Abington Seeks 10-K Extension

Abington Bancorp, Weymouth, Mass., has reported requesting an extension for filing its 2002 Form 10-K in order to revise previously reported results to account for changed prepayment assumptions and errors in accounting related to mortgage-backed securities.Abington, the holding company for Abington Savings Bank, said it expects to file the form with the Securities and Exchange Commission by April 15. Abington said an internal review by the bank's accounting department found that prepayment assumptions used in calculating net interest margins in 2002 did not adequately reflect actual prepayment rates for some of its MBS. The bank also determined that certain payments received on portions of its MBS portfolio were not property applied. Abington estimated that the corrections and revised assumptions will cause the bank's adjusted earnings for 2002 to decrease by no more than $0.58 per share from the previously reported $2.07. The bank can be found online at http://www.abingtonsavings.com.