decree, injunction or other order (whether temporary,

 

22

 

preliminary or permanent) which is in effect to restrain, enjoin or
prohibit, in whole or in part, consummation of the transactions contemplated
hereby or which might result in rescission in connection with such
transactions, and Purchaser shall have delivered to Seller a certificate, dated
as of the Closing Date and signed by the President of Purchaser, to that
effect. 

 

8.2                               Conditions
to Purchaser’s Obligation.  The
obligation of Purchaser to consummate the transactions contemplated hereby is
subject to the satisfaction, or the waiver by Purchaser to the extent
permitted, of each of the following conditions at or prior to the Closing, as
such term is defined in Article IX:

 

(a)  Prior Regulatory Approval.  All filings and registrations with, and
notifications to, all federal and state authorities required for consummation
of the transactions contemplated hereby and Purchaser’s operation of the
Branches shall have been made, all Regulatory Approvals shall have been
received and shall be in full force and effect, and all applicable waiting
periods shall have passed.  A Regulatory
Approval will not be deemed to have been received by Purchaser, and the
condition to closing set forth in this Section 8.2(a) shall not be deemed to
have been met, if such Regulatory Approval shall have been granted with the
imposition of a condition which is deemed by both the Purchaser and Seller,
both acting reasonably, to be materially burdensome to Purchaser. Purchaser
shall not be permitted to waive the condition to Closing set forth in this
Section 8.2(a).

 

(b)  Representations and Warranties.  The representations and warranties of
Seller set forth in this Agreement shall be true and correct in all material
respects as of the Closing and the Closing Date with the same effect as though
all such representations and warranties had been made on and as of such time
(unless a different date is specifically indicated in such representations and
warranties), and Seller shall have delivered to Purchaser a certificate, dated
as of the Closing Date, to the effect that this condition has been satisfied.

 

(c)  Covenants. 
Each and all of the covenants and agreements of
Seller to be performed or complied with at or prior to the Closing pursuant to
this Agreement shall have been duly performed or complied with in all material
respects by Seller, or shall have been waived in accordance with the terms
hereof, and Seller shall have delivered to Purchaser a certificate, dated as of
the Closing Date, to the effect that this condition has been satisfied.

 

(d)  No Proceeding or Prohibition.  On the Closing Date, no court or
governmental or regulatory authority of competent jurisdiction shall have
enacted, issued, promulgated, enforced or entered any statute, rule,
regulation, judgment, decree, injunction or other order (whether temporary,
preliminary or permanent) which is in effect to restrain, enjoin or prohibit
consummation of the transaction contemplated hereby or which might result in
rescission in connection with such transaction, and Seller shall have delivered
to Purchaser a certificate, dated as of the Closing Date, to that effect.

 

ARTICLE IX

CLOSING
AND CLOSING OF ASSET AND DEPOSIT RECORDS

 

9.1                               Time
and Place.  The consummation of
the transactions contemplated under this Agreement shall take place at the
closing (the “Closing”) on the Closing Date. 
The Closing shall be held at

 

23

 

the Seller’s offices located at Bridgeport Center, 850 Main Street,
Bridgeport, CT  or
via courier or facsimile transmission as designated by Seller.  The Closing will be deemed to have been
consummated and final as of the Effective Time. 
All actions taken and documents delivered at the Closing will be deemed
to have been taken and executed simultaneously, and no action will be deemed taken
nor any document deemed delivered until all have been taken and delivered.  Seller and Purchaser acknowledge that time is
of the essence with respect to consummating the transactions contemplated under
this Agreement on or before September 23, 2005.

 

9.2                               Updated
Schedules.  At least five (5)
days prior to the Closing Date, Seller shall deliver to Purchaser the Updated
Schedule of Assets and the Updated Schedule of Deposits.  The Updated Schedule of Assets shall be
prepared by beginning with the Schedule of Assets, and subtracting from it any
Loan or Safe Deposit Box Account that was paid in full and/or closed as of the
Estimation Date, and adding to it (i) any Loan or Safe Deposit Account opened
at the Branch prior to or on the Estimation Date, (ii) the amount of Cash in
Hand, and (iii) any other asset or assets as may have been mutually agreed upon
in writing by Seller and Purchaser.  The
Updated Schedule of Deposits shall be prepared by beginning with the Schedule
of Deposits, and then (a) subtracting from it any Deposit Account that was closed
on or before the Estimation Date, (b) adding to it (i) any deposit account
opened at the Branch prior to or on the Estimation Date (provided, however,
that any deposit opened at the Branch after the date of this Agreement but
prior to the Effective Time which is opened by a customer of the Seller or any
of its affiliates who (I) is not a Customer, and (II) does not have a primary
relationship with the Seller at another branch or office of Seller or its affiliates
in the Seller’s sole and exclusive discretion, shall be included in the
Deposits transferred to the Purchaser), and (ii) any other Deposits as may have
been mutually agreed upon in writing by Seller and Purchaser, and (c)
appropriately adjusting the balances for the Deposits Accounts listed on the
Schedule of Deposits, or the Updated Schedule of Deposits, as the case may
be.  The balances reflected on the
Updated Schedules of Assets and Updated Schedule of Deposits will show the
balances and/or value, as of the Estimation Date.

 

9.3                               Interim Closing Statement.  At
least three (3) days prior to the Closing Date, Seller shall deliver to
Purchaser the Interim Closing Statement in substantially the form attached
hereto as Exhibit C.  The Interim Closing
Statement shall be based upon the information contained in the Updated Schedule
of Assets and the Updated Schedule of Deposits, and shall be used to calculate
the Payment due from Seller to Purchaser on the Closing Date.

 

9.4                               Closing.  On or before the Closing Date the parties
shall deliver and exchange the Closing Documents as required pursuant to this
Agreement.  Seller shall deliver to
Purchaser the following documents in addition to any other documents which
Purchaser has identified to Seller at a reasonable time prior to the Closing
Date that are necessary or reasonably advisable in order to consummate the
transaction contemplated by this Agreement:

(a)  Seller’s Certificate(s)

(b)  Bill of Sale in substantially the form
attached hereto as Exhibit D.

(c)   Assignment of Loans

(d)   Assignment
and Assumption of Lease for each Branch and any closing documents
specified  therein

 

24

 

Purchaser
shall deliver to Seller the Purchaser’s Certificate as well as any other
documents which Seller has identified to Purchaser at a reasonable time prior
to the Closing Date that are necessary or reasonably advisable in order to
consummate the transaction contemplated by this Agreement.

 

9.5                               Assets
Delivered.  On or before the
Closing Date, Seller shall deliver to Purchaser (i) such of the Assets as shall
be capable of physical delivery, (ii) such of the files, records, and documents
(in whatever medium then maintained by Seller pertaining to the Assets and the
Deposits as exist and are available) which Seller is required to deliver to
Purchaser according to the terms of this Agreement, (iii) the Safe Deposit
Boxes, the keys thereto and the contents thereof, and (iv) all Safe Deposit Box
agreements and other documents pertaining to the safe deposit business as
conducted at the Branches.

 

9.6                               Closing
of Asset Records.  In accordance
with Section 4.1, the Seller assigns, transfers,
conveys, and delivers to the Purchaser the following records pertaining to the
Assets of the Seller sold to the Purchaser under this Agreement:

(a)                                  Loan
and collateral records and credit files and other documents;

(b)                                 Records,
including signature cards, related to Safe Deposit Boxes purchased;

(c)                                  Any
user manuals, instructions or warranties for the equipment being transferred
which Seller has in its readily available files.

 

9.7                               Loan
Documentation. On or before the Closing Date, or as soon thereafter as
practicable, Seller shall deliver to Purchaser all appropriate files related to
the Loans that Seller retains in original paper form as maintained at the
Branches.  From and after the Closing
Date, Seller shall promptly deliver upon Purchaser’s reasonable request from
time to time at Purchaser’s reasonable expense any additional Loan information
that Seller has retained in its possession in electronic form (e.g., microfiche
or magnetic tape).

 

9.8                               Closing
of Deposit Records. On or before the Closing Date, Seller shall assign,
transfer, convey, and deliver to
the Purchaser the following records pertaining to the Deposit liabilities of
the Seller assumed by the Purchaser under this Agreement which records may at
Seller’s option, be delivered in either electronic or paper form :

(a)                                  signature
cards,  contracts between the Seller and
its depositors and records of similar characters;

(b)                                 passbooks
of Depositors held by the Seller, deposit slips, cancelled checks, and  ATM withdrawal orders representing charges to
accounts of Depositors;

 

9.9                               Purchase
Price. The Total Purchase Price for the Assets and Deposits purchased
and assumed pursuant to this Agreement shall be the sum of: (a) the product of fourteen
percent (14%) times the Total Deposits as stated in the Updated Schedule of
Deposits, and (b) the Book Value of the Miscellaneous Assets, as they appear on
the Updated Schedule of Assets, if any; and (c) the aggregated balance plus
accrued interest on the Loans to and including the Closing Date, appearing on
the Updated Schedule of Assets.  The
Total Price Purchase shall be adjusted as provided in Article X hereof.

 

9.10                        Earnest
Money.  On or before 12:00 p.m. on
the first Business Day following the date on which this Agreement is executed
by both parties, Purchaser shall deliver to Seller an “Earnest Money Deposit”
by wire transfer to such deposit
account as has been designated by Seller to Purchaser in writing,

 

25

 

and if no such deposit account has been designated to Purchaser, the
Earnest Money Deposit shall be delivered by Purchaser to Seller at its offices
located at 850 Main Street, Bridgeport, CT, on or before 12:00 noon on the date
such Earnest Money Deposit is due.   The
amount of the Earnest Money Deposit shall be equal to three percent (3%) of the
Total Deposits as listed on the Schedule of Deposits.  The Earnest Money Deposit shall earn interest
at the highest posted rate of interest that Seller pays on its retail money
market accounts.  The Earnest Money
Deposit shall be returned to Purchaser by Seller if this Agreement is
terminated for any reason other than:

(a)                                  by
Seller pursuant to Section 12.1(e) hereof;

(b)                                 by
Purchaser pursuant to Section 12.1(h) hereof;

(c)                                  by
Seller pursuant to Section 12.1(a) hereof if the transaction has not been
consummated on or before December 31, 2005 because of Purchaser’s failure to
perform or observe in any material respect its covenants or agreements set
forth herein; or

(d)                                 due
to the failure of the Purchaser to obtain all of the necessary Regulatory Approvals
if Purchaser has failed to perform all of its obligations hereunder relating to
obtaining the Regulatory Approvals.

 

9.11                        Payment.  On the Closing Date, Purchaser agrees to
pay to Seller the balance of the Total Purchase Price outstanding and Seller
agrees to pay to Purchaser the amount of the Deposit liabilites.  Purchaser and Seller agree that this shall be
done by Seller’s transfer of
funds to Purchaser in an amount equal the “Funds Due to Purchaser” on the
Closing Date which shall be equal to A minus the Sum of B + C + D + E where

 

	
  A
  =

  	
  The
  aggregate balance of the Deposits, including accrued interest to and
  including the Closing Date, appearing on the Updated Schedule of Deposits

  
	
   

  	
   

  
	
  B
  =

  	
  The
  earned share of the Safe Deposit Box Account fees which had not been paid at
  the time of the Closing minus the unearned share of any Safe Deposit Account
  fees paid to Seller for any portion of the term of the rental agreement for
  the Safe Deposit Boxes occurring on and after the Closing Date, as such
  amounts appear on the Updated Schedule of Assets.

  
	
   

  	
   

  
	
  C
  =

  	
  The
  balance of the Total Purchase Price, which shall be equal to the Total
  Purchase Price calculated pursuant to Section 9.9 minus the sum of the
  Earnest Money Deposit paid plus any interest earned thereon pursuant to
  Section 9.10 hereof.

  
	
   

  	
   

  
	
  D
  =

  	
  The
  balance due at Closing including adjustments as provided pursuant to the
  terms of the Assignment and Assumption of Lease Agreement for each Branch,
  which shall include adjustments for rents, security deposits or other sums,
  if any, prepaid by Seller and the appropriate adjustments for real and
  personal property taxes, oil, water and other utilities, if any, associated
  with each Branch.

  
	
   

  	
   

  
	
  E
  =

  	
  Cash
  on Hand in each Branch.

  

 

9.12                        Wire
Closing of Payment.  On or before
3:00 p.m. Eastern Standard Time on the Closing Date, Seller shall deliver to
Purchaser by wire transfer to such deposit account as has been designated by

 

26

 

Purchaser to Seller in writing delivered to Seller on or before the
Closing Date, the Funds Due to Purchaser pursuant to Section 9.11.

 

9.13                        Data
Processing. All tasks and obligations concerning the provision of data
processing services to or for the Branches after the Effective Time shall be
performed solely and exclusively by Purchaser. 
Purchaser acknowledges its assumption of all such tasks and obligations,
and further acknowledges that any delay, failure, or inability on its part to
perform such tasks or to comply with such obligations, except as and to the
extent attributable to any delay, failure, or inability on the part of Seller
in performing those tasks or complying with those obligations specifically set
forth in Section 7.3, shall not result in any liability or obligation of Seller
and shall not affect any of the rights of Seller under this Agreement.

 

ARTICLE X

ADJUSTMENTS

 

10.1                        Final
Schedules.  On or before the date
that is three (3) Business Days before the Settlement Date, Seller shall
deliver to Purchaser the Final Schedule of Deposits and the Final Schedule of
Assets.

 

10.2                        Payment
and Closing on Settlement Date. 
On or before 12:00 noon on the Settlement Date, Purchaser agrees to
cause to be paid to the Seller, or the Seller, agrees to pay to the Purchaser,
as the case may be, a payment in an amount which reflects net adjustments made
on account of differences between the payments paid on the Closing Date based
upon the Updated Schedule of Deposits and the Updated Schedule of Assets and
the net payment due pursuant to this Agreement based upon the Final Schedule of
Deposits and the Final Schedule of Assets.

 

10.3                        Interest.  Any amounts paid on the Settlement Date under
Section 10.2 shall bear interest from and including the Closing Date to and
including the day preceding the Settlement Date.  The interest rate for the period for net
balances due either party shall be a rate equal to the equivalent coupon issue
yield on twenty-six (26)-week United States Treasury Bills in effect as of the
Closing Date as published in The Wall Street Journal,
New York edition; provided, that if no such equivalent coupon issue yield is
available as of the Closing Date, the equivalent coupon issue yield for such
Treasury Bills most recently published in The Wall Street Journal,
New York edition prior to the Closing Date shall be used.

 

ARTICLE XI

CONTINUING
COOPERATION

 

11.1                        General
Matters.  The parties hereto
agree that they will, in good faith and with commercially reasonable efforts,
cooperate with each other to carry out the transactions contemplated by this
Agreement and effect the purpose hereof.

 

11.2                        Cooperation
in Transaction.  Purchaser and
Seller shall use commercially reasonable 
efforts to cooperate with each other in assuring an orderly transition
of ownership of the Assets and

 

27

 

responsibility for the Deposit Account liabilities for a period of
thirty (30) days following the Closing Date, or such longer period as may be
specified in this Agreement with respect to specific re-transfers.

 

11.3                        Claims
and Suits.  Seller shall have the
right, in its discretion, to (i) intervene or participate in the defense or
settlement of any claims or suit against Purchaser with respect to which Seller
has indemnified Purchaser, in the same manner and to the same extent as
provided in the indemnity provisions of this Agreement, and (ii) intervene or
participate in the defense or settlement of any claim or suit against Purchaser
with respect to any liability assumed which claim or suit may result in a loss
to Seller arising out of or related to this Agreement, or have existed against
Seller on or before the Closing Date. 
Exercise by Seller of any rights hereunder shall not release Purchaser
with respect to any of its obligations under this Agreement.

 

11.4                        Preservation
of Records.  Seller and Purchaser
hereby agrees that each shall preserve and maintain for the joint benefit of
Seller and Purchaser, all Records of which it has custody for the retention
periods required pursuant to Connecticut law and any other relevant law or
regulation.

 

11.5                        Access
to Records.  Except as otherwise
set forth in this Agreement, Seller and Purchaser mutually agree, subject to
any limitations imposed by law, to provide each other as soon as practicable
after receiving a written request, with reasonable access to, or copies of
Records relating to the Branch, including, without limitation, Customer files
which are in the possession or control of Purchaser or Seller and are
reasonably necessary to permit Seller or Purchaser or any of their affiliates
to comply with or contest any applicable legal, tax, banking, accounting, or
regulatory policies or requirements, any legal or regulatory proceedings, or
Customer inquiries or claims. 
Furthermore, Seller and Purchaser agree that they shall provide timely
notice to the other party in writing of any pending or proposed tax audits
(with copies of all relevant correspondence received from any taxing authority
in connection with any tax audit or information request) or assessments for
taxable periods for which the other party may have a liability.  The party requesting assistance or
cooperation shall bear the other party’s reasonable and out-of-pocket expenses
in complying with such request to the extent that those expenses are
attributable to fees and other costs of unaffiliated third-party providers.

 

ARTICLE XII

TERMINATION

 

12.1                        Methods
of Termination. This Agreement may be terminated in any of the
following ways:

 

(a)               By
either Purchaser or Seller, in writing, if the transaction has not been
consummated on or before December 31, 2005, time being of the essence, unless
the failure of the Closing to occur by such date shall be due to the failure of
the party seeking to terminate this Agreement to perform or observe in any
material respect the covenants and agreements of such party as set forth
herein;

 

(b)               At
any time prior to the Closing Date by the mutual consent in writing of
Purchaser and Seller;

 

28

 

(c)                By
Purchaser in writing if and when, at any time prior to the Closing Date, any
condition of Purchaser’s obligations set forth in this Agreement becomes (in
the opinion of both Seller and Purchaser) incapable of being fulfilled and such
condition has not been waived by Purchaser;

 

(d)               By
Seller in writing if and when, at any time prior to the Closing Date, any
condition of  Seller’s  obligations set forth in this Agreement
becomes (in the opinion of both Purchaser and Seller) incapable of being
fulfilled and such condition has not been waived by Seller;

 

(e)                At
any time prior to the Closing Date by Purchaser or Seller in writing if the
other party continues to be in breach of any material representation and
warranty as if such representation and warranty had been made on and as of the
date of the notice of breach thereof unless a different time is specified in
any such representation and warranty (excluding any representations and
warranties made in Section 6.9 hereof) or covenant made by the breaching party
in this Agreement in any material respect, and such breach has not been cured
within twenty (20) days after the giving of written notice to the breaching
party of such breach;

 

(f)                  By
Seller in writing at any time after any applicable regulatory authority has
either (i) denied approval of any application of Purchaser or Seller seeking
approval of the transaction contemplated hereby, in whole or in part, or (ii)
failed to act on any application in a timely manner such that Seller and
Purchaser both reasonably believe that Purchaser will not be able to consummate
the transaction on or before December 31, 2005; provided however, that
Seller shall not have the right to terminate this Agreement if such denial or
request or recommendation for withdrawal shall be due to the failure of Seller
to perform or observe in any material respect the covenants and agreements of
such party as set forth herein;

 

(g)               By
Seller in the event that there is pending litigation against Seller with
respect to the transactions contemplated by this Agreement which as determined
by the mutual agreement of both parties acting reasonably is likely to result
in materially adverse consequences to Seller if Seller does not terminate the
Agreement; or

 

(h)               By
Purchaser in the event there is pending litigation against Purchaser with
respect to the transactions contemplated by this Agreement which as determined
by the mutual agreement of both parties acting reasonably is likely to result
in materially adverse consequences to Purchaser if Purchaser does not terminate
the Agreement.

 

12.2                        Effect
of Termination.  Except as
otherwise specifically provided in this Agreement, in the event of termination
of this Agreement pursuant to this Article XII, neither Purchaser nor Seller
nor their respective officers, directors, or agents shall have any liability or
obligation to the other under this Agreement except (i) liabilities and
obligations arising from Sections 13.3 and 13.4 of this Agreement, (ii)
liabilities arising from the failure of timely satisfaction of conditions
precedent to the obligations of a party to the extent that such failure of
timely satisfaction is attributable to the actions or inactions of such party,
(iii) liabilities under the Non-Disclosure Agreement and confidentiality
provision of this Agreement, (iv) liabilities and obligations arising from any
material breach of any provision of this Agreement occurring prior to the
termination hereof, and (v) as otherwise expressly  provided herein.

 

29

 

ARTICLE XIII

DAMAGES
AND REMEDIES

 

13.1                        Remedies
Upon Default.  Unless stated
otherwise herein, in the event of a breach by the Seller or Purchaser of any of
the covenants and agreements contained in this Agreement, to which the other
party has not consented, the nondefaulting party shall be entitled to one or
more of the following remedies, in addition to any other remedy provided for as
a matter of law, and to the extent such remedies are not by their nature
exclusive:  (i) to collect through an
action at law any damages sustained by the nondefaulting party in excess of
canceled payments; and (ii) to obtain as appropriate, and without the necessity
of showing actual damages (A) an injunction against the continuation of any
such breach; or (B) specific performance of any negative covenant of the
nondefaulting party, it being agreed by the parties that money damages alone
for such defaults would be inadequate.

 

13.2                        Notices
of Default.  Each of Seller and
Purchaser shall promptly give written notice to the other upon becoming aware
of the impending or threatened occurrence of any event which could reasonably
be expected to cause or constitute a breach of any of their respective
representations, warranties, covenants, or agreements contained in this
Agreement.

 

13.3                        Indemnification
by Both Parties.  Seller and
Purchaser agree to indemnify and hold harmless each other, their officers,
directors, employees, agents, and related entities from any and all claims,
liabilities, expenses (including without limitation attorney’s fees), and
losses arising out of or incurred in connection with the breach of this
Agreement or any misrepresentation made in this Agreement by Seller or
Purchaser or any of their Representatives. 
This indemnification shall survive the termination or expiration of this
Agreement or the Closing.

 

13.4A               Indemnification by Purchaser.  From and after the Closing Date,
Purchaser shall indemnify, hold harmless and defend Seller from and against all
claims, losses, liabilities, demands and obligations, including without
limitation reasonable attorneys’ fees and operating expenses which Seller may
receive, suffer, or incur in connection with (i) any losses incurred by Seller
related to Seller’s compliance with instructions from Purchaser made pursuant
to this Agreement and not related to any gross negligence or malfeasance on the
part of Seller and (ii) operations and transactions occurring on or after the
Effective Time and which involve Assets transferred and/or Deposits and any
other obligations and liabilities assumed pursuant to this Agreement or any
other document signed in connection with the purchase contemplated hereby.  The obligations of Purchaser under this
Section shall be contingent upon Seller giving Purchaser written notice (i) of
the receipt by Seller of any process and/or pleadings in or relating to any
actions, suits or proceedings of the kinds described in this Section, including
copies thereof, and (ii) of the assertion of any claim or demand relating to
the Assets transferred to and/or the Assumed Deposits or Loans and the other
obligations and liabilities assumed by Purchaser on or after the Closing.  Purchaser shall have the right to take over
Seller’s defense in any such actions, suits, or proceedings through counsel
selected by Purchaser provided the counsel is qualified to handle such matters,
to compromise and/or settle the same and to prosecute any available appeals or
review of any adverse judgment or ruling that may be entered therein.  Purchaser shall use best efforts to get
Seller removed from any such case or action as soon as possible.  Purchaser and/or its attorney shall not take
any action in connection with any such claim or sale which would injure Seller’s
reputation.  The covenants and

 

30

 

obligations of Purchaser under this Section 13.4A  shall survive the Closing or any earlier
termination of this Agreement.

 

13.4B                         Indemnification by Seller.  From and after the Closing Date, Seller
shall indemnify, hold harmless and defend Purchaser from and against all
claims, losses, liabilities, demands and obligations, including without
limitation reasonable attorneys’ fees and operating expenses which Purchaser
may receive, suffer, or incur in connection with (i) any losses incurred by
Purchaser related to Purchaser’s compliance with instructions from Seller made
pursuant to this Agreement and not related to any gross negligence or
malfeasance on the part of Purchaser and (ii) operations and transactions
occurring before the Effective Time and which involve Assets transferred and/or
Deposits and any other obligations and liabilities assumed pursuant to this
Agreement or any other document signed in connection with the purchase
contemplated hereby.  The obligations of
Seller under this Section shall be contingent upon Purchaser giving Seller
written notice (i) of the receipt by Purchaser of any process and/or pleadings
in or relating to any actions, suits or proceedings of the kinds described in
this Section, including copies thereof, and (ii) of the assertion of any claim
or demand relating to the Assets transferred to and/or the Assumed Deposits or
Loans and the other obligations and liabilities assumed by Seller on or after
the Closing.  Seller shall have the right
to take over Purchaser’s defense in any such actions, suits, or proceedings
through counsel selected by Seller provided the counsel is qualified to handle
such matters, to compromise and/or settle the same and to prosecute any
available appeals or review of any adverse judgment or ruling that may be
entered therein.  Seller shall use best
efforts to get Purchaser removed from any such case or action as soon as
possible.  Seller and/or its attorney
shall not take any action in connection with any such claim or sale which would
injure Purchaser’s reputation.  The
covenants and obligations of Seller under this Section 13.4B shall survive the
Closing or any earlier termination of this Agreement.

 

13.5                        Attorneys
Fees and Costs.  If it is
determined in a judicial proceeding that either party has failed under any
provision of this Agreement, and if either party will employ attorneys or incur
other expenses for the enforcement, performance, or observance of the terms of
this Agreement, then the prevailing party, to the extent permitted by law,
shall be entitiled to recover reasonable attorneys’ fees and other
out-of-pocket expenses from the other party, which fees shall be in addition to
any other relief which may be awarded.

 

ARTICLE XIV

MISCELLANEOUS PROVISIONS

 

14.1                        Entire
Agreement.  This Agreement, the
schedules and exhibits hereto, and the Non-Disclosure Agreement constitute the
entire agreement and understanding of the parties with respect to the matters
and transactions contemplated thereby and supersede any prior agreements and
understandings between the parties, oral or written, with respect to the
matters and transactions contemplated herein.

 

14.2                        Assignment
and Modification.  This Agreement
cannot be assigned, pledged, or hypothecated by the Purchaser to a third party
without the prior written consent of the Seller, which shall be in Seller’s
sole discretion.  Neither this Agreement
nor any term hereof may be changed, waived, discharged, or terminated orally, but
only by an instrument in writing, signed by the party against whom enforcement
of the change, waiver, discharge, or termination is sought.

 

31

 

14.3                        Public Announcements.  Except to the extent required otherwise
by law, with respect to which Purchaser and Seller may act upon the advice of
their respective legal counsel, neither Purchaser nor Seller shall issue any
press release or otherwise make any public statement with respect to this
Agreement or any of the transitions contemplated hereby prior to the Closing
Date without obtaining the consent to or the approval thereof from the other
party, which consent or approval shall not be unreasonably withheld.

 

14.4                        Successor
and Assigns.  All terms and
conditions of this Agreement shall be binding on the successors and assigns of
Seller and Purchaser.  Except as
otherwise specifically provided in this Agreement, nothing expressed or
referred to in this Agreement is intended or shall be construed to give any
person other than Seller and Purchaser any legal or equitable right, remedy, or
claim under or in respect of this Agreement or any provision contained herein,
it being the intention of the parties hereto that this Agreement, the
obligations and statements of responsibilities hereunder, and all other conditions
and provisions hereof are for the sole and exclusive benefit of Seller and
Purchaser and for the benefit of no other person.

 

14.5                        Manner
of Payment.  All payments due
under this Agreement shall be in lawful money of the United States of America
in immediately available funds as each party hereto may specify to the other
party.

 

14.6                        Notice.  Any notice, request, demand, consent,
approval, or other communication to any party hereto shall be effective when
received and shall be given in  writing,
and delivered in person against receipt therefor, or sent by certified mail,
postage prepaid, courier service, or facsimile transmission at its address set
forth below or at such other address as it shall hereafter furnish in writing
to the other party.  All such notices and
other communications shall be deemed given on the date received by the
addressee.

 

SELLER

 

People’s Bank

850 Main Street

Bridgeport, CT 
06604

Attention:                 Robert R. D’Amore

Executive Vice President

 

	
  With a copy to:

  	
  William T. Kosturko

  
	
   

  	
  Executive Vice
  President and General Counsel

  
	
   

  	
   

  
	
  Facsimile Number:

  	
  (203) 338-3600

  
	
   

  	
  Attention: Robert R.
  D’Amore

  

 

32

 

PURCHASER

 

Putnam Savings Bank

40 Main Street

Putnam, CT, 06260

 

Attention:  Robert G. Cocks, Jr.

President and Chief Executive Officer

 

Facsimile Number: 
(203) 963-0821

 

With a copy to:             Eric Luse, Esq.

Luse Gorman Pomerenk & Schick, P.C.

5335 Wisconsin Ave, NW, Suite 400

Washington, D.C. 20015

 

Facsimile Number:  (202) 362-2902

 

14.7                        Counterparts;
Facsimile.  This Agreement may be
executed in one or more counterparts, each of which when so executed and
delivered, shall be deemed an original, but all of which taken together shall
constitute one and the same instrument even though different parties may have
signed different counterparts and no counterpart has been signed by all of the
parties.  Signatures transmitted by
facsimile to the facsimile number set forth in Section 14.6 or other number
provded in writing by one party to the other shall have the same effect as an
original signature.

 

14.8                        Governing
Law. This Agreement and the rights and obligations hereunder shall be
governed by and construed in accordance with the law of the State of
Connecticut.

 

14.9                        Reproduction
of Documents.  This Agreement and
all documents relating thereto, including, without limitation, (i) consent,
waivers, and modifications which may hereafter be executed, (ii) documents
received by any party at the Closing, and (iii) financial statements,
certificates, and other information previously or hereafter furnished, may be
reproduced by any photographic, photostatic, microfilm, micro-card, or
miniature photographic or other similar process.  The parties agree that any such reproduction
shall be admissible in evidence as the original itself in any judicial or
administrative proceeding, whether or not the original is in existence and
whether or not such reproduction was made by a party in the regular course of
business, and that any enlargement, facsimile, or further reproduction of such
reproduction shall likewise be admissible in evidence.

 

14.10                 Waiver.  Seller and Purchaser may waive their
respective rights, powers, or privileges under this Agreement; provided, that such waiver shall be
in writing; and further  provided,
that no failure or delay on the part of Seller or Purchaser to exercise any
right, power, or privilege under this Agreement shall operate as a waiver
thereof, nor will any single or partial exercise of any power or privilege
under this Agreement preclude any other or further exercise thereof or the
exercise of any other right, power, or

 

33

 

privilege by Seller, or Purchaser under this Agreement, nor will any
such waiver operate or be construed as a future waiver of such right, power, or
privilege under this Agreement.

 

14.11                 Costs, Fees
and Expenses.  Except as
otherwise specifically provided herein, each party hereto agrees to pay all
costs, fees, and expenses which it has incurred in connection with or
incidental to the matters contained in this Agreement, including without
limitation any fees and disbursements to its accountants and counsel; provided,
that Purchaser shall pay all fees, costs and expenses  incurred in connection with the transfer to
it of any assets, liabilities, or obligations hereunder.

 

14.12                 Severability.  If any provision of this Agreement is invalid
or unenforceable then, to the extent possible, all of the remaining provisions
of this Agreement shall remain in full force and effect and shall be binding
upon the parties hereto.

 

14.13                 Headings.  The headings and subheadings of the Table of
Contents, Articles and Sections contained in this Agreement, except the terms
identified for definition in Article I and elsewhere in this Agreement, are
inserted for convenience only and shall not affect the meaning or
interpretation of this Agreement or any provision hereof.

 

 

IN WITNESS WHEREOF, the parties hereto have caused
this Agreement to be executed by their duly authorized representatives on the
date first above written.

 

	
  SELLER:

  	
   

  
	
   

  	
   

  
	
  PEOPLE’S BANK

  	
  Attest:

  
	
   

  	
   

  
	
   

  	
   

  
	
  By:

  	
   /s/ Philip R.
  Sherringham

  	
   

  	
  /s/ Kathy A. Johnson

  	
   

  
	
   

  	
   Philip R.
  Sherringham

  	
   

  
	
   

  	
   Executive Vice
  President and

  	
   

  
	
   

  	
   Chief Financial
  Officer

  	
   

  
	
   

  	
   

  
	
  PURCHASER:

  	
   

  
	
   

  	
   

  
	
  PUTNAM SAVINGS BANK

  	
  Attest:

  
	
   

  	
   

  
	
   

  	
   

  
	
  By:

  	
   /s/ Robert G.
  Cocks, Jr.

  	
   

  	
  /s/ Barbara L. McGarry

  	
   

  
	
   

  	
   Robert G. Cocks,
  Jr.

  	
   

  
	
   

  	
   President and CEO

  	
   

  

 

34

 

Exhibit A

Form of
Assignment and Assumption of Lease Agreement

 

THIS ASSIGNMENT AND ASSUMPTION OF LEASE AGREEMENT
(this “Assignment”) is made as of the [ CLOSING DAY ] day
of [ CLOSING MONTH ], 2005, by and between
People’s Bank, having an address at 850 Main Street, Bridgeport, CT 06604 (the “Assignor”)
and  [ PURCHASER’S NAME ],
having an address at [ PURCHASER’S ADDRESS ] (the
“Assignee”).

 

WHEREAS, Assignor and Assignee have entered in a
Purchase and Assumption Agreement Concerning the Griswold, Ledyard, and
Plainfield Branches dated [ AGREEMENT DATE  ] (the “P&A Agreement”)
pursuant to which Assignee has agreed, among other things to purchase certain
of Assignor’s branches; and

 

WHEREAS, in connection with the P&A Agreement,
Assignor has agreed to sell to Assignee and Assignee has agreed to buy from
Assignor the leasehold interest in the demised premises located at [                BRANCH
LOCATION          ],
Connecticut (the “Premises”) under that certain Lease Agreement (“Lease”), dated
[  LEASE
DATE  ] between Assignor, as
tenant, and [ 
LESSOR NAME  ] (the “Landlord”).  The Premises are more particularly described
in the Lease and in that certain Memorandum of Lease dated                   
and recorded in Volume                   ,
Page             
of the                         
Land Records, and

 

NOW, THEREFORE, in
consideration of One Dollar ($1.00) and other good and valuable consideration,
the receipt and sufficiency of which is hereby acknowledged, Assignor and
Assignee agree as follows:

 

1.                                       Effective
as of                               
(the “Effective Date”), Assignor hereby sells, transfers, assigns, delivers,
and conveys to Assignee all of the right, title and interest of Assignor in and
to the Lease.

 

2.                                       Assignee
hereby accepts all of the right, title, and interest of Assignor in and to the
Lease and assumes all of the obligations of the tenant under the Lease from and
after the Effective Date with the same force and effect as if Assignee had
executed the Lease as the tenant.

 

3.                                       As
of the Effective Date, Assignee hereby agrees to and accepts such assignment
and, in addition, expressly assumes and agrees to keep, perform, and fulfill
all of the terms, covenants, obligations, and conditions required to be kept,
performed, and fulfilled by the Assignor under or with respect to the Lease
which arise or accrue on or after the Effective Time.  Assignee shall not commit a breach under the
Lease or take any action, or fail to take any action, if doing the same would
constitute a default under the Lease.

 

4.                                       Assignor
shall indemnify and hold Assignee harmless from and against any and all
damages, claims, liabilities, costs (including reasonable attorney’s fees),
expenses and causes of action which may arise and accrue from or under the
Lease and that are attributable to periods of time prior to the Effective Date,
regardless of when same are discovered or asserted or which may arise or accrue
out of a breach of this Assignment by Assignor. 
Assignee shall indemnify and hold Assignor harmless from and against any
and all damages, claims, liabilities, costs (including reasonable attorney’s
fees and any expenses or costs incurred by Assignor to cure any default by
Assignee under the Lease), expenses and causes of action which may arise and
accrue from or under the Lease and that that are attributable to periods of
time on or after the Effective Date, regardless of when same are discovered or
asserted or which may arise and accrue from a breach of this Assignment by
Assignee.  These indemnifications shall
survive the termination or expiration of this Assignment.

 

5.                                       Assignee
shall immediately notify Assignor of any breaches on the part of the Landlord
or Assignee, itself, under the terms of the Lease.  Assignee shall have the right, but not the
obligation, to cure any default under the Lease by Assignee, and Assignee shall
immediately reimburse Assignor for any expenses (including without limitation
attorney’s fees) incurred in connection therewith.

 

35

 

6.                                       This
Assignment shall be binding on and inure to the benefit of the parties hereto,
their successors and assigns.

 

7.                                       This
Assignment may be executed in multiple counterparts, each of which shall be
deemed an original but together shall constitute the same instrument.

 

8.                                       This
Assignment has been executed and delivered in State of Connecticut and shall be
construed and enforced in accordance with and governed by the laws of such
state.

 

9.                                       If
any provision of this Agreement is invalid or unenforceable then, to the extent
possible, all of the remaining provisions of this Agreement shall remain in
full force and effect and shall be binding upon the parties hereto.

 

10.                                 Each
party agrees to execute and deliver such other assignments, endorsements,
documents, agreements, and instruments and to take or cause to be taken such
further actions as may be necessary, or as any other party may reasonably
request, in order to effectuate or consummate the transactions contemplated
hereby.

 

11.                                 Each
party may waive their respective rights, powers, or privileges under this
Assignment; provided, that such waiver
shall be in writing; and further  provided,
that no failure or delay on the part of a party to exercise any right,
power, or privilege under this Assignment shall operate as a waiver thereof,
nor will any single or partial exercise of any power or privilege under this
Assignment preclude any other or further exercise thereof or the exercise of
any other right, power, or privilege by a party under this Agreement, nor will
any such waiver operate or be construed as a future waiver of such right,
power, or privilege under this Assignment.

 

12.                                 This
Agreement may not be changed, modified, discharged or terminated orally or in
any other manner than by an agreement in writing signed by the parties hereto
or their respective successors and assigns.

 

IN WITNESS WHEREOF, Assignor has caused this
Assignment to be duly executed under seal as of the day and year first above
written.

 

	
   

  	
   

  	
  ASSIGNOR:

  
	
   

  	
   

  	
   

  
	
  Witness:

  	
   

  	
  PEOPLE’S BANK

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
  Name:

  
	
   

  	
   

  	
  Title:

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  ASSIGNEE:

  
	
   

  	
   

  	
   

  
	
  Witness:

  	
   

  	
  [ PURCHASER’S NAME ]

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
  By:

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
  Name:

  
	
   

  	
   

  	
   

  	
  Title:

  
	
   

  	
   

  	
   

  	
   

  
								

 

36

 

	
  STATE OF CONNECTICUT

  	
  )

  	
   

  
	
   

  	
  )

  	
  ss. Bridgeport

  
	
  COUNTY OF FAIRFIELD

  	
  )

  	
   

  

 

 

Personally appeared                      , duly
authorized                                 
of People’s Bank, Signer and Sealer of the foregoing instrument, who
acknowledged the same to be his/her free act and deed, and the free act and
deed of said bank, before me on this                             
day of                   ,
2005.

 

	
   

  	
   

  	
   

  
	
   

  	
  Commissioner of the Superior

  
	
   

  	
  Court/Notary Public

  

 

 

	
  STATE OF CONNECTICUT

  	
  )

  
	
   

  	
  )ss.

  
	
  COUNTY OF

  	
  )

  

 

 

Personally appeared                      , duly
authorized                             
of Putnam Savings Bank, Signer and Sealer of the foregoing instrument, who
acknowledged the same to be his/her free act and deed, and the free act and
deed of said bank, before me on this                             
day of                   ,
2005.

 

 

	
   

  	
   

  	
   

  
	
   

  	
  Commissioner of the Superior

  
	
   

  	
  Court/Notary Public

  

 

37

 

Exhibit B

Form of
Assignment of Loans

 

 

ASSIGNMENT

 

PEOPLE’S BANK (“Seller”) for value received and
pursuant to the terms and conditions of that certain Purchase and Assumption
Agreement concerning the Griswold, 
Ledyard, and Plainfield Branches, between the Seller and [        PURCHASER’S
NAME         ] (“Buyer”)
dated as of [   AGREEMENT DATE   ]
(the “Agreement”), does hereby sell, assign, transfer, convey, and
deliver to Purchaser, its successors and assigns, effective as of 5:00 p.m. on [  CLOSING DATE   ] (the “Effective Time), all
right, title, and interest of Seller in and to the Personal Credit Lines,
Collateral Loans, and Business Credit Lines as set forth in the Schedule of
Assets attached hereto as Schedule I. 
This Assignment is made without representations or warranties except as
expressly set forth in the Agreement and subject to the terms and conditions of
the Agreement.

 

Executed as of the                             
                          
day of                           ,
2005

 

 

	
   

  	
  PEOPLE’S BANK

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Philip R. Sherringham

  
	
   

  	
  Its:

  	
  Executive Vice President and

  
	
   

  	
   

  	
  Chief Financial Officer

  

 

38

 

Exhibit C

Form of Interim Closing
Statement

 

PEOPLE’S
BANK BRANCH SALE

GRISWOLD,
LEDYARD, AND PLAINFIELD BRANCHES

INTERIM
CLOSING STATEMENT

[ D A T E
]

 

	
  Seller:

  	
  People’s
  Bank

  
	
  Purchaser:

  	
  Putnam
  Savings Bank

  
	
   

  	
   

  
	
  Closing
  Date:

  	
   

  
	
  Estimation
  Date:

  	
   

  

 

	
  TOTAL PURCHASE PRICE

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  CREDITS TO PURCHASER

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Earnest Money Deposit ($[ AMT ]) plus accured interest

  	
   

  	
   

  	
   

  	
  $

  	
  —

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Deposit Balances

  	
   

  	
   

  	
   

  	
  $

  	
  —

  	
   

  
	
  Retail Deposits

  	
   

  	
  —

  	
   

  	
   

  	
   

  
	
  Commercial Deposits

  	
   

  	
  —

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
  Total Credits Due Purchaser

  	
   

  	
   

  	
   

  	
  $

  	
  —

  	
   

  
	
  CREDITS TO SELLER

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Balance of Total Purchase Price

  	
   

  	
   

  	
   

  	
   

  	
  $

  	
  —

  	
   

  
	
  Loan Balances

  	
   

  	
   

  	
   

  	
   

  	
  $

  	
  —

  	
   

  
	
  Personal Credit Lines

  	
   

  	
   

  	
  —

  	
   

  	
   

  	
   

  
	
  Collateral Loans

  	
   

  	
   

  	
  —

  	
   

  	
   

  	
   

  
	
  Business Credit Lines

  	
   

  	
   

  	
  —

  	
   

  	
   

  	
   

  
	
  Safe Deposit Box Fees

  	
   

  	
   

  	
   

  	
   

  	
  —

  	
   

  
	
  Miscellaneous Assets including overdrafts
  advanced

  	
   

  	
   

  	
   

  	
   

  	
  $

  	
  —

  	
   

  
	
  Furniture, Fixtures, Equipment

  	
   

  	
   

  	
  —

  	
   

  	
   

  	
   

  
	
  Overdrafts

  	
   

  	
   

  	
  —

  	
   

  	
   

  	
   

  
	
  Other

  	
   

  	
   

  	
  —

  	
   

  	
   

  	
   

  
	
  Miscellaneous Adjustments if any

  	
   

  	
   

  	
   

  	
   

  	
  $

  	
  —

  	
   

  
	
  Personal Property Tax

  	
   

  	
   

  	
  —

  	
   

  	
   

  	
   

  
	
  Other

  	
   

  	
   

  	
  —

  	
   

  	
   

  	
   

  
	
  Cash on Hand

  	
   

  	
   

  	
   

  	
   

  	
  $

  	
  —

  	
   

  
	
   

  	
  Total Funds Due Seller

  	
   

  	
   

  	
   

  	
  $

  	
  —

  	
   

  
	
  FUNDS DUE TO PURCHASER AT
  CLOSING

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Total Funds Due Purchaser

  	
   

  	
   

  	
   

  	
   

  	
  $

  	
  —

  	
   

  
	
  Total Funds Due Seller

  	
   

  	
   

  	
   

  	
   

  	
  —

  	
   

  
	
   

  	
  Balance Due to Purchaser

  	
   

  	
   

  	
   

  	
  $

  	
  —

  	
   

  

 

39

 

Exhibit D

Form of
Bill of Sale

 

BILL OF SALE

 

PEOPLE’S BANK (“Seller”) for value received and
pursuant to the terms and conditions of that certain Purchase and Assumption
Agreement Concerning the Griswold, 
Ledyard, and Plainfield Branches between the Seller and [       PURCHASER’S NAME         ] (“Buyer”) dated as of [   AGREEMENT DATE   ] (the “Agreement”), does hereby
sell, assign, and convey to Buyer, its successors and assigns, all right,
title, and interest of Seller in and to the property listed in Schedule I,
attached hereto, and made a part hereof for all purposes.  This sale is made without representations and
warranties except as expressly set forth in the Agreement and subject to the
terms and conditions contained in the Agreement.

 

EXECUTED effective as of 5:00 p.m. on the [ CLOSING DAY  ] of [ CLOSING MONTH ], 2005.

 

	
   

  	
  PEOPLE’S BANK

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
  Philip R. Sherringham

  
	
   

  	
  Its:

  	
  Executive Vice President and

  
	
   

  	
   

  	
  Chief Financial Officer

  

 

40

 

Schedule I:
Schedule of Assets

 

In addition to the following assets, the
lease of the Branch Premises and any and all other assets expressly included in
the Lease Assignments are among the Assets to be transferred pursuant to this
Agreement in accordance with the terms of the Lease Assignments.

 

 

A.  Personal Credit Lines (as of 4/30/2005)

 

	
  Deposit Acct

  Description

  	
   

  	
  Number of Accts

  With Credit Lines

  	
   

  	
  Total Credit

  Lines

  	
   

  	
  Credit Line

  in Use

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Checking

  	
   

  	
  160

  	
   

  	
  $

  	
  176,000

  	
   

  	
  $

  	
  15,072

  	
   

  
	
  Now

  	
   

  	
  2

  	
   

  	
  $

  	
  3,500

  	
   

  	
  —

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  TOTAL PERSONAL
  CREDIT LINES

  	
   

  	
  162

  	
   

  	
  $

  	
  179,500

  	
   

  	
  $

  	
  15,072

  	
   

  

 

B.  Collateral Loans Secured with Passbook
Accounts (as of 4/30/2005)

 

	
  Description

  	
   

  	
  Number of

  Accounts

  	
   

  	
  Principal

  Balance

  	
   

  	
  Current

  Rate (%)

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Collateral Loans

  	
   

  	
  19

  	
   

  	
  $

  	
  166,816.50

  	
   

  	
  4.60

  	
   

  
									

 

C.  Business
Credit Lines (as of 4/30/2005)

 

	
  Deposit Acct

  Description

  	
   

  	
  Number of Accts

  With Credit Lines

  	
   

  	
  Total Credit

  Lines

  	
   

  	
  Credit Line

  in Use

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Commercial
  Checking

  	
   

  	
  12

  	
   

  	
  $

  	
  109,500

  	
   

  	
  $

  	
  54,312

  	
   

  
										

 

D. 
Vault Cash (as of 4/30/2005)

 

	
  Ledyard

  	
   

  	
  $

  	
  197,463

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  Plainfield

  	
   

  	
  $

  	
  190,539

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  Griswald

  	
   

  	
  $

  	
  402,030

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  TOTAL

  	
   

  	
  $

  	
  790,032

  	
   

  
						

 

1

 

E.  Overdrafts

 

Overdrafts as of
the Closing Date that are associated with Retail or Commercial Deposit accounts
referenced in Schedule II (the Schedule of Deposit Liabilities) will be included
in the sale.

 

F.  Safe Deposit Accounts

 

See
Schedule III

 

G.   Miscellaneous Assets

 

See Fixed
Assets Lists for each Branch on the following pages

 

2

 

Fixed Assets - Griswold Branch  RC 7155

As of April 30, 2005

 

	
  Asset Nbr

  	
   

  	
  Location

  	
   

  	
  Description

  	
   

  	
  Manufacturer

  	
   

  	
  Model
  Number

  	
   

  	
  Orig
  Cost

  	
   

  	
  Deprec

  	
   

  	
  @
  4/30/05

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  0405035

  	
   

  	
  461 VOLUNTOWN RD.
  GRISWOLD

  	
   

  	
  CAMERA CONTROL
  UNIT - SECURITY

  	
   

  	
  NAVCO

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  0405050

  	
   

  	
  461 VOLUNTOWN RD.
  GRISWOLD

  	
   

  	
  CLOSED CIRCUIT
  MONITOR - SECURITY SYSTEM

  	
   

  	
  SANYO

  	
   

  	
  550

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  0405027

  	
   

  	
  461 VOLUNTOWN RD.
  GRISWOLD

  	
   

  	
  TIME ELAPSE
  RECORDER - SECURITY SYSTEM

  	
   

  	
  NAVCO

  	
   

  	
  2700

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  0404764

  	
   

  	
  461 VOLUNTOWN RD.
  GRISWOLD

  	
   

  	
  SECURITY CAMERA

  	
   

  	
  NAVCO

  	
   

  	
  3000

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  0404772

  	
   

  	
  461 VOLUNTOWN RD.
  GRISWOLD

  	
   

  	
  SECURITY CAMERA

  	
   

  	
  NAVCO

  	
   

  	
  3000

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  0404780

  	
   

  	
  461 VOLUNTOWN RD.
  GRISWOLD

  	
   

  	
  SECURITY CAMERA

  	
   

  	
  NAVCO

  	
   

  	
  3000

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  0404723

  	
   

  	
  461 VOLUNTOWN RD.
  GRISWOLD

  	
   

  	
  SECURITY CAMERA

  	
   

  	
  NAVCO

  	
   

  	
  3000

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  0404731

  	
   

  	
  461 VOLUNTOWN RD.
  GRISWOLD

  	
   

  	
  SECURITY CAMERA

  	
   

  	
  NAVCO

  	
   

  	
  3000

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  0404749

  	
   

  	
  461 VOLUNTOWN RD.
  GRISWOLD

  	
   

  	
  SECURITY CAMERA

  	
   

  	
  NAVCO

  	
   

  	
  3000

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  0404756

  	
   

  	
  461 VOLUNTOWN RD.
  GRISWOLD

  	
   

  	
  SECURITY CAMERA

  	
   

  	
  NAVCO

  	
   

  	
  3000

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
  SUBTOTAL CAMERA EQUIPMENT

  	
   

  	
   

  	
   

  	
   

  	
   

  	
  8,158

  	
   

  	
  8,158

  	
   

  	
  —

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  0396341

  	
   

  	
  461 VOLUNTOWN RD.
  GRISWOLD

  	
   

  	
  FAX MACHINE

  	
   

  	
  OKIDATA

  	
   

  	
  OKIFAX 5300

  	
   

  	
  1,246

  	
   

  	
  1,246

  	
   

  	
  —

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  0404921

  	
   

  	
  461 VOLUNTOWN RD.
  GRISWOLD

  	
   

  	
  CURRENCY COUNTER

  	
   

  	
  MAGNER

  	
   

  	
  95UMD

  	
   

  	
  1,452

  	
   

  	
  1,452

  	
   

  	
  —

  	
   

  
	
  0404939

  	
   

  	
  461 VOLUNTOWN RD.
  GRISWOLD

  	
   

  	
  CURRENCY COUNTER

  	
   

  	
  GLORY

  	
   

  	
  GFB-520

  	
   

  	
  1,330

  	
   

  	
  1,064

  	
   

  	
  266

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Not Tagged

  	
   

  	
  461 VOLUNTOWN RD.
  GRISWOLD

  	
   

  	
  PAPER SHREDDER

  	
   

  	
   

  	
   

  	
   

  	
   

  	
  822

  	
   

  	
  822

  	
   

  	
  —

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Not Tagged

  	
   

  	
  461 VOLUNTOWN RD.
  GRISWOLD

  	
   

  	
  ATM CHECK DESK

  	
   

  	
   

  	
   

  	
   

  	
   

  	
  510

  	
   

  	
  321

  	
   

  	
  189

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  0404707

  	
   

  	
  461 VOLUNTOWN RD.
  GRISWOLD

  	
   

  	
  RATE BOARD

  	
   

  	
  NO MFG AVAILABLE

  	
   

  	
   

  	
   

  	
  1,685

  	
   

  	
  1,685

  	
   

  	
  —

  	
   

  
	
  Not Tagged

  	
   

  	
  461 VOLUNTOWN RD.
  GRISWOLD

  	
   

  	
  OTHER SIGNAGE

  	
   

  	
   

  	
   

  	
   

  	
   

  	
  22,343

  	
   

  	
  22,343

  	
   

  	
  —

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Not Tagged

  	
   

  	
  461 VOLUNTOWN RD.
  GRISWOLD

  	
   

  	
  TRANE HEAT PUMP

  	
   

  	
   

  	
   

  	
   

  	
   

  	
  3,291

  	
   

  	
  1,189

  	
   

  	
  2,103

  	
   

  
	
  Not Tagged

  	
   

  	
  461 VOLUNTOWN RD.
  GRISWOLD

  	
   

  	
  CARPETING

  	
   

  	
   

  	
   

  	
   

  	
   

  	
  7,700

  	
   

  	
  1,412

  	
   

  	
  6,289

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  0404715

  	
   

  	
  461 VOLUNTOWN RD.
  GRISWOLD

  	
   

  	
  DRIVE-UP SYSTEM

  	
   

  	
  NO MFG AVAILABLE

  	
   

  	
   

  	
   

  	
  5,193

  	
   

  	
  5,193

  	
   

  	
  —

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Not Tagged

  	
   

  	
  461 VOLUNTOWN RD.
  GRISWOLD

  	
   

  	
  VARIOUS LEASEHOLD
  IMPROVEMENTS-MILLWORK

  	
   

  	
   

  	
   

  	
   

  	
   

  	
  41,522

  	
   

  	
  16,091

  	
   

  	
  25,431

  	
   

  
	
  Not Tagged

  	
   

  	
  461 VOLUNTOWN RD.
  GRISWOLD

  	
   

  	
  Site Work,
  Architectural, Engineering, Mgt Fees

  	
   

  	
   

  	
   

  	
   

  	
   

  	
  27,650

  	
   

  	
  10,715

  	
   

  	
  16,935

  	
   

  
	
  Not Tagged

  	
   

  	
  461 VOLUNTOWN RD.
  GRISWOLD

  	
   

  	
  Historical
  Leasehold Improvements

  	
   

  	
   

  	
   

  	
   

  	
   

  	
  79,108

  	
   

  	
  79,108

  	
   

  	
  —

  	
   

  
	
  Not Tagged

  	
   

  	
  461 VOLUNTOWN RD.
  GRISWOLD

  	
   

  	
  ATM Surround

  	
   

  	
   

  	
   

  	
   

  	
   

  	
  6,376

  	
   

  	
  6,376

  	
   

  	
  —

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  0408005

  	
   

  	
  461 VOLUNTOWN RD.
  GRISWOLD

  	
   

  	
  NIGHT DEPOSITORY

  	
   

  	
  NO MFG AVAILABLE

  	
   

  	
   

  	
   

  	
  4,059

  	
   

  	
  4,059

  	
   

  	
  —

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  0404947

  	
   

  	
  461 VOLUNTOWN RD.
  GRISWOLD

  	
   

  	
  COPIER

  	
   

  	
  CANON

  	
   

  	
  NP6030

  	
   

  	
  1,640

  	
   

  	
  1,640

  	
   

  	
  —

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  0407668

  	
   

  	
  461 VOLUNTOWN RD.
  GRISWOLD

  	
   

  	
  TELLER PEDESTAL

  	
   

  	
  STEELCASE

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  0407676

  	
   

  	
  461 VOLUNTOWN RD.
  GRISWOLD

  	
   

  	
  TELLER PEDESTAL

  	
   

  	
  STEELCASE

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  0407684

  	
   

  	
  461 VOLUNTOWN RD.
  GRISWOLD

  	
   

  	
  TELLER PEDESTAL

  	
   

  	
  STEELCASE

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  0407692

  	
   

  	
  461 VOLUNTOWN RD.
  GRISWOLD

  	
   

  	
  TELLER PEDESTAL

  	
   

  	
  STEELCASE

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  0407700

  	
   

  	
  461 VOLUNTOWN RD.
  GRISWOLD

  	
   

  	
  TELLER PEDESTAL

  	
   

  	
  STEELCASE

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  0407718

  	
   

  	
  461 VOLUNTOWN RD.
  GRISWOLD

  	
   

  	
  TELLER PEDESTAL

  	
   

  	
  STEELCASE

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  

 

1

 

	
  Asset Nbr

  	
   

  	
  Location

  	
   

  	
  Description

  	
   

  	
  Manufacturer

  	
   

  	
  Model
  Number

  	
   

  	
  Orig
  Cost

  	
   

  	
  Deprec

  	
   

  	
  @
  4/30/05

  	
   

  
	
  0407783

  	
   

  	
  461 VOLUNTOWN RD.
  GRISWOLD

  	
   

  	
  TELLER PEDESTAL

  	
   

  	
  STEELCASE

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  0407817

  	
   

  	
  461 VOLUNTOWN RD.
  GRISWOLD

  	
   

  	
  TELLER PEDESTAL

  	
   

  	
  STEELCASE

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  0407833

  	
   

  	
  461 VOLUNTOWN RD.
  GRISWOLD

  	
   

  	
  TELLER PEDESTAL

  	
   

  	
  STEELCASE

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  0407866

  	
   

  	
  461 VOLUNTOWN RD.
  GRISWOLD

  	
   

  	
  TELLER PEDESTAL

  	
   

  	
  STEELCASE

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  0407874

  	
   

  	
  461 VOLUNTOWN RD.
  GRISWOLD

  	
   

  	
  TELLER PEDESTAL

  	
   

  	
  STEELCASE

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  0407916

  	
   

  	
  461 VOLUNTOWN RD.
  GRISWOLD

  	
   

  	
  TELLER PEDESTAL

  	
   

  	
  STEELCASE

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  0407957

  	
   

  	
  461 VOLUNTOWN RD.
  GRISWOLD

  	
   

  	
  TELLER PEDESTAL

  	
   

  	
  STEELCASE

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
  Sub Total Teller Pedestals (Cash Lockers on FA
  system)

  	
   

  	
   

  	
   

  	
   

  	
   

  	
  3,163

  	
   

  	
  3,163

  	
   

  	
  —

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  0404699

  	
   

  	
  461 VOLUNTOWN RD.
  GRISWOLD

  	
   

  	
  SAFE DEPOSIT

  	
   

  	
  NO MFG AVAILABLE

  	
   

  	
   

  	
   

  	
  3,267

  	
   

  	
  3,267

  	
   

  	
  —

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  0404673

  	
   

  	
  461 VOLUNTOWN RD.
  GRISWOLD

  	
   

  	
  POST & ROPES
  (Queing System)

  	
   

  	
  LAWRENCE METAL

  	
   

  	
  TENSABARRIER

  	
   

  	
  1,600

  	
   

  	
  1,600

  	
   

  	
  —

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  0404681

  	
   

  	
  461 VOLUNTOWN RD.
  GRISWOLD

  	
   

  	
  VAULT

  	
   

  	
  SC COLLIER

  	
   

  	
   

  	
   

  	
  36,706

  	
   

  	
  36,706

  	
   

  	
  —

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Not Tagged

  	
   

  	
  461 VOLUNTOWN RD.
  GRISWOLD

  	
   

  	
  Alarm System

  	
   

  	
   

  	
   

  	
   

  	
   

  	
  16,526

  	
   

  	
  16,526

  	
   

  	
  —

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  0404897

  	
   

  	
  461 VOLUNTOWN RD.
  GRISWOLD

  	
   

  	
  GUEST CHAIR -
  SLED BASE

  	
   

  	
  GUNLOCK

  	
   

  	
   

  	
   

  	
  158

  	
   

  	
  158

  	
   

  	
   

  	
   

  
	
  0404954

  	
   

  	
  461 VOLUNTOWN RD.
  GRISWOLD

  	
   

  	
  GUEST CHAIR -
  SLED BASE

  	
   

  	
  ALLSTEEL

  	
   

  	
   

  	
   

  	
  158

  	
   

  	
  158

  	
   

  	
   

  	
   

  
	
  0404962

  	
   

  	
  461 VOLUNTOWN RD.
  GRISWOLD

  	
   

  	
  GUEST CHAIR -
  SLED BASE

  	
   

  	
  ALLSTEEL

  	
   

  	
   

  	
   

  	
  158

  	
   

  	
  158

  	
   

  	
   

  	
   

  
	
  0404970

  	
   

  	
  461 VOLUNTOWN RD.
  GRISWOLD

  	
   

  	
  GUEST CHAIR -
  SLED BASE

  	
   

  	
  ALLSTEEL

  	
   

  	
   

  	
   

  	
  158

  	
   

  	
  158

  	
   

  	
   

  	
   

  
	
  0404988

  	
   

  	
  461 VOLUNTOWN RD.
  GRISWOLD

  	
   

  	
  GUEST CHAIR -
  SLED BASE

  	
   

  	
  ALLSTEEL

  	
   

  	
   

  	
   

  	
  158

  	
   

  	
  158

  	
   

  	
   

  	
   

  
	
  0405068

  	
   

  	
  461 VOLUNTOWN RD.
  GRISWOLD

  	
   

  	
  GUEST CHAIR -
  SLED BASE

  	
   

  	
  GUNLOCKE

  	
   

  	
   

  	
   

  	
  282

  	
   

  	
  282

  	
   

  	
   

  	
   

  
	
  0405076

  	
   

  	
  461 VOLUNTOWN RD.
  GRISWOLD

  	
   

  	
  GUEST CHAIR -
  SLED BASE

  	
   

  	
  GUNLOCKE

  	
   

  	
   

  	
   

  	
  282

  	
   

  	
  282

  	
   

  	
   

  	
   

  
	
  0405084

  	
   

  	
  461 VOLUNTOWN RD.
  GRISWOLD

  	
   

  	
  GUEST CHAIR -
  SLED BASE

  	
   

  	
  GUNLOCKE

  	
   

  	
   

  	
   

  	
  282

  	
   

  	
  282

  	
   

  	
   

  	
   

  
	
  0405092

  	
   

  	
  461 VOLUNTOWN RD.
  GRISWOLD

  	
   

  	
  GUEST CHAIR -
  SLED BASE

  	
   

  	
  GUNLOCKE

  	
   

  	
   

  	
   

  	
  282

  	
   

  	
  282

  	
   

  	
   

  	
   

  
	
  0405118

  	
   

  	
  461 VOLUNTOWN RD.
  GRISWOLD

  	
   

  	
  GUEST CHAIR -
  SLED BASE

  	
   

  	
  GUNLOCKE

  	
   

  	
   

  	
   

  	
  282

  	
   

  	
  282

  	
   

  	
   

  	
   

  
	
  0405126

  	
   

  	
  461 VOLUNTOWN RD.
  GRISWOLD

  	
   

  	
  GUEST CHAIR -
  SLED BASE

  	
   

  	
  GUNLOCKE

  	
   

  	
   

  	
   

  	
  282

  	
   

  	
  282

  	
   

  	
   

  	
   

  
	
  0560474

  	
   

  	
  461 VOLUNTOWN RD.
  GRISWOLD

  	
   

  	
  GUEST CHAIR -
  SLED BASE

  	
   

  	
  STEELCASE

  	
   

  	
   

  	
   

  	
  158

  	
   

  	
  158

  	
   

  	
   

  	
   

  
	
  0560466

  	
   

  	
  461 VOLUNTOWN RD.
  GRISWOLD

  	
   

  	
  GUEST CHAIR -
  SLED BASE

  	
   

  	
  STEELCASE

  	
   

  	
   

  	
   

  	
  158

  	
   

  	
  158

  	
   

  	
   

  	
   

  
	
  0560516

  	
   

  	
  461 VOLUNTOWN RD.
  GRISWOLD

  	
   

  	
  GUEST CHAIR -
  SLED BASE

  	
   

  	
  STEELCASE

  	
   

  	
   

  	
   

  	
  158

  	
   

  	
  158

  	
   

  	
   

  	
   

  
	
  0560524

  	
   

  	
  461 VOLUNTOWN RD.
  GRISWOLD

  	
   

  	
  GUEST CHAIR -
  SLED BASE

  	
   

  	
  STEELCASE

  	
   

  	
   

  	
   

  	
  158

  	
   

  	
  158

  	
   

  	
   

  	
   

  
	
  0560532

  	
   

  	
  461 VOLUNTOWN RD.
  GRISWOLD

  	
   

  	
  GUEST CHAIR -
  SLED BASE

  	
   

  	
  STEELCASE

  	
   

  	
   

  	
   

  	
  158

  	
   

  	
  158

  	
   

  	
   

  	
   

  
	
  0560540

  	
   

  	
  461 VOLUNTOWN RD.
  GRISWOLD

  	
   

  	
  GUEST CHAIR -
  SLED BASE

  	
   

  	
  STEELCASE

  	
   

  	
   

  	
   

  	
  158

  	
   

  	
  158

  	
   

  	
   

  	
   

  
	
  0396259

  	
   

  	
  461 VOLUNTOWN RD.
  GRISWOLD

  	
   

  	
  GUEST CHAIR -
  SLED BASE

  	
   

  	
  STEELCASE

  	
   

  	
   

  	
   

  	
  224

  	
   

  	
  224

  	
   

  	
   

  	
   

  
	
  0396267

  	
   

  	
  461 VOLUNTOWN RD.
  GRISWOLD

  	
   

  	
  GUEST CHAIR -
  SLED BASE

  	
   

  	
  STEELCASE

  	
   

  	
   

  	
   

  	
  224

  	
   

  	
  224

  	
   

  	
   

  	
   

  
	
  0396416

  	
   

  	
  461 VOLUNTOWN RD.
  GRISWOLD

  	
   

  	
  GUEST CHAIR -
  SLED BASE

  	
   

  	
  GUNLOCKE

  	
   

  	
   

  	
   

  	
  219

  	
   

  	
  219

  	
   

  	
   

  	
   

  
	
  0396424

  	
   

  	
  461 VOLUNTOWN RD.
  GRISWOLD

  	
   

  	
  GUEST CHAIR -
  SLED BASE

  	
   

  	
  GUNLOCKE

  	
   

  	
   

  	
   

  	
  219

  	
   

  	
  219

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  0405100

  	
   

  	
  461 VOLUNTOWN RD.
  GRISWOLD

  	
   

  	
  COFFEE TABLE

  	
   

  	
  NO MFG AVAILABLE

  	
   

  	
   

  	
   

  	
  220

  	
   

  	
  220

  	
   

  	
  —

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  0405134

  	
   

  	
  461 VOLUNTOWN RD.
  GRISWOLD

  	
   

  	
  END TABLE

  	
   

  	
  NO MFG AVAILABLE

  	
   

  	
   

  	
   

  	
  236

  	
   

  	
  236

  	
   

  	
  —

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  0560508

  	
   

  	
  461 VOLUNTOWN RD.
  GRISWOLD

  	
   

  	
  CREDENZA w/
  DRAWERS-DOORS

  	
   

  	
  STEELCASE

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  

 

2

 

	
  Asset Nbr

  	
   

  	
  Location

  	
   

  	
  Description

  	
   

  	
  Manufacturer

  	
   

  	
  Model
  Number

  	
   

  	
  Orig
  Cost

  	
   

  	
  Deprec

  	
   

  	
  @
  4/30/05

  	
   

  
	
  0560458

  	
   

  	
  461 VOLUNTOWN RD.
  GRISWOLD

  	
   

  	
  CREDENZA w/ KNEE
  SPACE

  	
   

  	
  STEELCASE

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  0396390

  	
   

  	
  461 VOLUNTOWN RD.
  GRISWOLD

  	
   

  	
  LATERAL FILE - 4
  DRAWER

  	
   

  	
  STEELCASE

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  0404913

  	
   

  	
  461 VOLUNTOWN RD.
  GRISWOLD

  	
   

  	
  LATERAL FILE - 2
  DRAWER

  	
   

  	
  STEELCASE

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  0560425

  	
   

  	
  461 VOLUNTOWN RD.
  GRISWOLD

  	
   

  	
  LATERAL FILE - 2
  DRAWER

  	
   

  	
  STEELCASE

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  0396317

  	
   

  	
  461 VOLUNTOWN RD.
  GRISWOLD

  	
   

  	
  LATERAL FILE - 2
  DRAWER

  	
   

  	
  STEELCASE

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  0396333

  	
   

  	
  461 VOLUNTOWN RD.
  GRISWOLD

  	
   

  	
  LATERAL FILE - 2
  DRAWER

  	
   

  	
  STEELCASE

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  0396408

  	
   

  	
  461 VOLUNTOWN RD.
  GRISWOLD

  	
   

  	
  LATERAL FILE - 2
  DRAWER

  	
   

  	
  STEELCASE

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  0560417

  	
   

  	
  461 VOLUNTOWN RD.
  GRISWOLD

  	
   

  	
  BOOKCASE - 3
  SHELF

  	
   

  	
  NO MFG AVAILABLE

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  0404996

  	
   

  	
  461 VOLUNTOWN RD.
  GRISWOLD

  	
   

  	
  BREAKROOM TABLE

  	
   

  	
  STEELCASE

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  0404871

  	
   

  	
  461 VOLUNTOWN RD.
  GRISWOLD

  	
   

  	
  LATERAL FILE - 3
  DRAWER

  	
   

  	
  STEELCASE

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
  5,465

  	
   

  	
  5,465

  	
   

  	
  —

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  0560433

  	
   

  	
  461 VOLUNTOWN RD.
  GRISWOLD

  	
   

  	
  OFFICER’S DESK -
  DOUBLE PEDESTAL

  	
   

  	
  GUNLOCKE

  	
   

  	
   

  	
   

  	
  1,001

  	
   

  	
  1,001

  	
   

  	
  —

  	
   

  
	
  0396275,0396283

  	
   

  	
  461 VOLUNTOWN RD.
  GRISWOLD

  	
   

  	
  OFFICER’S DESK -
  SINGLE PEDESTAL w/ Return

  	
   

  	
  GUNLOCKE

  	
   

  	
   

  	
   

  	
  1,202

  	
   

  	
  1,202

  	
   

  	
  —

  	
   

  
	
  039637,0396366

  	
   

  	
  461 VOLUNTOWN RD.
  GRISWOLD

  	
   

  	
  OFFICER’S DESK -
  SINGLE PEDESTAL w/ Return

  	
   

  	
  GUNLOCKE

  	
   

  	
   

  	
   

  	
  814

  	
   

  	
  814

  	
   

  	
  —

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Not Tagged

  	
   

  	
  461 VOLUNTOWN RD.
  GRISWOLD

  	
   

  	
  Misc Signage

  	
   

  	
   

  	
   

  	
   

  	
   

  	
  6,016

  	
   

  	
  6,016

  	
   

  	
  —

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  0407924

  	
   

  	
  461 VOLUNTOWN RD.
  GRISWOLD

  	
   

  	
  LASER PRINTER

  	
   

  	
  HEWLETT PACKARD

  	
   

  	
  LASERJET 4000N

  	
   

  	
  1,768

  	
   

  	
  1,768

  	
   

  	
  —

  	
   

  
	
  0396325

  	
   

  	
  461 VOLUNTOWN RD.
  GRISWOLD

  	
   

  	
  LASER PRINTER

  	
   

  	
  HEWLETT PACKARD

  	
   

  	
  LASERJET 4000N

  	
   

  	
  1,768

  	
   

  	
  1,768

  	
   

  	
  —

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
  Grand Total
  Griswold

  	
   

  	
   

  	
   

  	
   

  	
   

  	
  298,152

  	
   

  	
  246,940

  	
   

  	
  51,212

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Items in branch not specificially identified on FA
  system-could have been expensed, transferred from closed branch

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  0405019

  	
   

  	
  461 VOLUNTOWN RD.
  GRISWOLD

  	
   

  	
  MICROWAVE OVEN

  	
   

  	
  GE

  	
   

  	
  SPACEMAKER

  	
   

  	
  Expense

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  0405001

  	
   

  	
  461 VOLUNTOWN RD.
  GRISWOLD

  	
   

  	
  REFRIGERATOR

  	
   

  	
  DANBY

  	
   

  	
  MILLENIUM

  	
   

  	
  Expense

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  0405043

  	
   

  	
  461 VOLUNTOWN RD.
  GRISWOLD

  	
   

  	
  STORAGE CABINET -
  2 DOOR

  	
   

  	
  NO MFG AVAILABLE

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  0405142

  	
   

  	
  461 VOLUNTOWN RD.
  GRISWOLD

  	
   

  	
  TABLE - FIXED LEG
  BASE

  	
   

  	
  NO MFG AVAILABLE

  	
   

  	
   

  	
   

  	
  Expense

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  0560557

  	
   

  	
  461 VOLUNTOWN RD.
  GRISWOLD

  	
   

  	
  TABLE - FIXED LEG
  BASE

  	
   

  	
  NO MFG AVAILABLE

  	
   

  	
   

  	
   

  	
  Expense

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  0560482

  	
   

  	
  461 VOLUNTOWN RD.
  GRISWOLD

  	
   

  	
  TASK CHAIR NO
  ARMS

  	
   

  	
  STEELCASE

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  0396309

  	
   

  	
  461 VOLUNTOWN RD.
  GRISWOLD

  	
   

  	
  TASK CHAIR NO
  ARMS

  	
   

  	
  CARTWRIGHT

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  0396382

  	
   

  	
  461 VOLUNTOWN RD.
  GRISWOLD

  	
   

  	
  TASK CHAIR NO
  ARMS - PLASTIC BACK

  	
   

  	
  GUNLOCKE

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  0404889

  	
   

  	
  461 VOLUNTOWN RD.
  GRISWOLD

  	
   

  	
  TELLER STOOL

  	
   

  	
  STEELCASE

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  0407791

  	
   

  	
  461 VOLUNTOWN RD.
  GRISWOLD

  	
   

  	
  TELLER STOOL

  	
   

  	
  STEELCASE

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  0407940

  	
   

  	
  461 VOLUNTOWN RD.
  GRISWOLD

  	
   

  	
  TYPEWRITER

  	
   

  	
  SWINTEC

  	
   

  	
  2600

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  0404848

  	
   

  	
  461 VOLUNTOWN RD.
  GRISWOLD

  	
   

  	
  UNINTERRUPTED
  POWER SOURCE - PC

  	
   

  	
  APC

  	
   

  	
  SMART-UPS 1000

  	
   

  	
  Expense

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  0396440

  	
   

  	
  461 VOLUNTOWN RD.
  GRISWOLD

  	
   

  	
  VERTICAL FILE -
  LEGAL 2 DRAWER

  	
   

  	
  STEELCASE

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  0407999

  	
   

  	
  461 VOLUNTOWN RD.
  GRISWOLD

  	
   

  	
  CD PLAYER/CHANGER

  	
   

  	
  PANASONIC

  	
   

  	
  SA-PM18

  	
   

  	
  Expense

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  0407932

  	
   

  	
  461 VOLUNTOWN RD.
  GRISWOLD

  	
   

  	
  PASSBOOK
  VALIDATOR

  	
   

  	
  SPECTROLINE

  	
   

  	
  E-15S

  	
   

  	
  Expense

  	
   

  	
   

  	
   

  	
   

  	
   

  

 

3

 

Fixed Assets - Plainfield Branch  RC 7152

As of April 30, 2005

 

	
  Asset Nbr

  	
   

  	
  Location

  	
   

  	
  Description

  	
   

  	
  Manufacturer

  	
   

  	
  Model #

  	
   

  	
  Serial #

  	
   

  	
  Orig
  Cost

  	
   

  	
  Deprec

  	
   

  	
  @
  4/30/05

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  0404020

  	
   

  	
  67 LATHROP RD.
  PLAINFIELD

  	
   

  	
  FAX MACHINE

  	
   

  	
  OKIDATA

  	
   

  	
  OKIFAX 5650

  	
   

  	
  208A1010807

  	
   

  	
  1,128

  	
   

  	
  940

  	
   

  	
  188

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  0407411

  	
   

  	
  67 LATHROP RD.
  PLAINFIELD

  	
   

  	
  CLOSED CIRCUIT
  MONITOR - SECURITY SYSTEM

  	
   

  	
  LEFEBURE

  	
   

  	
  VM4509

  	
   

  	
  2795407

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  0407429

  	
   

  	
  67 LATHROP RD.
  PLAINFIELD

  	
   

  	
  TIME ELAPSE
  RECORDER - SECURITY SYSTEM

  	
   

  	
  NAVCO

  	
   

  	
  2700

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  0407437

  	
   

  	
  67 LATHROP RD.
  PLAINFIELD

  	
   

  	
  CAMERA CONTROL
  UNIT - SECURITY

  	
   

  	
  NAVCO

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  0404319

  	
   

  	
  67 LATHROP RD.
  PLAINFIELD

  	
   

  	
  SECURITY CAMERA

  	
   

  	
  NAVCO

  	
   

  	
  3000

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  0404327

  	
   

  	
  67 LATHROP RD.
  PLAINFIELD

  	
   

  	
  SECURITY CAMERA

  	
   

  	
  NAVCO

  	
   

  	
  3000

  	
   

  	
  1010414

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  0404335

  	
   

  	
  67 LATHROP RD.
  PLAINFIELD

  	
   

  	
  SECURITY CAMERA

  	
   

  	
  NAVCO

  	
   

  	
  3000

  	
   

  	
  1010413

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  0404343

  	
   

  	
  67 LATHROP RD.
  PLAINFIELD

  	
   

  	
  SECURITY CAMERA

  	
   

  	
  NAVCO

  	
   

  	
  3000

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  0404350

  	
   

  	
  67 LATHROP RD.
  PLAINFIELD

  	
   

  	
  SECURITY CAMERA

  	
   

  	
  NAVCO

  	
   

  	
  3000

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  0404368

  	
   

  	
  67 LATHROP RD.
  PLAINFIELD

  	
   

  	
  SECURITY CAMERA

  	
   

  	
  NAVCO

  	
   

  	
  3000

  	
   

  	
  V009366

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  0404376

  	
   

  	
  67 LATHROP RD.
  PLAINFIELD

  	
   

  	
  SECURITY CAMERA

  	
   

  	
  NAVCO

  	
   

  	
  3000

  	
   

  	
  1010174

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
  7,933

  	
   

  	
  7,933

  	
   

  	
  —

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  New-not tagged

  	
   

  	
  67 LATHROP RD.
  PLAINFIELD

  	
   

  	
  Currency Counter
  -2005 asset

  	
   

  	
  Glory

  	
   

  	
  SS20

  	
   

  	
   

  	
   

  	
  6,267

  	
   

  	
  313

  	
   

  	
  5,953

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  0404160

  	
   

  	
  67 LATHROP RD. PLAINFIELD

  	
   

  	
  COPIER

  	
   

  	
  TOSHIBA

  	
   

  	
  DP2570

  	
   

  	
  CAK030439

  	
   

  	
  4,023

  	
   

  	
  3,285

  	
   

  	
  737

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  0404178

  	
   

  	
  67 LATHROP RD.
  PLAINFIELD

  	
   

  	
  PAPER SHREDDER

  	
   

  	
  DAHLE

  	
   

  	
  20606C

  	
   

  	
  7-022098H1

  	
   

  	
  822

  	
   

  	
  822

  	
   

  	
  —

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Not Tagged

  	
   

  	
  67 LATHROP RD.
  PLAINFIELD

  	
   

  	
  Alarm System

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
  1,325

  	
   

  	
  994

  	
   

  	
  331

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  0404277

  	
   

  	
  67 LATHROP RD.
  PLAINFIELD

  	
   

  	
  POST & ROPES

  	
   

  	
  LAWRENCE METAL

  	
   

  	
  TENSABARRIER

  	
   

  	
   

  	
   

  	
  916

  	
   

  	
  255

  	
   

  	
  662

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  0404285

  	
   

  	
  67 LATHROP RD.
  PLAINFIELD

  	
   

  	
  RATE BOARD

  	
   

  	
  NO MFG AVAILABLE

  	
   

  	
   

  	
   

  	
   

  	
   

  	
  1,685

  	
   

  	
  1,685

  	
   

  	
  —

  	
   

  
	
  Not Tagged

  	
   

  	
  67 LATHROP RD.
  PLAINFIELD

  	
   

  	
  OTHER MISC
  SIGNAGE

  	
   

  	
  NO MFG AVAILABLE

  	
   

  	
   

  	
   

  	
   

  	
   

  	
  14,367

  	
   

  	
  14,259

  	
   

  	
  108

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Not Tagged

  	
   

  	
  67 LATHROP RD.
  PLAINFIELD

  	
   

  	
  Carpet

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
  5,989

  	
   

  	
  3,478

  	
   

  	
  2,512

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  0404665

  	
   

  	
  67 LATHROP RD.
  PLAINFIELD

  	
   

  	
  DRIVE-UP SYSTEM

  	
   

  	
  DIEBOLD

  	
   

  	
  2

  	
   

  	
   

  	
   

  	
  10,241

  	
   

  	
  597

  	
   

  	
  9,643

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Not Tagged

  	
   

  	
  67 LATHROP RD.
  PLAINFIELD

  	
   

  	
  Leasehold
  Improvements-Various

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
  177,322

  	
   

  	
  177,322

  	
   

  	
  —

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  0404095

  	
   

  	
  67 LATHROP RD.
  PLAINFIELD

  	
   

  	
  NIGHT DEPOSITORY

  	
   

  	
  DIEBOLD

  	
   

  	
  CASHGUARD

  	
   

  	
   

  	
   

  	
  13,144

  	
   

  	
  12,256

  	
   

  	
  888

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  0404145

  	
   

  	
  67 LATHROP RD.
  PLAINFIELD

  	
   

  	
  CURRENCY COUNTER

  	
   

  	
  BRANDT

  	
   

  	
  COUNTESS

  	
   

  	
  HI5039

  	
   

  	
  4,732

  	
   

  	
  4,732

  	
   

  	
  —

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  0403816

  	
   

  	
  67 LATHROP RD.
  PLAINFIELD

  	
   

  	
  TELLER
  PEDESTAL-LOCKERS

  	
   

  	
  LEFEBURE

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  0403824

  	
   

  	
  67 LATHROP RD. PLAINFIELD

  	
   

  	
  TELLER
  PEDESTAL-LOCKERS

  	
   

  	
  LEFEBURE

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  

 

4

 

	
  Asset Nbr

  	
   

  	
  Location

  	
   

  	
  Description

  	
   

  	
  Manufacturer

  	
   

  	
  Model #

  	
   

  	
  Serial #

  	
   

  	
  Orig
  Cost

  	
   

  	
  Deprec

  	
   

  	
  @
  4/30/05

  	
   

  
	
  0403832

  	
   

  	
  67 LATHROP RD.
  PLAINFIELD

  	
   

  	
  TELLER
  PEDESTAL-LOCKERS

  	
   

  	
  LEFEBURE

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  0403840

  	
   

  	
  67 LATHROP RD.
  PLAINFIELD

  	
   

  	
  TELLER
  PEDESTAL-LOCKERS

  	
   

  	
  LEFEBURE

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  0403857

  	
   

  	
  67 LATHROP RD.
  PLAINFIELD

  	
   

  	
  TELLER
  PEDESTAL-LOCKERS

  	
   

  	
  LEFEBURE

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  0403865

  	
   

  	
  67 LATHROP RD.
  PLAINFIELD

  	
   

  	
  TELLER
  PEDESTAL-LOCKERS

  	
   

  	
  LEFEBURE

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  0403873

  	
   

  	
  67 LATHROP RD.
  PLAINFIELD

  	
   

  	
  TELLER
  PEDESTAL-LOCKERS

  	
   

  	
  LEFEBURE

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  0399519

  	
   

  	
  67 LATHROP RD.
  PLAINFIELD

  	
   

  	
  TELLER
  PEDESTAL-LOCKERS

  	
   

  	
  FENCO

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  0407445

  	
   

  	
  67 LATHROP RD.
  PLAINFIELD

  	
   

  	
  TELLER STORAGE
  CABINET

  	
   

  	
  LEFEBURE

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
  4,655

  	
   

  	
  4,655

  	
   

  	
  —

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  0404301

  	
   

  	
  67 LATHROP RD.
  PLAINFIELD

  	
   

  	
  SAFE DEPOSIT

  	
   

  	
  NO MFG AVAILABLE

  	
   

  	
   

  	
   

  	
   

  	
   

  	
  8,166

  	
   

  	
  8,166

  	
   

  	
  —

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  0404442

  	
   

  	
  67 LATHROP RD.
  PLAINFIELD

  	
   

  	
  TYPEWRITER

  	
   

  	
  SWINTEC

  	
   

  	
  1146CM

  	
   

  	
   

  	
   

  	
  516

  	
   

  	
  516

  	
   

  	
  —

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  0404293

  	
   

  	
  67 LATHROP RD.
  PLAINFIELD

  	
   

  	
  VAULT

  	
   

  	
  LEFEBURE

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
  32,864

  	
   

  	
  32,864

  	
   

  	
  —

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Not Tagged

  	
   

  	
  67 LATHROP RD.
  PLAINFIELD

  	
   

  	
  Alarm System

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
  10,057

  	
   

  	
  10,057

  	
   

  	
  —

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  0404194

  	
   

  	
  67 LATHROP RD.
  PLAINFIELD

  	
   

  	
  GUEST CHAIR -
  SLED BASE

  	
   

  	
  FIXTURES FURNITURE

  	
   

  	
   

  	
   

  	
   

  	
   

  	
  599

  	
   

  	
  599

  	
   

  	
  —

  	
   

  
	
  0404202

  	
   

  	
  67 LATHROP RD.
  PLAINFIELD

  	
   

  	
  GUEST CHAIR -
  SLED BASE

  	
   

  	
  FIXTRES FURNITURE

  	
   

  	
   

  	
   

  	
   

  	
   

  	
  599

  	
   

  	
  599

  	
   

  	
  —

  	
   

  
	
  0404210

  	
   

  	
  67 LATHROP RD.
  PLAINFIELD

  	
   

  	
  GUEST CHAIR -
  SLED BASE

  	
   

  	
  FIXTURES
  FURNITURE

  	
   

  	
   

  	
   

  	
   

  	
   

  	
  599

  	
   

  	
  599

  	
   

  	
  —

  	
   

  
	
  0404483

  	
   

  	
  67 LATHROP RD.
  PLAINFIELD

  	
   

  	
  GUEST CHAIR -
  SLED BASE

  	
   

  	
  FIXTURS FURNITURE

  	
   

  	
   

  	
   

  	
   

  	
   

  	
  580

  	
   

  	
  580

  	
   

  	
  —

  	
   

  
	
  0404491

  	
   

  	
  67 LATHROP RD.
  PLAINFIELD

  	
   

  	
  GUEST CHAIR -
  SLED BASE

  	
   

  	
  STEELCASE

  	
   

  	
   

  	
   

  	
   

  	
   

  	
  580

  	
   

  	
  580

  	
   

  	
  —

  	
   

  
	
  0404657

  	
   

  	
  67 LATHROP RD.
  PLAINFIELD

  	
   

  	
  GUEST CHAIR -
  SLED BASE

  	
   

  	
  STEELCASE

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  0407585

  	
   

  	
  67 LATHROP RD.
  PLAINFIELD

  	
   

  	
  GUEST CHAIR -
  SLED BASE

  	
   

  	
  STEELCASE

  	
   

  	
   

  	
   

  	
   

  	
   

  	
  599

  	
   

  	
  599

  	
   

  	
  —

  	
   

  
	
  0407593

  	
   

  	
  67 LATHROP RD.
  PLAINFIELD

  	
   

  	
  GUEST CHAIR -
  SLED BASE

  	
   

  	
  STEELCASE

  	
   

  	
   

  	
   

  	
   

  	
   

  	
  599

  	
   

  	
  599

  	
   

  	
  —

  	
   

  
	
  0407601

  	
   

  	
  67 LATHROP RD.
  PLAINFIELD

  	
   

  	
  GUEST CHAIR -
  SLED BASE

  	
   

  	
  STEELCASE

  	
   

  	
   

  	
   

  	
   

  	
   

  	
  599

  	
   

  	
  599

  	
   

  	
  —

  	
   

  
	
  0399568

  	
   

  	
  67 LATHROP RD.
  PLAINFIELD

  	
   

  	
  GUEST CHAIR -
  SLED BASE

  	
   

  	
  STEELCASE

  	
   

  	
   

  	
   

  	
   

  	
   

  	
  575

  	
   

  	
  575

  	
   

  	
  —

  	
   

  
	
  0399576

  	
   

  	
  67 LATHROP RD.
  PLAINFIELD

  	
   

  	
  GUEST CHAIR -
  SLED BASE

  	
   

  	
  STEELCASE

  	
   

  	
   

  	
   

  	
   

  	
   

  	
  575

  	
   

  	
  575

  	
   

  	
  —

  	
   

  
	
  0399600

  	
   

  	
  67 LATHROP RD.
  PLAINFIELD

  	
   

  	
  GUEST CHAIR -
  SLED BASE

  	
   

  	
  STEELCASE

  	
   

  	
   

  	
   

  	
   

  	
   

  	
  575

  	
   

  	
  575

  	
   

  	
  —

  	
   

  
	
  0396010

  	
   

  	
  67 LATHROP RD.
  PLAINFIELD

  	
   

  	
  GUEST CHAIR -
  SLED BASE

  	
   

  	
  STEELCASE

  	
   

  	
   

  	
   

  	
   

  	
   

  	
  575

  	
   

  	
  575

  	
   

  	
  —

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  0407528

  	
   

  	
  67 LATHROP RD.
  PLAINFIELD

  	
   

  	
  TASK CHAIR NO
  ARMS

  	
   

  	
  STEELCASE

  	
   

  	
   

  	
   

  	
   

  	
   

  	
  424

  	
   

  	
  424

  	
   

  	
  —

  	
   

  
	
  0407536

  	
   

  	
  67 LATHROP RD.
  PLAINFIELD

  	
   

  	
  TASK CHAIR w/
  ARMS

  	
   

  	
  STEELCASE

  	
   

  	
   

  	
   

  	
   

  	
   

  	
  403

  	
   

  	
  403

  	
   

  	
  —

  	
   

  
	
  0399527

  	
   

  	
  67 LATHROP RD.
  PLAINFIELD

  	
   

  	
  TASK CHAIR w/
  ARMS

  	
   

  	
  STEELCASE

  	
   

  	
   

  	
   

  	
   

  	
   

  	
  403

  	
   

  	
  403

  	
   

  	
  —

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  0404103

  	
   

  	
  67 LATHROP RD.
  PLAINFIELD

  	
   

  	
  TELLER STOOL

  	
   

  	
  STEELCASE

  	
   

  	
   

  	
   

  	
   

  	
   

  	
  238

  	
   

  	
  238

  	
   

  	
  —

  	
   

  
	
  0404152

  	
   

  	
  67 LATHROP RD.
  PLAINFIELD

  	
   

  	
  TELLER STOOL

  	
   

  	
  STEELCASE

  	
   

  	
   

  	
   

  	
   

  	
   

  	
  238

  	
   

  	
  238

  	
   

  	
  —

  	
   

  
	
  0404228

  	
   

  	
  67 LATHROP RD.
  PLAINFIELD

  	
   

  	
  TELLER STOOL

  	
   

  	
  STEELCASE

  	
   

  	
   

  	
   

  	
   

  	
   

  	
  238

  	
   

  	
  238

  	
   

  	
  —

  	
   

  

 

5

 

	
  Asset Nbr

  	
   

  	
  Location

  	
   

  	
  Description

  	
   

  	
  Manufacturer

  	
   

  	
  Model #

  	
   

  	
  Serial #

  	
   

  	
  Orig
  Cost

  	
   

  	
  Deprec

  	
   

  	
  @
  4/30/05

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  0407569

  	
   

  	
  67 LATHROP RD.
  PLAINFIELD

  	
   

  	
  DRUM TABLE

  	
   

  	
  NO MFG AVAILABLE

  	
   

  	
   

  	
   

  	
   

  	
   

  	
  395

  	
   

  	
  395

  	
   

  	
  —

  	
   

  
	
  0407577

  	
   

  	
  67 LATHROP RD.
  PLAINFIELD

  	
   

  	
  DRUM TABLE

  	
   

  	
  NO MFG AVAILABLE

  	
   

  	
   

  	
   

  	
   

  	
   

  	
  395

  	
   

  	
  395

  	
   

  	
  —

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  0396101

  	
   

  	
  67 LATHROP RD.
  PLAINFIELD

  	
   

  	
  TABLE - FIXED LEG
  BASE

  	
   

  	
  NO MFG AVAILABLE

  	
   

  	
   

  	
   

  	
   

  	
   

  	
  445

  	
   

  	
  445

  	
   

  	
  —

  	
   

  
	
  0407551

  	
   

  	
  67 LATHROP RD.
  PLAINFIELD

  	
   

  	
  TABLE - FIXED LEG
  BASE

  	
   

  	
  NO MFG AVAILABLE

  	
   

  	
   

  	
   

  	
   

  	
   

  	
  1,647

  	
   

  	
  1,647

  	
   

  	
  —

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  0399550

  	
   

  	
  67 LATHROP RD.
  PLAINFIELD

  	
   

  	
  OFFICER’S DESK -
  SINGLE PED W/ Ret

  	
   

  	
  STEELCASE

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  0399543

  	
   

  	
  67 LATHROP RD.
  PLAINFIELD

  	
   

  	
  RETURN SURFACE -
  OFFICER’S DESK

  	
   

  	
  STEELCASE

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
  2,118

  	
   

  	
  2,118

  	
   

  	
  —

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  0399493

  	
   

  	
  67 LATHROP RD.
  PLAINFIELD

  	
   

  	
  LATERAL FILE - 3
  DRAWER

  	
   

  	
  STEELCASE

  	
   

  	
   

  	
   

  	
   

  	
   

  	
  229

  	
   

  	
  229

  	
   

  	
  —

  	
   

  
	
  0396234

  	
   

  	
  67 LATHROP RD.
  PLAINFIELD

  	
   

  	
  LATERAL FILE - 3
  DRAWER

  	
   

  	
  STEELCASE

  	
   

  	
   

  	
   

  	
   

  	
   

  	
  229

  	
   

  	
  229

  	
   

  	
  —

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  0396069

  	
   

  	
  67 LATHROP RD.
  PLAINFIELD

  	
   

  	
  LATERAL FILE - 2
  DRAWER

  	
   

  	
  NO MFG AVAILABLE

  	
   

  	
   

  	
   

  	
   

  	
   

  	
  523

  	
   

  	
  523

  	
   

  	
  —

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  0404137

  	
   

  	
  67 LATHROP RD.
  PLAINFIELD

  	
   

  	
  TYPEWRITER STAND

  	
   

  	
  NO MFG AVAILABLE

  	
   

  	
   

  	
   

  	
   

  	
   

  	
  280

  	
   

  	
  280

  	
   

  	
  —

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  0399584

  	
   

  	
  67 LATHROP RD.
  PLAINFIELD

  	
   

  	
  CLEAR PANEL

  	
   

  	
  STEELCASE

  	
   

  	
   

  	
   

  	
   

  	
   

  	
  587

  	
   

  	
  587

  	
   

  	
   

  	
   

  
	
  0396085

  	
   

  	
  67 LATHROP RD.
  PLAINFIELD

  	
   

  	
  CLEAR PANEL

  	
   

  	
  STEELCASE

  	
   

  	
   

  	
   

  	
   

  	
   

  	
  587

  	
   

  	
  587

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  0399592

  	
   

  	
  67 LATHROP RD.
  PLAINFIELD

  	
   

  	
  ACOUSTICAL PANEL

  	
   

  	
  STEELCASE

  	
   

  	
   

  	
   

  	
   

  	
   

  	
  557

  	
   

  	
  557

  	
   

  	
   

  	
   

  
	
  0396093

  	
   

  	
  67 LATHROP RD.
  PLAINFIELD

  	
   

  	
  ACOUSTICAL PANEL

  	
   

  	
  STEELCASE

  	
   

  	
   

  	
   

  	
   

  	
   

  	
  557

  	
   

  	
  557

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  0404046

  	
   

  	
  67 LATHROP RD.
  PLAINFIELD

  	
   

  	
  LASER PRINTER

  	
   

  	
  HEWLETT PACKARD

  	
   

  	
  LASERJET 4000N

  	
   

  	
  USEF074901

  	
   

  	
  1,768

  	
   

  	
  1,768

  	
   

  	
   

  	
   

  
	
  0396143

  	
   

  	
  67 LATHROP RD.
  PLAINFIELD

  	
   

  	
  LASER PRINTER

  	
   

  	
  HEWLETT PACKARD

  	
   

  	
  LASERJET 4000N

  	
   

  	
  USEFO75754

  	
   

  	
  1,768

  	
   

  	
  1,768

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
  Total Fixed
  Assets Plainfield Branch

  	
   

  	
  327,229

  	
   

  	
  306,206

  	
   

  	
  21,023

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Other Items in Branch not on Fixed Asset System

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  0404186

  	
   

  	
  67 LATHROP RD.
  PLAINFIELD

  	
   

  	
  CD PLAYER/CHANGER

  	
   

  	
  PANASONIC

  	
   

  	
  SA-PM18

  	
   

  	
  GL3GB029796

  	
   

  	
  Expensed

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  0404517

  	
   

  	
  67 LATHROP RD.
  PLAINFIELD

  	
   

  	
  STACKING CHAIR

  	
   

  	
  STEELCASE

  	
   

  	
   

  	
   

  	
   

  	
   

  	
  Expensed

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  0404525

  	
   

  	
  67 LATHROP RD.
  PLAINFIELD

  	
   

  	
  STACKING CHAIR

  	
   

  	
  STEELCASE

  	
   

  	
   

  	
   

  	
   

  	
   

  	
  Expensed

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  0404533

  	
   

  	
  67 LATHROP RD.
  PLAINFIELD

  	
   

  	
  STACKING CHAIR

  	
   

  	
  STEELCASE

  	
   

  	
   

  	
   

  	
   

  	
   

  	
  Expensed

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  0404541

  	
   

  	
  67 LATHROP RD.
  PLAINFIELD

  	
   

  	
  STACKING CHAIR

  	
   

  	
  STEELCASE

  	
   

  	
   

  	
   

  	
   

  	
   

  	
  Expensed

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  0404558

  	
   

  	
  67 LATHROP RD.
  PLAINFIELD

  	
   

  	
  STACKING CHAIR

  	
   

  	
  STEELCASE

  	
   

  	
   

  	
   

  	
   

  	
   

  	
  Expensed

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  0404566

  	
   

  	
  67 LATHROP RD.
  PLAINFIELD

  	
   

  	
  STACKING CHAIR

  	
   

  	
  STEELCASE

  	
   

  	
   

  	
   

  	
   

  	
   

  	
  Expensed

  	
   

  	
   

  	
   

  	
   

  	
   

  

 

6

 

	
  Asset Nbr

  	
   

  	
  Location

  	
   

  	
  Description

  	
   

  	
  Manufacturer

  	
   

  	
  Model #

  	
   

  	
  Serial #

  	
   

  	
  Orig
  Cost

  	
   

  	
  Deprec

  	
   

  	
  @
  4/30/05

  	
   

  
	
  0404574

  	
   

  	
  67 LATHROP RD.
  PLAINFIELD

  	
   

  	
  STACKING CHAIR

  	
   

  	
  STEELCASE

  	
   

  	
   

  	
   

  	
   

  	
   

  	
  Expensed

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  0404582

  	
   

  	
  67 LATHROP RD.
  PLAINFIELD

  	
   

  	
  STACKING CHAIR

  	
   

  	
  STEELCASE

  	
   

  	
   

  	
   

  	
   

  	
   

  	
  Expensed

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  0404590

  	
   

  	
  67 LATHROP RD.
  PLAINFIELD

  	
   

  	
  STACKING CHAIR

  	
   

  	
  STEELCASE

  	
   

  	
   

  	
   

  	
   

  	
   

  	
  Expensed

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  0404608

  	
   

  	
  67 LATHROP RD.
  PLAINFIELD

  	
   

  	
  STACKING CHAIR

  	
   

  	
  STEELCASE

  	
   

  	
   

  	
   

  	
   

  	
   

  	
  Expensed

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  0404616

  	
   

  	
  67 LATHROP RD.
  PLAINFIELD

  	
   

  	
  STACKING CHAIR

  	
   

  	
  STEELCASE

  	
   

  	
   

  	
   

  	
   

  	
   

  	
  Expensed

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  0404624

  	
   

  	
  67 LATHROP RD.
  PLAINFIELD

  	
   

  	
  STACKING CHAIR

  	
   

  	
  STEELCASE

  	
   

  	
   

  	
   

  	
   

  	
   

  	
  Expensed

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  0407478

  	
   

  	
  67 LATHROP RD.
  PLAINFIELD

  	
   

  	
  STACKING CHAIR

  	
   

  	
  STEELCASE

  	
   

  	
   

  	
   

  	
   

  	
   

  	
  Expensed

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  0407486

  	
   

  	
  67 LATHROP RD.
  PLAINFIELD

  	
   

  	
  STACKING CHAIR

  	
   

  	
  STEELCASE

  	
   

  	
   

  	
   

  	
   

  	
   

  	
  Expensed

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  0407494

  	
   

  	
  67 LATHROP RD.
  PLAINFIELD

  	
   

  	
  STACKING CHAIR

  	
   

  	
  STEELCASE

  	
   

  	
   

  	
   

  	
   

  	
   

  	
  Expensed

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  0407502

  	
   

  	
  67 LATHROP RD.
  PLAINFIELD

  	
   

  	
  STACKING CHAIR

  	
   

  	
  STEELCASE

  	
   

  	
   

  	
   

  	
   

  	
   

  	
  Expensed

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  0407510

  	
   

  	
  67 LATHROP RD.
  PLAINFIELD

  	
   

  	
  STACKING CHAIR

  	
   

  	
  STEELCASE

  	
   

  	
   

  	
   

  	
   

  	
   

  	
  Expensed

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  0407452

  	
   

  	
  67 LATHROP RD.
  PLAINFIELD

  	
   

  	
  MICROWAVE OVEN

  	
   

  	
  GLORY

  	
   

  	
  JEM20H001

  	
   

  	
  ZZ908786S

  	
   

  	
  Expensed

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  0396036

  	
   

  	
  67 LATHROP RD.
  PLAINFIELD

  	
   

  	
  OFFICER’S DESK -
  SINGLE PEDESTAL

  	
   

  	
  STEELCASE

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  0396184

  	
   

  	
  67 LATHROP RD.
  PLAINFIELD

  	
   

  	
  OFFICER’S DESK -
  SINGLE PEDESTAL

  	
   

  	
  GUNLOCKE

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  0407460

  	
   

  	
  67 LATHROP RD.
  PLAINFIELD

  	
   

  	
  REFRIGERATOR

  	
   

  	
  GENERAL ELECTRIC

  	
   

  	
   

  	
   

  	
   

  	
   

  	
  Expensed

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  0396028

  	
   

  	
  67 LATHROP RD.
  PLAINFIELD

  	
   

  	
  RETURN SURFACE -
  OFFICER’S DESK

  	
   

  	
  STEELCASE

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  0407544

  	
   

  	
  67 LATHROP RD.
  PLAINFIELD

  	
   

  	
  SOFA

  	
   

  	
  NO MFG AVAILABLE

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  0404632

  	
   

  	
  67 LATHROP RD.
  PLAINFIELD

  	
   

  	
  TABLE - FOLDING
  LEGS

  	
   

  	
  LIFETIME

  	
   

  	
   

  	
   

  	
   

  	
   

  	
  Expensed

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  0404640

  	
   

  	
  67 LATHROP RD.
  PLAINFIELD

  	
   

  	
  TABLE - FOLDING
  LEGS

  	
   

  	
  LIFETIME

  	
   

  	
   

  	
   

  	
   

  	
   

  	
  Expensed

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  0396150

  	
   

  	
  67 LATHROP RD.
  PLAINFIELD

  	
   

  	
  TABLE - FOLDING
  LEGS

  	
   

  	
  STEELCASE

  	
   

  	
   

  	
   

  	
   

  	
   

  	
  Expensed

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  0396119

  	
   

  	
  67 LATHROP RD.
  PLAINFIELD

  	
   

  	
  TASK CHAIR w/
  ARMS

  	
   

  	
  STEELCASE

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  0396176

  	
   

  	
  67 LATHROP RD.
  PLAINFIELD

  	
   

  	
  TASK CHAIR w/
  ARMS

  	
   

  	
  STEELCASE

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  0396127

  	
   

  	
  67 LATHROP RD.
  PLAINFIELD

  	
   

  	
  TASK CHAIR w/
  ARMS

  	
   

  	
  STEELCASE

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  0396135

  	
   

  	
  67 LATHROP RD.
  PLAINFIELD

  	
   

  	
  TASK CHAIR w/
  ARMS

  	
   

  	
  STEELCASE

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  0396168

  	
   

  	
  67 LATHROP RD.
  PLAINFIELD

  	
   

  	
  TASK CHAIR w/
  ARMS

  	
   

  	
  STEELCASE

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  0396192

  	
   

  	
  67 LATHROP RD.
  PLAINFIELD

  	
   

  	
  TASK CHAIR w/
  ARMS

  	
   

  	
  STEELCASE

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  0404509

  	
   

  	
  67 LATHROP RD.
  PLAINFIELD

  	
   

  	
  TELLER STOOL

  	
   

  	
  STEELCASE

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  0404459

  	
   

  	
  67 LATHROP RD.
  PLAINFIELD

  	
   

  	
  TYPEWRITER

  	
   

  	
  SWINTEC

  	
   

  	
  2600

  	
   

  	
  9412

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  0404038

  	
   

  	
  67 LATHROP RD.
  PLAINFIELD

  	
   

  	
  TYPEWRITER

  	
   

  	
  SWINTEC

  	
   

  	
  2600

  	
   

  	
  9507

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  0404129

  	
   

  	
  67 LATHROP RD.
  PLAINFIELD

  	
   

  	
  UTILITY CART

  	
   

  	
  RUBBERMAID

  	
   

  	
   

  	
   

  	
   

  	
   

  	
  Expensed

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  0404111

  	
   

  	
  67 LATHROP RD.
  PLAINFIELD

  	
   

  	
  VERTICAL FILE -
  LEGAL 4 DRAWER

  	
   

  	
  HON

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  0404475

  	
   

  	
  67 LATHROP RD.
  PLAINFIELD

  	
   

  	
  VERTICAL FILE -
  LETTER 3 DRAWER

  	
   

  	
  HON

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  0396077

  	
   

  	
  67 LATHROP RD.
  PLAINFIELD

  	
   

  	
  VERTICAL FILE -
  LETTER-SIZE 2 DRAWER

  	
   

  	
  STEELCASE

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  0396226

  	
   

  	
  67 LATHROP RD.
  PLAINFIELD

  	
   

  	
  BOOKCASE - 2
  SHELF

  	
   

  	
  NO MFG AVAILABLE

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  

 

7

 

Fixed Assets - LEDYARD Branch  RC 7147

As of April 30, 2005

 

	
  Asset
  Nbr

  	
   

  	
  Location

  	
   

  	
  Description

  	
   

  	
  Manufacturer

  	
   

  	
  Model #

  	
   

  	
  Serial #

  	
   

  	
  Orig Cost

  	
   

  	
  Deprec

  	
   

  	
  4/30/05

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  0582429

  	
   

  	
  1616 ROUTE 12
  LEDYARD

  	
   

  	
  FAX MACHINE

  	
   

  	
  OKIDATA

  	
   

  	
  OKIFAX 5300

  	
   

  	
  1207683

  	
   

  	
  1,246

  	
   

  	
  1,246

  	
   

  	
  —

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  0585745

  	
   

  	
  1616 ROUTE 12 LEDYARD

  	
   

  	
  CLOSED CIRCUIT
  MONITOR - SECURITY SYSTEM

  	
   

  	
  SANYO

  	
   

  	
  VM5509

  	
   

  	
  2080128

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  0585612

  	
   

  	
  1616 ROUTE 12
  LEDYARD

  	
   

  	
  SECURITY CAMERA

  	
   

  	
  NAVCO

  	
   

  	
  3000

  	
   

  	
  1010415

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  0585786

  	
   

  	
  1616 ROUTE 12
  LEDYARD

  	
   

  	
  SECURITY CAMERA

  	
   

  	
  NAVCO

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  0585794

  	
   

  	
  1616 ROUTE 12
  LEDYARD

  	
   

  	
  SECURITY CAMERA

  	
   

  	
  NAVCO

  	
   

  	
  3000

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  0585802

  	
   

  	
  1616 ROUTE 12
  LEDYARD

  	
   

  	
  SECURITY CAMERA

  	
   

  	
  NAVCO

  	
   

  	
  3000

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  0585810

  	
   

  	
  1616 ROUTE 12
  LEDYARD

  	
   

  	
  SECURITY CAMERA

  	
   

  	
  NAVCO

  	
   

  	
  3000

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  0585828

  	
   

  	
  1616 ROUTE 12
  LEDYARD

  	
   

  	
  SECURITY CAMERA

  	
   

  	
  NAVCO

  	
   

  	
  3000

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  0585711

  	
   

  	
  1616 ROUTE 12
  LEDYARD

  	
   

  	
  STORAGE CABINET -
  2 DOOR

  	
   

  	
  NAVCO

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  0585729

  	
   

  	
  1616 ROUTE 12
  LEDYARD

  	
   

  	
  TIME ELAPSE
  RECORDER - SECURITY SYSTEM

  	
   

  	
  NAVCO

  	
   

  	
  2700

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
  7,074

  	
   

  	
  7,074

  	
   

  	
  —

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  0585018

  	
   

  	
  1616 ROUTE 12
  LEDYARD

  	
   

  	
  CURRENCY COUNTER

  	
   

  	
  GLORY

  	
   

  	
  GFR S80V

  	
   

  	
  20708

  	
   

  	
  2,957

  	
   

  	
  838

  	
   

  	
  2,119

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  0581959

  	
   

  	
  1616 ROUTE 12
  LEDYARD

  	
   

  	
  COPIER

  	
   

  	
  TOSHIBA

  	
   

  	
  E-STUDIO 25S

  	
   

  	
  CPA211197

  	
   

  	
  5,289

  	
   

  	
  2,909

  	
   

  	
  2,380

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  0581942

  	
   

  	
  1616 ROUTE 12
  LEDYARD

  	
   

  	
  PAPER SHREDDER

  	
   

  	
  DAHLE

  	
   

  	
  20606C

  	
   

  	
  4-022098H1

  	
   

  	
  822

  	
   

  	
  822

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  0585620

  	
   

  	
  1616 ROUTE 12
  LEDYARD

  	
   

  	
  SAFE w/ SAFE
  DEPOSIT BOXES

  	
   

  	
  HAMILTON SAFE

  	
   

  	
   

  	
   

  	
   

  	
   

  	
  9,280

  	
   

  	
  2,088

  	
   

  	
  7,192

  	
   

  
	
  0585638

  	
   

  	
  1616 ROUTE 12
  LEDYARD

  	
   

  	
  SAFE w/ SAFE
  DEPOSIT BOXES

  	
   

  	
  HAMILTON SAFE

  	
   

  	
   

  	
   

  	
   

  	
   

  	
  9,280

  	
   

  	
  2,088

  	
   

  	
  7,192

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Not Tagged - BH

  	
   

  	
  1616 ROUTE 12
  LEDYARD

  	
   

  	
  4 Levelor
  Excalibur blinds

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
  810

  	
   

  	
  810

  	
   

  	
  —

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  0584540

  	
   

  	
  1616 ROUTE 12
  LEDYARD

  	
   

  	
  TELLER STOOL

  	
   

  	
  STEELCASE

  	
   

  	
   

  	
   

  	
   

  	
   

  	
  570

  	
   

  	
  491

  	
   

  	
  79

  	
   

  
	
  0585059

  	
   

  	
  1616 ROUTE 12
  LEDYARD

  	
   

  	
  TELLER STOOL

  	
   

  	
  STEELCASE

  	
   

  	
   

  	
   

  	
   

  	
   

  	
  570

  	
   

  	
  491

  	
   

  	
  79

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  0585778

  	
   

  	
  1616 ROUTE 12
  LEDYARD

  	
   

  	
  RATE BOARD

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
  1,685

  	
   

  	
  1,685

  	
   

  	
  —

  	
   

  
	
   

  	
   

  	
  1616 ROUTE 12
  LEDYARD

  	
   

  	
  Other Misc
  Signage

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
  17,005

  	
   

  	
  17,005

  	
   

  	
  —

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Not Tagged

  	
   

  	
  1616 ROUTE 12
  LEDYARD

  	
   

  	
  CARPET

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
  5,470

  	
   

  	
  5,470

  	
   

  	
  —

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  0643122

  	
   

  	
  1616 ROUTE 12
  LEDYARD

  	
   

  	
  ATM KIOSK

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
  22,419

  	
   

  	
  2,989

  	
   

  	
  19,430

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
  VARIOUS LEASEHOLD
  IMPROVEMENTS

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
  35,171

  	
   

  	
  35,171

  	
   

  	
  —

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Not Tagged

  	
   

  	
  1616 ROUTE 12
  LEDYARD

  	
   

  	
  VARIOUS LEASEHOLD
  IMPROVEMENTS

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
  17,774

  	
   

  	
  17,774

  	
   

  	
  —

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Not Tagged

  	
   

  	
  1616 ROUTE 12
  LEDYARD

  	
   

  	
  ALARM SYSTEM

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
  15,843

  	
   

  	
  15,843

  	
   

  	
  —

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  tagged w/ safes

  	
   

  	
  1616 ROUTE 12
  LEDYARD

  	
   

  	
  SAFE DEPOSIT
  BOXES

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
  3,812

  	
   

  	
  3,812

  	
   

  	
  —

  	
   

  

 

8

 

	
  Asset
  Nbr

  	
   

  	
  Location

  	
   

  	
  Description

  	
   

  	
  Manufacturer

  	
   

  	
  Model #

  	
   

  	
  Serial #

  	
   

  	
  Orig Cost

  	
   

  	
  Deprec

  	
   

  	
  4/30/05

  	
   

  
	
  0585067

  	
   

  	
  1616 ROUTE 12
  LEDYARD

  	
   

  	
  TELLER STOOL

  	
   

  	
  STEELCASE

  	
   

  	
   

  	
   

  	
   

  	
   

  	
  208

  	
   

  	
  208

  	
   

  	
  —

  	
   

  
	
  0585075

  	
   

  	
  1616 ROUTE 12
  LEDYARD

  	
   

  	
  TELLER STOOL

  	
   

  	
  STEELCASE

  	
   

  	
   

  	
   

  	
   

  	
   

  	
  208

  	
   

  	
  208

  	
   

  	
  —

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  0642967

  	
   

  	
  1616 ROUTE 12
  LEDYARD

  	
   

  	
  TELLER COUNTER,
  BACK COUNTER

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
  7,314

  	
   

  	
  7,314

  	
   

  	
  —

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  0642918

  	
   

  	
  1616 ROUTE 12
  LEDYARD

  	
   

  	
  CHECK DESK

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
  534

  	
   

  	
  534

  	
   

  	
  —

  	
   

  
	
  0642868

  	
   

  	
  1616 ROUTE 12
  LEDYARD

  	
   

  	
  CHECK DESK

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
  1,422

  	
   

  	
  1,422

  	
   

  	
  —

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  0582494

  	
   

  	
  1616 ROUTE 12
  LEDYARD

  	
   

  	
  CREDENZA w/
  DRAWERS-DOORS

  	
   

  	
  STEELCASE

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  0582577

  	
   

  	
  1616 ROUTE 12
  LEDYARD

  	
   

  	
  CREDENZA w/
  DRAWERS-DOORS

  	
   

  	
  STEELCASE

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  0586388

  	
   

  	
  1616 ROUTE 12
  LEDYARD

  	
   

  	
  CREDENZA w/
  DRAWERS-DOORS

  	
   

  	
  STEELCASE

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  0586230

  	
   

  	
  1616 ROUTE 12
  LEDYARD

  	
   

  	
  END TABLE

  	
   

  	
  STEELCASE

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  0586263

  	
   

  	
  1616 ROUTE 12
  LEDYARD

  	
   

  	
  END TABLE

  	
   

  	
  STEELCASE

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  0586248

  	
   

  	
  1616 ROUTE 12
  LEDYARD

  	
   

  	
  GUEST CHAIR -
  SLED BASE

  	
   

  	
  STEELCASE

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  0586255

  	
   

  	
  1616 ROUTE 12
  LEDYARD

  	
   

  	
  GUEST CHAIR -
  SLED BASE

  	
   

  	
  STEELCASE

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  0582437

  	
   

  	
  1616 ROUTE 12
  LEDYARD

  	
   

  	
  GUEST CHAIR-LEG
  BASE

  	
   

  	
  STEELCASE

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  0582445

  	
   

  	
  1616 ROUTE 12
  LEDYARD

  	
   

  	
  GUEST CHAIR-LEG
  BASE

  	
   

  	
  STEELCASE

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  0582502

  	
   

  	
  1616 ROUTE 12
  LEDYARD

  	
   

  	
  GUEST CHAIR-LEG
  BASE

  	
   

  	
  STEELCASE

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  0582510

  	
   

  	
  1616 ROUTE 12
  LEDYARD

  	
   

  	
  GUEST CHAIR-LEG
  BASE

  	
   

  	
  STEELCASE

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  0582528

  	
   

  	
  1616 ROUTE 12
  LEDYARD

  	
   

  	
  GUEST CHAIR-LEG
  BASE

  	
   

  	
  STEELCASE

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  0582536

  	
   

  	
  1616 ROUTE 12
  LEDYARD

  	
   

  	
  GUEST CHAIR-LEG
  BASE

  	
   

  	
  STEELCASE

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  0586214

  	
   

  	
  1616 ROUTE 12
  LEDYARD

  	
   

  	
  GUEST CHAIR-LEG
  BASE

  	
   

  	
  STEELCASE

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  0586222

  	
   

  	
  1616 ROUTE 12
  LEDYARD

  	
   

  	
  GUEST CHAIR-LEG
  BASE

  	
   

  	
  STEELCASE

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  0582411

  	
   

  	
  1616 ROUTE 12
  LEDYARD

  	
   

  	
  LATERAL FILE - 2
  DRAWER

  	
   

  	
  STEELCASE

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  0582460

  	
   

  	
  1616 ROUTE 12
  LEDYARD

  	
   

  	
  MANAGEMENT SWIVEL

  	
   

  	
  STEELCASE

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  0582486

  	
   

  	
  1616 ROUTE 12
  LEDYARD

  	
   

  	
  OFFICER’S DESK -
  DOUBLE PEDESTAL

  	
   

  	
  STEELCASE

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  0582569

  	
   

  	
  1616 ROUTE 12
  LEDYARD

  	
   

  	
  OFFICER’S DESK -
  DOUBLE PEDESTAL

  	
   

  	
  STEELCASE

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  0582387

  	
   

  	
  1616 ROUTE 12
  LEDYARD

  	
   

  	
  OFFICER’S DESK -
  SINGLE PEDESTAL

  	
   

  	
  STEELCASE

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  0586271

  	
   

  	
  1616 ROUTE 12
  LEDYARD

  	
   

  	
  TABLE - FIXED LEG
  BASE

  	
   

  	
  STEELCASE

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  0586339

  	
   

  	
  1616 ROUTE 12
  LEDYARD

  	
   

  	
  TABLE - FOLDING
  LEGS

  	
   

  	
  STEELCASE

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  0586289

  	
   

  	
  1616 ROUTE 12
  LEDYARD

  	
   

  	
  TASK CHAIR NO
  ARMS

  	
   

  	
  STEELCASE

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  0586297

  	
   

  	
  1616 ROUTE 12
  LEDYARD

  	
   

  	
  TASK CHAIR NO
  ARMS

  	
   

  	
  STEELCASE

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  0586305

  	
   

  	
  1616 ROUTE 12
  LEDYARD

  	
   

  	
  TASK CHAIR NO
  ARMS

  	
   

  	
  STEELCASE

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  0582585

  	
   

  	
  1616 ROUTE 12
  LEDYARD

  	
   

  	
  TASK CHAIR w/
  ARMS

  	
   

  	
  STEELCASE

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  0586313

  	
   

  	
  1616 ROUTE 12
  LEDYARD

  	
   

  	
  TASK CHAIR w/
  ARMS

  	
   

  	
  STEELCASE

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  0585042

  	
   

  	
  1616 ROUTE 12
  LEDYARD

  	
   

  	
  VERTICAL FILE -
  LEGAL 2 DRAWER

  	
   

  	
  NO MFG AVAILABLE

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  0582551

  	
   

  	
  1616 ROUTE 12
  LEDYARD

  	
   

  	
  BOOKCASE - 2
  SHELF

  	
   

  	
  STEELCASE

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  0586347

  	
   

  	
  1616 ROUTE 12
  LEDYARD

  	
   

  	
  BREAKROOM TABLE -
  SQUARE

  	
   

  	
  STEELCASE

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  0582395

  	
   

  	
  1616 ROUTE 12
  LEDYARD

  	
   

  	
  TASK CHAIR W\ARMS

  	
   

  	
  STEELCASE

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  

 

9

 

	
  Asset
  Nbr

  	
   

  	
  Location

  	
   

  	
  Description

  	
   

  	
  Manufacturer

  	
   

  	
  Model #

  	
   

  	
  Serial #

  	
   

  	
  Orig Cost

  	
   

  	
  Deprec

  	
   

  	
  4/30/05

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
  Subtotal above
  Furniture

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
  13,329

  	
   

  	
  13,329

  	
   

  	
  —

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  0581934

  	
   

  	
  1616 ROUTE 12
  LEDYARD

  	
   

  	
  SAFE

  	
   

  	
  MEILINK

  	
   

  	
   

  	
   

  	
   

  	
   

  	
  1,504

  	
   

  	
  1,504

  	
   

  	
   

  	
   

  
	
  0585646

  	
   

  	
  1616 ROUTE 12
  LEDYARD

  	
   

  	
  SAFE w/ SAFE
  DEPOSIT BOXES

  	
   

  	
  HAMILTON SAFE

  	
   

  	
   

  	
   

  	
   

  	
   

  	
  37,753

  	
   

  	
  21,492

  	
   

  	
  16,261

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  0584417

  	
   

  	
  1616 ROUTE 12
  LEDYARD

  	
   

  	
  TELLER PEDESTAL

  	
   

  	
  MOSLER

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  0584425

  	
   

  	
  1616 ROUTE 12
  LEDYARD

  	
   

  	
  TELLER PEDESTAL

  	
   

  	
  MOSLER

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  0584433

  	
   

  	
  1616 ROUTE 12
  LEDYARD

  	
   

  	
  TELLER PEDESTAL

  	
   

  	
  MOSLER

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  0584441

  	
   

  	
  1616 ROUTE 12
  LEDYARD

  	
   

  	
  TELLER PEDESTAL

  	
   

  	
  MOSLER

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  0584458

  	
   

  	
  1616 ROUTE 12
  LEDYARD

  	
   

  	
  TELLER PEDESTAL

  	
   

  	
  MOSLER

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  0584466

  	
   

  	
  1616 ROUTE 12
  LEDYARD

  	
   

  	
  TELLER PEDESTAL

  	
   

  	
  MOSLER

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  0584474

  	
   

  	
  1616 ROUTE 12
  LEDYARD

  	
   

  	
  TELLER PEDESTAL

  	
   

  	
  MOSLER

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  0584482

  	
   

  	
  1616 ROUTE 12
  LEDYARD

  	
   

  	
  TELLER PEDESTAL

  	
   

  	
  MOSLER

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
  4,600

  	
   

  	
  4,600

  	
   

  	
  —

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  0582593

  	
   

  	
  1616 ROUTE 12
  LEDYARD

  	
   

  	
  LASER PRINTER

  	
   

  	
  HEWLETT PACKARD

  	
   

  	
  LASERJET 4000N

  	
   

  	
  USEF074862

  	
   

  	
  1,767

  	
   

  	
  1,767

  	
   

  	
  —

  	
   

  
	
  0581983

  	
   

  	
  1616 ROUTE 12
  LEDYARD

  	
   

  	
  LASER PRINTER

  	
   

  	
  HEWLETT PACKARD

  	
   

  	
  LASERJET 4000N

  	
   

  	
  USEF074865

  	
   

  	
  1,767

  	
   

  	
  1,767

  	
   

  	
  —

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
  Totals LEDYARD Branch

  	
   

  	
  227,484

  	
   

  	
  172,750

  	
   

  	
  54,734

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Items tagged not on Fixed Asset System

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  0585760

  	
   

  	
  1616 ROUTE 12
  LEDYARD

  	
   

  	
  POST & ROPES

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  0581918

  	
   

  	
  1616 ROUTE 12
  LEDYARD

  	
   

  	
  NIGHT DEPOSITORY

  	
   

  	
  MOSLER

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  0586321

  	
   

  	
  1616 ROUTE 12
  LEDYARD

  	
   

  	
  MICROWAVE OVEN

  	
   

  	
  LITTON

  	
   

  	
  1420100

  	
   

  	
  89879

  	
   

  	
  Expense

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  0586354

  	
   

  	
  1616 ROUTE 12
  LEDYARD

  	
   

  	
  STACKING CHAIR

  	
   

  	
  STEELCASE

  	
   

  	
   

  	
   

  	
   

  	
   

  	
  Expense

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  0586362

  	
   

  	
  1616 ROUTE 12
  LEDYARD

  	
   

  	
  STACKING CHAIR

  	
   

  	
  STEELCASE

  	
   

  	
   

  	
   

  	
   

  	
   

  	
  Expense

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  0586370

  	
   

  	
  1616 ROUTE 12
  LEDYARD

  	
   

  	
  STACKING CHAIR

  	
   

  	
  STEELCASE

  	
   

  	
   

  	
   

  	
   

  	
   

  	
  Expense

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  0584532

  	
   

  	
  1616 ROUTE 12
  LEDYARD

  	
   

  	
  TYPEWRITER

  	
   

  	
  SWINTEC

  	
   

  	
  1146CM

  	
   

  	
  0007067

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  0585752

  	
   

  	
  1616 ROUTE 12
  LEDYARD

  	
   

  	
  TYPEWRITER

  	
   

  	
  SWINTEC

  	
   

  	
  2000

  	
   

  	
  58300981

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  

 

10

 

Schedule II:  Schedule of Deposit Liabilities

 

The following schedule represents the list of Deposits to be sold as
provided during the Due Diligence process. 
The list of accounts to be sold will be finalized in the “Updated
Schedule of Deposits” in accordance with the terms of the Purchase and
Assumption Agreement.  This Schedule has
been created by applying the following rules on the as of dates listed below:

 

All Accounts must be a Griswold, Ledyard or Plainfield branch deposit
account or a Holiday Club associated with those deposit accounts;

 

Any Retirement account where the Retirement Plan includes a
non-Griswold, Ledyard or Plainfield deposit account or PSI component will be
excluded from the sale.  Other
non-retirement and retirement accounts (only if the customer has multiple retirement
plans) owned by the same customer may be included in the sale;

 

Accounts will be included if the primary account holder is identified
as a member of the following households and the above criteria is met:

1.               Non-checking
customers, all Griswold, Ledyard and Plainfield accounts included

2.               Checking
customers who use any combination of the Griswold, Ledyard and Plainfield
branches exclusively to transact;

3.               Checking
customers who use any combination of Griswold, Ledyard or Plainfield branches
more than the combination of all other branches to transact.  It must be a true majority and equally split
activity was assigned to the group to be kept by People’s;

4.               Checking
customers who use the Griswold, Ledyard or Plainfield branches among other
branches to transact and live in one of the following towns: Hampton, Brooklyn,
Canterbury, Plainfield, Sterling, Lisbon, Griswold, Voluntown, Preston, Ledyard
or North Stonington;

5.               Checking
customers who show no branch usage and live in the following towns:  Hampton, Brooklyn, Canterbury, Plainfield,
Sterling, Lisbon, Griswold, Voluntown, Preston, Ledyard or North Stonington;

 

Branch Usage

Branch Usage data is based on a 3 month window from February 2005
through April 2005.

 

 

The List of Deposits to be sold begins on the next page of this
Schedule II.

 

1

 

	
   

  	
   

  	
  BALANCE

  	
   

  	
  RATE

  	
   

  	
  # OF

  ACCTS

  	
   

  
	
  Personal

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  DDA

  	
   

  	
  $

  	
  8,876,731

  	
   

  	
  —

  	
   

  	
  3,492

  	
   

  
	
  NOW

  	
   

  	
  $

  	
  985,837

  	
   

  	
  0.25

  	
   

  	
  85

  	
   

  
	
  Savings & MMA

  	
   

  	
  $

  	
  27,989,304

  	
   

  	
  0.84

  	
   

  	
  4,389

  	
   

  
	
  CD

  	
   

  	
  $

  	
  19,037,172

  	
   

  	
  2.46

  	
   

  	
  1,348

  	
   

  
	
  TOTAL

  	
   

  	
  $

  	
  56,889,045

  	
   

  	
  1.24

  	
   

  	
  9,314

  	
   

  
	
  Employee Accounts

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  DDA

  	
   

  	
  $

  	
  9,007

  	
   

  	
  —

  	
   

  	
  7

  	
   

  
	
  Savings & MMA

  	
   

  	
  $

  	
  6,726

  	
   

  	
  0.36

  	
   

  	
  10

  	
   

  
	
  TOTAL

  	
   

  	
  $

  	
  15,733

  	
   

  	
  0.15

  	
   

  	
  17

  	
   

  
	
  Commercial

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  DDA

  	
   

  	
  $

  	
  3,812,701

  	
   

  	
  —

  	
   

  	
  341

  	
   

  
	
  Savings & MMA

  	
   

  	
  $

  	
  1,217,166

  	
   

  	
  2.12

  	
   

  	
  42

  	
   

  
	
  CD

  	
   

  	
  $

  	
  141,357

  	
   

  	
  1.83

  	
   

  	
  6

  	
   

  
	
  TOTAL

  	
   

  	
  $

  	
  5,171,224

  	
   

  	
  0.55

  	
   

  	
  389

  	
   

  
	
  Municipal

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  CD

  	
   

  	
  $

  	
  10,669

  	
   

  	
  1.39

  	
   

  	
  1

  	
   

  
	
  TOTAL

  	
   

  	
  $

  	
  10,669

  	
   

  	
  1.39

  	
   

  	
  1

  	
   

  
	
  Corp Pension

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  CD

  	
   

  	
  $

  	
  5,999

  	
   

  	
  0.95

  	
   

  	
  2

  	
   

  
	
  TOTAL

  	
   

  	
  $

  	
  5,999

  	
   

  	
  0.95

  	
   

  	
  2

  	
   

  
	
  Organization

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  DDA

  	
   

  	
  $

  	
  32,037

  	
   

  	
  —

  	
   

  	
  11

  	
   

  
	
  NOW

  	
   

  	
  $

  	
  3,209

  	
   

  	
  0.25

  	
   

  	
  1

  	
   

  
	
  Savings & MMA

  	
   

  	
  $

  	
  378,263

  	
   

  	
  1.11

  	
   

  	
  29

  	
   

  
	
  CD

  	
   

  	
  $

  	
  416,937

  	
   

  	
  2.54

  	
   

  	
  23

  	
   

  
	
  TOTAL

  	
   

  	
  $

  	
  830,446

  	
   

  	
  1.78

  	
   

  	
  64

  	
   

  
	
  TOTAL COMBINED BRANCH BALANCES

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  DDA

  	
   

  	
  $

  	
  12,730,476

  	
   

  	
  —

  	
   

  	
  3,851

  	
   

  
	
  NOW

  	
   

  	
  $

  	
  989,046

  	
   

  	
  0.25

  	
   

  	
  86

  	
   

  
	
  Savings & MMA

  	
   

  	
  $

  	
  29,591,459

  	
   

  	
  0.90

  	
   

  	
  4,470

  	
   

  
	
  CD

  	
   

  	
  $

  	
  19,612,135

  	
   

  	
  2.46

  	
   

  	
  1,380

  	
   

  
	
  TOTAL

  	
   

  	
  $

  	
  62,923,117

  	
   

  	
  1.19

  	
   

  	
  9,787

  	
   

  

 

 

2

 

Schedule III:  Schedule of
Safe Deposit Boxes

 

Griswold Branch
SD Box Analysis (as of
April 30, 2005)

 

	
  Box Size

  	
   

  	
  # of

  Boxes

  Rented

  	
   

  	
  # of
  Boxes

  Available

  	
   

  	
  Total
  # of

  Boxes

  	
   

  	
  Annual
  Fee

  per Box

  	
   

  	
  Annual

  Revenue

  Rec’d

  	
   

  	
  Total

  Potential

  Revenue

  	
   

  
	
  2x5

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
  $

  	
  35

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  3x5

  	
   

  	
  23

  	
   

  	
  4

  	
   

  	
  27

  	
   

  	
  $

  	
  45

  	
   

  	
  $

  	
  1,035

  	
   

  	
  $

  	
  1,215

  	
   

  
	
  4x5

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
  $

  	
  50

  	
   

  	
  $

  	
  —

  	
   

  	
  $

  	
  —

  	
   

  
	
  5x5

  	
   

  	
  33

  	
   

  	
  3

  	
   

  	
  36

  	
   

  	
  $

  	
  55

  	
   

  	
  $

  	
  1,815

  	
   

  	
  $

  	
  1,980

  	
   

  
	
  3x10

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
  $

  	
  65

  	
   

  	
  $

  	
  —

  	
   

  	
  $

  	
  —

  	
   

  
	
  5x10

  	
   

  	
  17

  	
   

  	
  1

  	
   

  	
  18

  	
   

  	
  $

  	
  95

  	
   

  	
  $

  	
  1,615

  	
   

  	
  $

  	
  1,710

  	
   

  
	
  10x10

  	
   

  	
  9

  	
   

  	
  0

  	
   

  	
  9

  	
   

  	
  $

  	
  140

  	
   

  	
  $

  	
  1,260

  	
   

  	
  $

  	
  1,260

  	
   

  
	
  11x10

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
  $

  	
  145

  	
   

  	
  $

  	
  —

  	
   

  	
  $

  	
  —

  	
   

  
	
  Totals

  	
   

  	
  82

  	
   

  	
  8

  	
   

  	
  90

  	
   

  	
   

  	
   

  	
  $

  	
  5,725

  	
   

  	
  $

  	
  6,165

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Ledyard Branch SD Box Analysis (as
  of April 30, 2005)

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Box Size

  	
   

  	
  # of

  Boxes

  Rented

  	
   

  	
  # of
  Boxes

  Available

  	
   

  	
  Total
  # of

  Boxes

  	
   

  	
  Annual
  Fee

  per Box

  	
   

  	
  Annual

  Revenue

  Rec’d

  	
   

  	
  Total

  Potential

  Revenue

  	
   

  
	
  2x5

  	
   

  	
  25

  	
   

  	
  41

  	
   

  	
  66

  	
   

  	
  $

  	
  25

  	
   

  	
  $

  	
  625

  	
   

  	
  $

  	
  1,650

  	
   

  
	
  3x5

  	
   

  	
  24

  	
   

  	
  12

  	
   

  	
  36

  	
   

  	
  $

  	
  30

  	
   

  	
  $

  	
  720

  	
   

  	
  $

  	
  1,080

  	
   

  
	
  4x5

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
  $

  	
  35

  	
   

  	
  $

  	
  —

  	
   

  	
  $

  	
  —

  	
   

  
	
  5x5

  	
   

  	
  31

  	
   

  	
  11

  	
   

  	
  42

  	
   

  	
  $

  	
  40

  	
   

  	
  $

  	
  1,240

  	
   

  	
  $

  	
  1,680

  	
   

  
	
  3x10

  	
   

  	
  17

  	
   

  	
  1

  	
   

  	
  18

  	
   

  	
  $

  	
  55

  	
   

  	
  $

  	
  935

  	
   

  	
  $

  	
  990

  	
   

  
	
  4x10

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
  $

  	
  60

  	
   

  	
  $

  	
  —

  	
   

  	
  $

  	
  —

  	
   

  
	
  5x10

  	
   

  	
  19

  	
   

  	
  2

  	
   

  	
  21

  	
   

  	
  $

  	
  75

  	
   

  	
  $

  	
  1,425

  	
   

  	
  $

  	
  1,575

  	
   

  
	
  10x10

  	
   

  	
  13

  	
   

  	
  2

  	
   

  	
  15

  	
   

  	
  $

  	
  110

  	
   

  	
  $

  	
  1,430

  	
   

  	
  $

  	
  1,650

  	
   

  
	
  14x16

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
  $

  	
  105

  	
   

  	
  $

  	
  —

  	
   

  	
  $

  	
  —

  	
   

  
	
  Totals

  	
   

  	
  129

  	
   

  	
  69

  	
   

  	
  198

  	
   

  	
   

  	
   

  	
  $

  	
  6,375

  	
   

  	
  $

  	
  8,625

  	
   

  

 

 

3

 

	
  Plainfield Branch SD Box Analysis (as
  of April 30, 2005)

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Box Size

  	
   

  	
  # of

  Boxes

  Rented

  	
   

  	
  # of
  Boxes

  Available

  	
   

  	
  Total
  # of

  Boxes

  	
   

  	
  Annual
  Fee

  per Box

  	
   

  	
  Annual

  Revenue

  Rec’d

  	
   

  	
  Total

  Potential

  Revenue

  	
   

  
	
  2x5

  	
   

  	
   

  	
   

  	
  14

  	
   

  	
  14

  	
   

  	
  $

  	
  25

  	
   

  	
  $

  	
  —

  	
   

  	
  $

  	
  350

  	
   

  
	
  3x5

  	
   

  	
  57

  	
   

  	
  102

  	
   

  	
  159

  	
   

  	
  $

  	
  30

  	
   

  	
  $

  	
  1,710

  	
   

  	
  $

  	
  4,770

  	
   

  
	
  4x5

  	
   

  	
   

  	
   

  	
  0

  	
   

  	
   

  	
   

  	
  $

  	
  35

  	
   

  	
  $

  	
  —

  	
   

  	
  $

  	
  —

  	
   

  
	
  5x5

  	
   

  	
  31

  	
   

  	
  17

  	
   

  	
  48

  	
   

  	
  $

  	
  40

  	
   

  	
  $

  	
  1,240

  	
   

  	
  $

  	
  1,920

  	
   

  
	
  3x10

  	
   

  	
  23

  	
   

  	
  47

  	
   

  	
  70

  	
   

  	
  $

  	
  55

  	
   

  	
  $

  	
  1,265

  	
   

  	
  $

  	
  3,850

  	
   

  
	
  4x10

  	
   

  	
   

  	
   

  	
  0

  	
   

  	
   

  	
   

  	
  $

  	
  60

  	
   

  	
  $

  	
  —

  	
   

  	
  $

  	
  —

  	
   

  
	
  5x10

  	
   

  	
  11

  	
   

  	
  41

  	
   

  	
  52

  	
   

  	
  $

  	
  75

  	
   

  	
  $

  	
  825

  	
   

  	
  $

  	
  3,900

  	
   

  
	
  10x10

  	
   

  	
  7

  	
   

  	
  12

  	
   

  	
  19

  	
   

  	
  $

  	
  110

  	
   

  	
  $

  	
  770

  	
   

  	
  $

  	
  2,090

  	
   

  
	
  14x16

  	
   

  	
   

  	
   

  	
  0

  	
   

  	
   

  	
   

  	
  $

  	
  105

  	
   

  	
  $

  	
  —

  	
   

  	
  $

  	
  —

  	
   

  
	
  Total

  	
   

  	
  129

  	
   

  	
  233

  	
   

  	
  362

  	
   

  	
   

  	
   

  	
  $

  	
  5,810

  	
   

  	
  $

  	
  16,880

  	
   

  

 

 

4Exhibit 10.1

 

EMPLOYMENT AGREEMENT

 

This EMPLOYMENT AGREEMENT
(the “Agreement”) is entered into as of this 10th day of June, 2005 (the “Commencement
Date”) by and between Penn National Gaming, Inc., a Pennsylvania
corporation (the “Company”), and William J. Clifford, an individual residing in
Pennsylvania (“Executive”).

 

WHEREAS, Executive and the
Company are party to a certain Employment Agreement, dated as of July 30,
2001 (as amended and extended from time to time, the “Initial Agreement”), the
initial term of which terminated on July 30, 2004 and which, by its terms,
automatically renewed for an additional one year period; and

 

WHEREAS, the parties now
desire to terminate the Initial Agreement and to enter into a new agreement
reflecting, among other things, certain additional covenants and consideration
exchanged by the parties, all as more specifically set forth herein.

 

NOW, THEREFORE, the parties
hereto, intending to be legally bound, hereby agree as follows:

 

1.    Employment.    The
Company hereby agrees to employ Executive and Executive hereby accepts such
employment, in accordance with the terms, conditions and provisions hereinafter
set forth.

 

1.1.    Duties and Responsibilities.    Executive
shall serve as Senior Vice President and Chief Financial Officer of the
Company. Executive shall perform all duties and accept all responsibilities
incident to such position as may be reasonably assigned to him by the President
and Chief Operating Officer and the Board of Directors of the Company (the “Board”).
Executive’s principal place of employment shall be in Wyomissing, Pennsylvania.

 

1.2.    Term.    The
term of this Agreement shall begin on the date hereof and shall terminate at
the close of business on the third anniversary of the Commencement Date (the “Initial
Term”), unless earlier terminated in accordance with Section 3 hereof.
This Agreement shall automatically renew for additional three-year periods
(each, a “Renewal Term” and, together with the Initial Term, the “Employment
Term”) unless either party has delivered written notice of non-renewal at least
60 days prior to the start of a Renewal Term or unless earlier terminated
in accordance with Section 3 hereof.

 

1.3.    Extent of Service.    Executive
agrees to use Executive’s best efforts to carry out Executive’s duties and
responsibilities and, consistent with the other provisions of this Agreement,
to devote substantially all of Executive’s business time, attention and energy
thereto. The foregoing shall not be construed as preventing Executive from
serving on the board of philanthropic organizations, or providing oversight
with respect to his personal investments, so long as such service does not
materially interfere with Executive’s duties hereunder.

 

2.    Compensation.    For
all services rendered by Executive to the Company, the Company shall compensate
Executive as set forth below.

 

2.1.    Base Salary.    The
Company shall pay Executive a base salary (“Base Salary”), commencing on the
Commencement Date, at the annual rate of five hundred thousand ($500,000),
payable in installments at such times as the Company customarily pays its other
senior executives (“Peer Executives”). Executive’s performance and Base Salary
shall be reviewed annually. Any increase in Base Salary or other compensation
shall be made at the discretion of the Board or the compensation committee of
the Board (the “Compensation Committee”).

 

2.2.    Cash Bonuses.    Executive
shall participate in the Company’s incentive compensation plan for senior
management as such may be adopted, amended and approved, from time to time, by
the Compensation Committee.

 

2.3.    Equity Compensation.    The
Company may grant to Executive options or other equity compensation pursuant
to, and subject to the terms and conditions of, the then current equity

 

 

compensation plan of Penn National
Gaming, Inc. The Compensation Committee shall set the amount and terms of
such options or other equity compensation.

 

2.4.    Other Benefits.    Executive
shall be entitled to participate in all other employee benefit plans and
programs, including, without limitation, health, vacation, retirement, deferred
compensation or SERP, made available to other Peer Executives, as such plans
and programs may be in effect from time to time and subject to the eligibility
requirements of the each plan. Nothing in this Agreement shall prevent the
Company from amending or terminating any retirement, welfare or other employee
benefit plans or programs from time to time, as the Company deems appropriate.

 

2.5.    Vacation, Sick Leave and
Holidays.    Executive shall be entitled in each
calendar year to four (4) weeks of paid vacation time. Each vacation shall
be taken by Executive at such time or times as agreed upon by the Company and
Executive, and any portion of Executive’s allowable vacation time not used
during the calendar year shall be subject to the Company’s payroll policies
regarding carryover vacation. Executive shall be entitled to holiday and sick
leave in accordance with the Company’s holiday and other pay for time not
worked policies.

 

2.6.    Reimbursement of Expenses.    Executive
shall be provided with reimbursement of reasonable expenses related to
Executive’s employment by the Company on a basis no less favorable than that
authorized from time to time for Peer Executives.

 

3.    Termination.    Executive’s
employment may be terminated prior to the end of the Employment Term in
accordance with, and subject to the terms and conditions, set forth below.

 

3.1.    Termination by the Company.

 

(a)    Without Cause.    The
Company may terminate Executive at any time without Cause (as such term is
defined in subsection (b) below) upon delivery of written notice to
Executive, which notice shall set forth the effective date of such termination.

 

(b)    With Cause.    The
Company may terminate Executive at any time for Cause effective immediately
upon delivery of written notice to Executive. As used herein, the term “Cause”
shall mean:

 

(i)  Executive
shall have been convicted of a felony or any misdemeanor involving allegations
of fraud, theft, perjury or conspiracy;

 

(ii)  Executive
is found disqualified or not suitable to hold a casino or other gaming license
by a governmental gaming authority in any jurisdiction where Executive is
required to be found qualified, suitable or licensed;

 

(iii)  Executive
materially breaches any material Company policy or any material term hereof,
including, without limitation, Sections 4 through 7 and, in each case, fails to
cure such breach within 15 days after receipt of written notice thereof;
or

 

(iv)  Executive
misappropriates corporate funds as determined in good faith by the Board.

 

3.2.    Termination by the Executive.    Executive
may voluntarily terminate employment for any reason effective upon 60 days’
prior written notice to the Company, unless the Company waives such notice
requirement (in which case the Company shall notify Executive in writing as to
the effective date of termination).

 

3.3.    Termination for Death or
Disability.    In the event of the death or
total disability of Executive, this Agreement shall terminate effective as of
the date of Executive’s death or total disability. The term “total disability”
shall have the definition set forth in the Company’s Long Term Disability
Insurance Policy in effect at the time of such determination.

 

2

 

3.4.    Payments Due Upon
Termination.

 

(a)    Generally.    Upon
any termination described in Sections 3.1, 3.2 or 3.3 above, Executive shall be
entitled to receive any amounts due for Base Salary earned or expenses incurred
through the effective date of termination and any benefits accrued or earned on
or prior to such date in accordance with the terms of any applicable benefit
plans and programs.

 

(b)    Certain Circumstances.    In
the event the Company terminates Executive’s employment without Cause or due to
death or a total disability or in the event that the Company elects not to
renew this Agreement, and subject to Executive executing the release attached
hereto as Exhibit A, Executive shall be entitled to receive the
following in lieu of any other severance:

 

(i)  Executive
shall receive a payment equal to Executive’s monthly Base Salary at the highest
rate in effect for Executive during the 24-month period immediately preceding
the effective date of termination and Executive’s monthly bonus value
(determined by dividing the highest amount of annual cash bonus compensation
paid to Executive in respect of either the first or second full calendar year
immediately preceding the effective date of termination by twelve) for a period
equal to the greater of (1) the number of months remaining in the
Employment Term or (2) 24 months (the “Severance Period”).

 

(ii)  Executive
shall continue to receive the health benefits coverage in effect on the
effective date of termination (or as the same may be changed from time to time
for Peer Executives) for Executive and, if any, Executive’s spouse and
dependents for the Severance Period. At the option of the Company, the Company
may elect to pay Executive cash in lieu of such coverage in an amount equal to
Executive’s after-tax cost of obtaining generally comparable coverage for such
period.

 

(iii)  Executive
shall continue to serve as a non-officer employee of the Company during the
Severance Period and, as such, all options granted to Executive shall continue
vesting for such period.

 

(c)    Payments.    Cash
Payments due under this Section 3.4 shall be made as follows: 75% shall be
made within 15 days of the effective date of termination and the balance
shall be made in accordance with the payroll practices in effect on the date of
termination, unless, at the Company’s sole option, the Company elects to make
all such payments in a single lump sum. Except as otherwise provided in this
Section 3.4, Section 8 or Section 9, no other payments or
benefits shall be due under this Agreement to Executive.

 

3.5.    Notice of Termination.    Any
termination of Executive’s employment shall be communicated by a written notice
of termination delivered within the time period specified in this
Section 3. The notice of termination shall (i) indicate the specific
termination provision in this Agreement relied upon, (ii) briefly
summarize the facts and circumstances deemed to provide a basis for a
termination of employment and the applicable provision hereof, and
(iii) specify the termination date in accordance with the requirements of
this Agreement.

 

4.    No Conflicts of Interest.    Executive
agrees that throughout the period of Executive’s employment hereunder or
otherwise, Executive will not perform any activities or services, or accept
other employment that would materially interfere with or present a conflict of
interest concerning Executive’s employment with the Company. Executive agrees
and acknowledges that Executive’s employment by the Company is conditioned upon
Executive adhering to and complying with the business practices and
requirements of ethical conduct set forth in writing from time to time by the
Company in its employee manual or similar publication. Executive represents and
warrants that no other contract, agreement or understanding to which Executive
is a party or may be subject will be violated by the execution of this
Agreement by Executive.

 

3

 

5.    Confidentiality.    Executive
recognizes and acknowledges that Executive will have access to certain
confidential information of the Company and that such information constitutes
valuable, special and unique property of the Company (including, but not
limited to, information such as business strategies, identity of acquisition or
growth targets, marketing plans, customer lists, and other business related
information for the Company’s customers). Executive agrees that Executive will
not, for any reason or purpose whatsoever, during or after the term of
employment, disclose any of such confidential information to any party, and
that Executive will keep inviolate and secret all confidential information or
knowledge which Executive has access to by virtue of Executive’s employment
with the Company, except as otherwise may be necessary in the ordinary course
of performing Executive’s duties with the Company.

 

6.    Non-Competition.

 

(a)   As
used herein, the term “Restriction Period” shall mean a period equal to the
greater of (i) the remainder of the Employment Term in effect on the
effective date of termination and (ii) the Severance Period, if
applicable; provided, however, that, if on or before the Trigger Date,
Executive has been terminated for one of the reasons contemplated by
Section 3.4(b), Executive may elect to terminate the Restriction Period at
any time following the first anniversary of the effective date of termination
by delivering written notice to the Company that Executive has made such election
and that, in consideration therefore, is waiving the right to receive any
continued payments under Section 3.4(b).

 

(b)   During
Executive’s employment by the Company and for the duration of the Restriction
Period thereafter, Executive shall not, except with the prior written consent
of the Company, directly or indirectly, own, manage, operate, join, control,
finance or participate in the ownership, management, operation, control or
financing of, or be connected as an officer, director, employee, partner,
principal, agent, representative, consultant or otherwise with, or use or
permit Executive’s name to be used in connection with, any business or
enterprise which owns or operates a gaming or pari-mutuel facility located
within 150 miles of any gaming or pari-mutuel facility owned or operated by the
Company or any of its affiliates.

 

(c)   The
foregoing restrictions shall not be construed to prohibit Executive’s ownership
of less than 5% of any class of securities of any corporation which is engaged
in any of the foregoing businesses and has a class of securities registered
pursuant to the Securities Exchange Act of 1934, provided that such ownership
represents a passive investment and that neither Executive nor any group of
persons including Executive in any way, either directly or indirectly, manages
or exercises control of any such corporation, guarantees any of its financial
obligations, otherwise takes any part in its business, other than exercising
Executive’s rights as a shareholder, or seeks to do any of the foregoing.

 

(d)   Executive
acknowledges that the covenants contained in Sections 5 through 7 hereof are
reasonable and necessary to protect the legitimate interests of the Company and
its affiliates and, in particular, that the duration and geographic scope of
such covenants are reasonable given the nature of this Agreement and the
position that Executive will hold within the
Company.    Executive further agrees to disclose the
existence and terms of such covenants to any employer that Executive works for
during the Restriction Period.

 

7.    Non-Solicitation.    During
Executive’s employment by the Company and for a period equal to the greater of
the Restriction Period or one year after the effective date of termination,
Executive will not, except with the prior written consent of the Company,
(i) directly or indirectly, solicit or hire, or encourage the solicitation
or hiring of, any person who is, or was within a six month period prior to such
solicitation or hiring, an executive or management employee of the Company or
any of its affiliates for any position as an employee, independent contractor,
consultant or otherwise or (ii) divert or attempt to divert any existing
business of the Company or any of its affiliates.

 

4

 

8.    Change of Control.

 

8.1.    Consideration

 

(a)    Change of Control.    In
the event of a Change of Control (as defined below), Executive shall be
entitled to receive a cash payment in an amount equal to the product of three
times the sum of (i) the highest annual rate of Base Salary in effect for
Executive during the 24-month period immediately preceding the effective date
of the Change in Control (the “Trigger Date”) and (ii) the highest amount
of annual cash bonus compensation paid to Executive in respect of either the
first or second full calendar year immediately preceding the Trigger Date.

 

(b)    Restrictive Provisions.    As
consideration for the foregoing payments, Executive agrees not to challenge the
enforceability of any of the restrictions contained in Sections 5, 6 or 7 of
this Agreement upon or after the occurrence of a Change of Control. Executive
and Company acknowledge that, as additional consideration for the change of
control payments, Executive has also agreed to limit Executive’s ability to opt
out of the Restriction Period in Section 6(a) to periods prior to the
Trigger Date.

 

8.2.    Payment Terms.    This
change of control payment shall be made in two lump sum payments as follows:
(i) 75% to Executive on the Trigger Date; and (ii) 25% into a
mutually acceptable escrow account on the Trigger Date, payable to Executive on
the 90th day following the Trigger Date. Notwithstanding any of the
foregoing to the contrary, the payment contemplated by clause (ii) shall
be paid immediately upon the occurrence of any of the following:
(a) Executive’s employment is terminated by the Company; or
(b) Executive terminates employment for Good Reason (as defined below).

 

8.3.    Certain Other Terms.    In
the event payments are being made to Executive under this Section 8, no
payments shall be due under Section 3.4(b)(i) of this Agreement with
respect to any termination of Executive’s employment following a Change of
Control. At the option of the Company, the Company may require Executive to
execute the release attached hereto as Exhibit A; provided, however,
that this requirement shall not in any way alter the timing of the payments to
be made under Section 8.2. The provisions of this Section 8 shall
continue to apply to Executive if, during the 24-month period immediately
preceding the Trigger Date, the Company terminates Executive’s employment
without Cause or due to a total disability or the Company elects not to renew
this Agreement; provided, however, that, in such event, any payments due under
Section 8 shall be reduced by any prior payments made under
Section 3.4(b)(i).

 

8.4.    Defined Terms.

 

(a)    Change of Control.    The
occurrence of one or more of the following events: (i) any sale, lease,
exchange or other transfer (in one transaction or a series of related
transactions) of all or substantially all of the assets of the Company;
(ii) the election of two (2) or more persons to the Board who do not
constitute Continuing Directors; or (iii) the ownership or acquisition by
any Person or Group of the power, directly or indirectly, to vote or direct the
voting of securities having more than forty percent (40%) of the ordinary
voting power for the election of directors of the Company.

 

(b)    Good Reason.    The
occurrence of any of the following events that the Company fails to cure within
10 days after receiving written notice thereof from Executive:
(i) assignment to Executive of any duties inconsistent in any material
respect with Executive’s position (including status, offices, titles and
reporting requirements), authority, duties or responsibilities or inconsistent
with Executive’s legal or fiduciary obligations; (ii) any reduction in
Executive’s compensation or substantial reduction in Executive’s benefits taken
as a whole; (iii) any travel requirements materially greater than
Executive’s travel requirements prior to the Change of Control; or
(iv) breach of any material term of this Agreement by the Company.

 

5

 

(c)    Continuing Directors.    Any
person who, as of the date of determination, either (i) was a member of
the Board as of the date of this Agreement or (ii) was nominated for
election or elected to the Board with the affirmative vote of a majority of
directors comprising the Board or, if applicable, the Nominating Committee of
the Board, who were Continuing Directors immediately prior to such nomination
or election.

 

(d)    Group.    Any
group of related Persons for purposes of Section 13(d) of the Securities
Exchange Act of 1934, as amended.

 

(e)    Person.    Any
individual, partnership, joint venture, trust, corporation, limited liability
entity, unincorporated organization or other entity (including a governmental
entity).

 

9.    Certain Tax Matters.

 

9.1.    Generally.    In
the event Executive becomes entitled to receive the payments (the “Severance
Payments”) provided under Section 3 or Section 8 hereof or under any
other plan or arrangement providing for payments under circumstances similar to
those contemplated by such sections, and if any of the Severance Payments will
be subject to the tax (the “Excise Tax”) imposed by Section 4999 of the
Internal Revenue Code of 1986, as amended (the “Code”), the Company shall pay
to Executive at the time specified for such payments, an additional amount (the
“Gross-Up Payment”) such that the net amount retained by Executive shall be
equal to the amount of the Severance Payments after deducting normal and
ordinary taxes but not deducting (a) the Excise Tax and (b) any federal,
state and local income tax and Excise Tax payable on the payment provided for
by this Section 9.

 

9.2.    Illustration.    For
example, if the Severance Payments are $1,000,000 and if Executive is subject
to the Excise Tax, then the Gross-Up Payment will be such that Executive will
retain an amount of $1,000,000 less only any normal and ordinary taxes on such
amount. The Excise Tax and federal, state and local taxes and any Excise Tax on
the payment provided by this Section 9 will not be deemed normal and
ordinary taxes.

 

9.3.    Certain Terms.    For
purposes of determining whether any of the Severance Payments will be subject
to the Excise Tax and the amount of such Excise Tax, the following will apply:

 

(a)   Any
other payments or benefits received or to be received by Executive in
connection with a Change in Control of the Company or Executive’s termination
of employment (whether pursuant to the terms of this Agreement or any other
plan, arrangement or agreement with the Company shall be treated as “parachute
payments” within the meaning of Section 280G(b)(2) of the Code, and all “excess
parachute payments” within the meaning of Section 280G(b)(1) shall be
treated as subject to the Excise Tax, unless in the opinion of tax counsel
selected by the Company’s Compensation Committee and acceptable to Executive,
such other payments or benefits (in whole or in part) do not constitute
parachute payments, or such excess parachute payments (in whole or in part)
represent reasonable compensation for services actually rendered within the
meaning of Section 280G(b)(4) of the Code in excess of the base amount
within the meaning of Section 280G(b)(3) of the Code, or are otherwise not
subject to the Excise Tax;

 

(b)   The
amount of the Severance Payments which shall be treated as subject to the
Excise Tax shall be equal to the lesser of (y) the total amount of the
Severance Payments or (z) the amount of excess parachute payments within
the meaning of Section 280G(b)(1) (after applying clause (a), above);
and

 

(c)   The
value of any non-cash benefits or any deferred payment or benefit shall be
determined by the Company’s independent auditors in accordance with proposed,
temporary or final regulations under Sections 280G(d)(3) and (4) of the
Code or, in the absence of such regulations, in accordance with the principles
of Section 280G(d)(3) and (4) of the Code. For purposes of
determining the amount of the Gross-Up Payment, Executive shall be deemed to
pay

 

6

 

Federal income taxes at the
highest marginal rate of federal income taxation in the calendar year in which
the Gross-Up Payment is to be made and state and local income taxes at the
highest marginal rate of taxation in the state and locality of Executive on the
Trigger Date, net of the maximum reduction in Federal income taxes which could
be obtained from deduction of such state and local taxes. In the event that the
amount of Excise Tax attributable to Severance Payments is subsequently
determined to be less than the amount taken into account hereunder at the time
of determination then, subject to applicable law, appropriate adjustments will
be made with respect to the payments hereunder.

 

9.4.    Fees and Expenses.    The
Company shall reimburse Executive for all reasonable legal fees and expenses
incurred by Executive in connection with any tax audit or proceeding to the
extent attributable to the application of Section 4999 of the Code or any
regulations pertaining thereto to any payment or benefit provided hereunder.

 

10.    Document Surrender.    Upon
the termination of Executive’s employment for any reason, Executive shall
immediately surrender and deliver to the Company all documents, correspondence
and any other information, of any type whatsoever, from the Company or any of
its agents, servants, employees, suppliers, and existing or potential
customers, that came into Executive’s possession by any means whatsoever,
during the course of employment.

 

11.    Governing Law.    This
Agreement shall be governed by and construed in accordance with the internal
laws (and not the law of conflicts) of the Commonwealth of Pennsylvania.

 

12.    Jurisdiction.    The
parties hereby irrevocably consent to the jurisdiction of the courts of the
Commonwealth of Pennsylvania for all purposes in connection with any action or
proceeding which arises out of or relates to this Agreement and agree that any
action instituted under this Agreement shall be commenced, prosecuted and
continued only in the state or federal courts having jurisdiction for matters
arising in Wyomissing, Pennsylvania, which shall be the exclusive and only
proper forum for adjudicating such a claim.

 

13.    Notices.    All
notices and other communications required or permitted under this Agreement or
necessary or convenient in connection herewith shall be in writing and shall be
deemed to have been given when hand delivered, delivered by guaranteed next-day
delivery or sent by facsimile (with confirmation of transmission) or shall be
deemed given on the third business day when mailed by registered or certified
mail, as follows (provided that notice of change of address shall be deemed
given only when received):

 

If to the Company, to:

 

Penn National
Gaming, Inc.

825 Berkshire Boulevard, Suite 200

Wyomissing, PA 19610

Fax: (610) 376-2842

 

Attention: Chairman

 

If to Executive, to:

 

William J. Clifford

c/o Penn National Gaming, Inc.

825 Berkshire Boulevard, Suite 200

Wyomissing, PA 19610

Fax: (610) 376-2842

 

or to such other names or addresses as the
Company or Executive, as the case may be, shall designate by notice to each
other person entitled to receive notices in the manner specified in this
Section.

 

7

 

14.    Contents of Agreement;
Amendment and Assignment.

 

14.1. This
Agreement sets forth the entire understanding between the parties hereto with
respect to the subject matter hereof and supersedes all prior or
contemporaneous agreements or understandings with respect to thereto, including
without limitation, the Initial Agreement which is hereby terminated. This
Agreement cannot be changed, modified, extended, waived or terminated except
upon a written instrument signed by the party against which it is to be
enforced.

 

14.2. Executive
may not assign any of his rights or obligations under this Agreement. The
Company may assign its rights and obligations under this Agreement to any
successor to all or substantially all of its assets or business by means of
liquidation, dissolution, merger, consolidation, transfer of assets or otherwise.

 

15.    Severability.    If
any provision of this Agreement or application thereof to anyone or under any
circumstances is adjudicated to be invalid or unenforceable in any
jurisdiction, such invalidity or unenforceability shall not affect any other
provision or application of this Agreement which can be given effect without
the invalid or unenforceable provision or application and shall not invalidate
or render unenforceable such provision or application in any other
jurisdiction. If any provision is held void, invalid or unenforceable with
respect to particular circumstances, it shall nevertheless remain in full force
and effect in all other circumstances. In addition, if any court determines
that any part of Sections 5, 6 or 7 hereof is unenforceable because of its
duration, geographical scope or otherwise, such court will have the power to
modify such provision and, in its modified form, such provision will then be
enforceable.

 

16.    Remedies.

 

16.1. No
remedy conferred upon a party by this Agreement is intended to be exclusive of
any other remedy, and each and every such remedy shall be cumulative and shall
be in addition to any other remedy given under this Agreement or now or
hereafter existing at law or in equity.

 

16.2. No
delay or omission by a party in exercising any right, remedy or power under
this Agreement or existing at law or in equity shall be construed as a waiver
thereof, and any such right, remedy or power may be exercised by such party
from time to time and as often as may be deemed expedient or necessary by such
party in its sole discretion.

 

16.3. Executive
acknowledges that money damages would not be a sufficient remedy for any breach
of this Agreement by Executive and that the Company shall be entitled to
specific performance and injunctive relief as remedies for any such breach, in
addition to all other remedies available at law or equity to the Company.

 

17.    Construction.    This
Agreement is the result of thoughtful negotiations and reflects an arms’ length
bargain between two sophisticated parties, each represented by counsel. The
parties agree that, if this Agreement requires interpretation, neither party
should be considered “the drafter” nor be entitled to any presumption that
ambiguities are to be resolved in his or her favor.

 

18.    Beneficiaries/References.    Executive
shall be entitled, to the extent permitted under any applicable law, to select
and change a beneficiary or beneficiaries to receive any compensation or
benefit payable under this Agreement following Executive’s death by giving the
Company written notice thereof. In the event of Executive’s death or a judicial
determination of Executive’s incompetence, reference in this Agreement to
Executive shall be deemed, where appropriate, to refer to Executive’s
beneficiary, estate or other legal representative.

 

19.    Withholding.    All
payments under this Agreement shall be made subject to applicable tax
withholding, and the Company shall withhold from any payments under this
Agreement all federal, state and local taxes, as the Company is required to
withhold pursuant to any law or governmental rule or regulation. Except as
specifically provided otherwise in this Agreement, Executive shall bear all

 

8

 

expense of, and be solely responsible for,
all federal, state and local taxes due with respect to any payment received
under this Agreement.

 

20.    Regulatory Compliance.    The
terms and provisions hereof shall be conditioned on and subject to compliance
with all laws, rules, and regulations of all jurisdictions, or agencies, boards
or commissions thereof, having regulatory jurisdiction over the employment or
activities of Executive hereunder.

 

IN WITNESS WHEREOF, the
undersigned, intending to be legally bound, have executed this Agreement as of
the date first above written.

 

	
   

  	
  PENN NATIONAL
  GAMING, INC.

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/  PETER M.
  CARLINO 

  	
   

  
	
   

  	
   

  	
  Name:  Peter M.
  Carlino 

  
	
   

  	
   

  	
  Title:    Chairman
  and Chief Executive Officer

  
	
   

  	
   

  
	
   

  	
  EXECUTIVE

  
	
   

  	
   

  
	
   

  	
  /s/  WILLIAM J.
  CLIFFORD

  	
   

  
	
   

  	
  William J. Clifford

  

 

9

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