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HomeMy WebLinkAbout05-20-05 (2) ~ .' IN RE: ESTATE OF GERALDINEP.LEEDY,DECEASED IN THE COURT OF COMMON PLEAS CUMBERLAND COUNTY, PENNSYLVANIA ORPHANS' COURT DIVISION : NO. 2004-00543 FAMILY SETTLEMENT AGREEMENT THIS AGREEMENT, made this 3r-e( day of (VlT WITNESSETH: ,2005, . THE CIRCUMSTANCES leading up to the execution of this Agreement are as follows: I. Geraldine P. Leedy (the "Decedent"), died testate on May 2 I, 2004, and Susan Crispen duly qualified as Executor (the "Executor") of her probate estate (the "Estate"). 2. Item 3 of the Last Will and Testament of the Decedent, provides in pertinent part as follows regarding the distribution of the residue of the Estate: B. I give, devise, and bequeath sixty percent (60%) of my net residuary estate to SUSAN CRISPEN, per stirpes. C. I give, devise, and bequeath forty percent (40%) of my net residuary estate to JOSEPH BANKS SHEESLEY, per stirpes. 3. Susan Crispen and Joseph Banks Sheesley (collectively, the "Beneficiaries") desire the Executor to settle the Estate informally in order to avoid the expense and delay in- volved with the formal adjudication of a First and Final Account by the Orphans' Court Division of the Court of Common Pleas of Cumberland County, Pennsylvania (the "Court"). 4. The Beneficiaries desire to settle and compromise any and all claims and rights which they may possess, now or hereafter, in the Estate and to confirm their acceptance of the Informal Account (the "Account"), attached hereto as Exhibit "A" and incorporated herein by this r .. reference, and the Schedule of Proposed Distribution to Beneficiaries (the "Schedule"), attached hereto as Exhibit "B" and incorporated herein by this reference. The Beneficiaries desire that the distributions to them, as set forth on the Schedule, be in full satisfaction of their rights in the Estate. 5. The Beneficiaries wish to release the Executor and to indemnifY her against any and all claims that may be asserted against the Estate or the Executor after the date hereof. 6. The Executor is willing to settle the Estate informally in consideration of the indemnifications hereinafter provided by the Beneficiaries. NOW THEREFORE, in consideration of the foregoing and intending to be legally bound, jointly and severally, the Beneficiaries, for themselves, their successors and assigns: A. Represent and warrant that they have read and understand this Agreement and confirm that the facts set forth above are true and correct, to the best of their knowledge, information and belief. B. Declare that they have sufficient information to make an informed waiver of their right to a formal accounting with the Court, and do hereby waive the filing and auditing of the same. C. Acknowledge that the distributive share or amount set forth on the Schedule shall be in full satisfaction of their respective entitlements under the Will. D. Release, remise, quitclaim and forever discharge the Executor, her heirs, personal representatives, successors and assigns, from and against all claims that they, as beneficiaries of the Estate, and in connection with the Estate, had, now have or may in the future have in connection with the Estate. E. Agree to refund, on demand, all or any part of any aforesaid distribution, which has been determined by the Executor, or by the Court, or by any court of competent jurisdiction, to have been improperly made. F. Agree to indemnifY and hold harmless the Executor, her heirs, personal representatives, successors and assigns, from and against any and all claims, loss, liability or damage (whether or not related to the negligence ofthe Executor) that may hereafter be asserted against the Estate or against the Executor. . " G. Agree to execute such other or additional documents as may be necessary to effectuate the agreements set forth herein. H. Agree to waive the provisions of Pennsylvania Rules of Civil Procedure Rule 229.1 (relating to sanctions for failure to receive settlement funds within twenty days after receipt of an executed release). I. Acknowledge that this Agreement shall be governed by and construed in accordance with the laws of the Commonwealth of Pennsylvania. J. Consent to the Court exercising personal jurisdiction over them in any suit or action arising out of the enforcement of this Agreement. IN WITNESS WHEREOF, the Beneficiaries have placed their hands and seals on the attached Consents to Family Settlement Agreement. t . . CONSENT TO FAMILY SETTLEMENT AGREEMENT AND RECEIPT FOR DISTRIBUTION I, Susan Crispen, hereby acknowledge receipt of my share ofthe tangible personal property of the Decedent, and the distribution in the amount shown on the Proposed Schedule of Distribution. I hereby consent to and join in the Family Settlement Agreement relating to the Estate of Geraldine P. Leedy, deceased, a copy of which Estate Settlement Agreement, including exhibits, has been provided to me. . .:x:Lt/lhA U b,~xl1IL'.N..J SUSAN CRISPEN I COMMONWEALTH OF PENNSYL VANIA SS. COUNTY OF On this, the oJ. \At' day of '(\\\0-1..\ ,2005, before me, the undersigned officer, personally appeared Susan Crispen, known to me (or satisfactorily proven) to be the person whose name is subscribed to the within instrument. and acknowledged that she executed the same in the capacities and for the purposes therein contained. IN WITNESS WHEREOF, I hereunder set my hand and official seal. ~ 'N'\ \~ Notary bhc ~tl\Llti Of PENNSYLVANIA NOTARIAL SEAL kYNIDA M. HUDSON, Notary Public MyuSCommiQue"l!n~ Twp... DllUphill County SSIOI1 Expires feb. 10, 2009 - .' CONSENT TO F AMIL Y SETTLEMENT AGREEMENT AND RECEIPT FOR DISTRIBUTION I, Joseph Banks Sheesley, hereby acknowledge receipt of my share of the tangible personal property of the Decedent, and the distribution in the amount shown on the Proposed Schedule of Distribution. I hereby consent to and join in the Family Settlement Agreement relating to the Estate of Geraldine P. Leedy, deceased, a copy of which Estate Settlement Agree- ment, including exhibits, has been provided to me. j. ~' . . ~ ; ,17 .> . F 4. , ~''J:J.- JefSEJH BANKS SHEESLEY COMMONWEALTH OF PENNSYLVANIA SS. COUNTY OF !:1UNTY OF CUIF.BfRl.Al#D On this, the 3 ~'CI day of ;fJ l1y , 2005, before me, the undersigned officer, personally appeared Joseph Banks Sheesley, known to me (or satisfactorily proven) to be the person \vhose naIne is subf;cribed to the \vithin instr...L.'TIent, aJld acl:.no\vledged that he executed the same in the capacities and for the purposes therein contained. IN WITNESS WHEREOF, I hereunder set my hand and official seal. ('J /-;7 V flu::?. if;f4<~ Notary Public COMMO~IWEALTH OF PENNSYLVANIA Nolanal Seal Martin Ripson. Notary Public Med1anicsburg 8010. CUmbe<1and County My Commission Expires July 27,2008 Member, Pennsylv,,,ni21 Association Of No~arles . ,~ , I COURT OF COMMON PLEAS OF CUMBERLAND COUNTY, PA ORPHANS' COURT DIVISION FIRST AND FINAL ACCOUNTING OF Susan B. Crispen, Executor For Estate of Geraldine P .Leedy Date of Death: Date of Appointment: Accounting for the Period: May 21,2004 June 10, 2004 May 21,2004 to April 25, 2005 Purpose of Account: The above fiduciary offers this account to acquaint interested parties with the . transactions that have occurred during his/her administration. It is important that the account be carefully examined. Requests for additional information, or questions, or objections, can be discussed with: Keefer Wood Allen & Rahal, LLP PO Box 11963 Harrisburg, PA 17108-1963 I I ElCh."b;+ A . . . Estate of Geraldine P .Leedy Summary of Account Principal Page Receipts 2 $ 419,191.98 Net Gain on Sales or Other Dispositions 6 0.00 $ 419,191.98 Less Disbursements: 10 Debts of Decedent $ 4.763.04 Funeral Expenses 7.702.52 Administrative Expenses 1,240.88 Federal & State Taxes 56,025.30 Fees & Commissions 10,435.33 80,167.07 Balance Before Distributions $ 339,024.91 Less Distributions to Beneficiaries 14 283,744.67 Principal Balance On Hand 15 $ 55.280.24 For Information: Investments Made 16 Unpaid Expenses 18 Unrealized Gains and Losses 18 Income Receipts 19 $ 4,055.91 Net Gain on Sales or Other Dispositions 23 0.00 $ 4,055.91 Less Disbursements: 24 0.00 Balance Before Distributions $ 4,055.91 Less Distributions to Beneficiaries 25 608.03 Income Balance on Hand 26 $ 3,447.88 For Information: Investments Made 27 Unpaid Expenses 27 Unrealized Gains and Losses 27 Combined Balance on Hand $ 58.728.12 Page 1 (1) Estate of Geraldine P.Leedy Receipts of Principal FACE Cash and Cash Equivalents Allstate Renter's Insurance Premium Refund $ 20.000 Commerce Bank CD #8000262 Interest to Date of Death 20,000 Commerce Bank CD #800388 Interest to Date of Death Commerce Bank Interest Check dated 4/25/04 due Decedent 19,991.76 M&T CD #31003914555271 Interest to Date of Death 20,000 M&T CD #31003914512560 Interest to Date of Death M&T Checking #547886908 Interest to Date of Death Patriot News Subscription Refund 20,000 PNC Bank CD #31400204968 Inventory Value OS/21/2004 7.00 20,000.00 42.99 20,000.00 44.72 45.96 19,991.76 76.87 20,000.00 14.01 20,069.01 1.00 31.00 20,000.00 Interest to Date of Death 34.37 Page 1 (2) I ~, . Receipts of Principal (Continued) Inventory Value FACE Cash and Cash Equivalents OS/21/2004 50,000 PNC Bank CD *31300105441 $ 50,000.00 Interest to Date of Death 59.06 PNC Bank Checking *5080033365 28,343.48 Interest to Date of Death 0.34 25,000 PNC CD *31100110304 25,000.00 Interest to Date of Death 11.39 20,000 Waypoint CD *266235573 20,003.39 Interest to Date of Death 35.62 40,000 Waypoint CD *266238078 40,000.00 Interest to Date of Death 104.98 Waypoint Checking *205004615 99,842.41 Interest to Date of Death 16.37 Waypoint Financial Dividend Check dated 5/14/04 168.98 Total Cash and Cash Equivalents $ 383,944.71 No. of Inventory Value Shares Stocks OS/21/2004 Page 2 (3) , Receipts of Principal (Continued) No. of Shares Stocks Inventory Value OS/21/2004 1,207 Waypoint Financial Common Stock $ 32,063.96 Total Stocks $ 32,063.96 Tangible Personal Property Inventory Value OS/21/2004 Household Goods $ 100.00 Total Tangible Personal Property 100.00 Total INVENTORY $ 416,108.67 RECEIPTS SUBSEQUENT TO INVENTORY 06/01/2004 Civil Serv Ann Deposited to PNC Ckg $ 173.00 06/01/2004 Civil Service Annuity Deposited to Checking on 6/1/04 1,476.05 07/01/2004 Civil Serv Ann Deposited to PNC Ckg 773.00 Total RECEIPTS SUBSEQUENT TO INVENTORY 3,022.05 Page 3 (4) Receipts of Principal (Continued) TRANSFERS FROM INCOME 07/15/2004 Waypoint Checking #205004615 $ Total TRANSFERS FROM INCOME Total Receipts of Principal Page 4 (5) 61.26 . . $ 61.26 $ 419,191.98 .' Estate of Geraldine P.Leedy Gains and Losses on Sales or Other DisposItions of Principal Net Gain Net Loss 06/01/2004 Collection Civil Serv Ann Deposited to PNC Ckg 6/1/04 CSA Annuity Deposited Net Proceeds $ Carried at 773.00 773.00 06/01/2004 Collection Civil Service Annuity Deposited to Checking on 6/1/04 Auto deposit of CSA annuity 6/1/04 Net Proceeds $ Carried at 1,476.05 1,476.05 06/22/2004 Collection Commerce Bank dated 4/25/04 Collection of due decedent Net Proceeds Carried at Interest Check due Decedent interest check $ 45.96 45.96 06/22/2004 Collection Waypoint Financial Dividend Check dated 5/14/04 Waypoint Dividend check dated 5/14/04 for H/O/R 5/6/04 @ $.14 per share on 1,207 shares Net Proceeds $ Carried at 168.98 168.98 06/23/2004 Collection 19,991. 76 Par M&T CD #31003914555271 Proceeds of M&T CD #55271 Net Proceeds $ Carried at 19,991.76 19,991.76 Page 1 (6) f Gains and Losses on Sales or Other Dispositions of Principal (Continued) Net Gain Net Loss 06/23/2004 Redemption 20,000 Par M&T CD #31003914512560 Redemtion of M&T CD Net Proceeds $ Carried at 20,000.00 20,000.00 06/23/2004 Collection M&T Checking #547886908 Transfer of Balance to Estate Checking Account Net Proceeds $ Carried at 21,636.94 21,636.94 . 06/23/2004 Collection Patriot News Subscription Refund Patriot News Refund Net Proceeds $ Carried at 31.00 31.00 07108/2004 Collection Allstate Renter's Insurance Premium Refund Refund unused Premium Net Proceeds $ Carried at 7.00 7.00 07/08/2004 Collection Civil Serv Ann Deposited to PNC Ckg 7/1 deposit of CSA Payment to PNC checcking Net Proceeds $ Carried at 773.00 773.00 Page 2 (7) Gains and Losses on Sales or Other Dispositions of Principal (Continued) N~G~n N~L~s 07/08/2004 Collection 50,000 Par PNC Bank CD *31300105441 Net Proceeds $ Carried at 50,000.00 50,000.00 07/08/2004 Collection 25,000 Par PNC CD *31100110304 Redemption of PNC CD Net Proceeds $ Carried at 25,000.00 25,000.00 07/12/2004 Collection PNC Bank Checking *5080033365 PNC Ckg Proceeds Net Proceeds $ Carried at 28,343.48 28,343.48 07/15/2004 Collection 20,000 Par Waypoint CD *266235573 Collection of Waypoint CD Net Proceeds $ Carried at 20,003.39 20,003.39 07/15/2004 Collection 40,000 Par Waypoint CD *266238078 Collection of Waypoint CD Net Proceeds $ Carried at 40,000.00 40,000.00 07/15/2004 Collection Waypoint Checking Net Proceeds Carried at *205004615 $ 99,858.78 99,858.78 Page 3 (8) . . Gains and Losses on Sales or Other Dispositions of Principal (Continued) Net Gain Net Loss 07/15/2004 Collection Waypoint Checking Net Proceeds Carried at #205004615 $ 201.86 201.86 07/20/2004 Collection 20,000 Par PNC Bank CD #31400204968 Net Proceeds $ Carried at 20,000.00 20,000.00 08/24/2004 Collection 20,000 Par Commerce Bank CD #8000262 Redemption of C.D. Net Proceeds $ Carried at 20,000.00 20,000.00 08/24/2004 Collection 20,000 Par Commerce Bank CD #800388 Redemption of C.D. Net Proceeds $ Carried at 20,000.00 20,000.00 Total Gains and Losses No Gain or Loss $ $ 0.00 $ 0.00 0.00 Page 4 (9) Date Paid 06/23/2004 07/14/2004 08/05/2004 06/23/2004 10/06/2004 Page 1 Estate of Geraldine P .Leedy Disbursements of Principal Claims presented, allowed, paid, credited and appearing in the Summary Statement Bethany Village June rentfor Apartment # 3328 Check Number 203 $ Total Bethany Village $ Civil Service Annuity Refund CSA Annuity payment not due Decedent $ Return of June & July CSA annuity payments deposited to PNC Checking Account. Not due decedent. Check Number 206 Total Civil Service Annuity $ Healthsouth Paid on patient account #213157 Check Number 202 $ Total Healthsouth $ Holy Spirit Hospital Account # 23104789 medical care for decedent Check Number 207 $ (10) " Amount Paid 1,102.25 1,102.25 1,476.05 1,546.00 3,022.05 9.54 9.54 29.20 Disbursements of Principal (Continued) Date Paid Amount Paid Claims presented, allowed, paid, credited and appearing in the Summary Statement Total Holy Spirit Hospital $ 29.20 McKonly & Asbury 12/20/2004 Death tax return $ 600.00 preparation for Robert Leedy Check Number 212 Total McKonly & Asbury $ 600.00 Total Claims presented, allowed, paid, $ 4,763.04 credited and appearing in the Summary Statement Funeral Expenses Neill Funeral Home 06/23/2004 Funeral expenses for $ 7,604.52 Geraldine P. Leedy Check Number 201 Total Neill Funeral Home $ 7,604.52 Romberger Memorials 10/06/2004 Lettering on monument $ 98.00 Check Number 208 Total Romberger Memorials $ 98.00 Total Funeral Expenses $ 7,702.52 Page 2 (11) . Disbursements of Principal (Continued) Date Paid Amount Paid Administration Expenses Federal Insurance Co 02/17/2005 $ 1,063.88 Check Number 213 Total Federal Insurance Co $ 1.063.88 PA Dept. of Revenue 03/18/2005 PA-40 Ba1 due for 2004 $ 177.00 Check Number 214 Total PA Dept. of Revenue $ 177.00 Total Administration Expenses $ 1,240.88 Federal and State Taxes Register of Wills, Agent 08/03/2004 Payment on account of PA $ 57,000.00 Inheritance Tax Check Number 205 04/22/2005 Refund of overpayment (974.70) Total Register of Wills, Agent $ 56.025.30 Total Federal and State Taxes $ 56,025.30 Page 3 (12) . " . Disbursements of Principal (Continued) Date Paid Amount Paid Fees and Commissions Keefer Wood Allen & Rahal, LLP 03/18/2005 Attorney fees and $ 10,078.33 disbursements Check Number 215 Total Keefer Wood Allen & Rahal, LLP $ 10,078.33 Susan Crispen 06/24/2004 Reimbursement for probate $ 357.00 fees and short certificates Check Number 204 Total Susan Crispen $ 357.00 Total Fees and Commissions $ 10,435.33 Total Disbursements of Principal $ 80,167.07 Page 4 (13) .. . Estate of Geraldine P .Leedy Distributions of Principal to Beneficiaries Distribution Value Matthew J. Cowan 03/30/2005 1,207 Shares $ 32,063.96 Waypoint Financial Common Stock $ 32,063.96 Susan B. Crispen 06/30/2004 Household Goods $ 60.00 11/01/2004 Cash 150,000.00 Advance Distribution of Estate Check Number 210 150,060.00 Joseph B. Sheesley 06/30/2004 Household Goods $ 40.00 11/01/2004 Cash 100,000.00 Advance Distribution of Estate Check Number 209 100,040.00 Total Distributions of Principal to Beneficiaries $ 282,163.96 Transfers to Income 07/08/2004 Transfer From: $ 1,580.71 PNC Bank Checking #5080033365 To: PNC Bank Checking #5080033365 Total Transfers to Income $ 1,580.71 Total Distributions of Principal $ 283,744.67 Page 1 (14) .. Estate of Geraldine P.Leedy Principal Balance On Hand Valued as of April 25, 2005 Inventory Value Cash and Cash Equivalents M&T Estate Checking $ 55,280.24 Total Cash and Cash Equivalents Total Balance on Hand Page 1 (15) '. . $ 55,280.24 $ 55,280.24 " . Estate of Geraldine P.Leedy Information Schedules - Principal Inventory Exchanges and Stock Distributions Value Corrunerce Bank CD #8000262 OS/21/2004 20,000 Par Received $ 20,000.00 08/24/2004 (20,000) Par Collected (20,000.00) Redemption of C.D. Commerce Bank CD #800388 OS/21/2004 20,000 Par Received $ 20,000.00 08/24/2004 (20,000) Par Collected (20,000.00) Redemption of C.D. Household Goods OS/21/2004 Received $ 100.00 06/30/2004 Distribution (60.00) To Susan B. Crispen On Hand $ 40.00 06/30/2004 Distribution (40.00) To Joseph B. Sheesley M&T CD #31003914555271 OS/21/2004 19,991. 76 Par Received $ 19,991.76 06/23/2004 (19,991.76) Par Collected (19,991.76) Proceeds of M&T CD #55271 M&T CD #31003914512560 OS/21/2004 20,000 Par Received $ 20,000.00 06/23/2004 (20,000) Par Redeemed (20,000.00) Redemtion of M&T CD Page 1 (16) . " . Information Schedules - Principal (Continued) Inventory Exchanges and Stock Distributions Value PNC Bank CD *31400204968 OS/21/2004 20,000 Par Received $ 20,000.00 07/20/2004 (20,000) Par Collected (20,000.00) PNC Bank CD #31300105441 OS/21/2004 50,000 Par Received $ 50,000.00 07/08/2004 (50,000) Par Collected (50,000.00) PNC CD #31100110304 OS/21/2004 25,000 Par Received $ 25,000.00 07/08/2004 (25,000) Par Collected (25,000.00) Redemption of PNC CD Waypoint CD #266235573 OS/21/2004 20,000 Par Received $ 20,003.39 07/15/2004 (20,000) Par Collected (20,003.39) Collection of Waypoint CD Waypoint CD #266238078 OS/21/2004 40,000 Par Received $ 40,000.00 07/15/2004 (40,000) Par Collected (40,000.00) Collection of Waypoint CD Waypoint Financial Common Stock OS/21/2004 1,207 Shs. Received $ 32,063.96 @ $25.565 per share 03/30/2005 (1,207) Shs. Distribution (32,063.96) To Matthew J. Cowan Page 2 (17) .~, .- . Estate of Geraldine P.Leedy Principal Unrealized Gains and Losses Market Value Inventory Value Total Unrealized $ 0.00 $ 0.00 Page 1 (18) . . . Gain or (Loss) $ 0.00 . .' Estate of Geraldine P .Leedy Receipts of Income Income Collected Commerce Bank CD #8000262 06/25/2004 Interest on 201000 Par $ 44.47 Less accrued portlon (42.99) 07/01/2004 Interest on 20,000 Par 45.96 25 check 07/25/2004 Interest on 20,000 Par 44.47 07/25/2004 Interest on 20,000 Par 45.96 Check dated 8/25/04 08/24/2004 Interest on collection 44.59 $ 182.46 Commerce Bank CD #800388 06/28/2004 Interest on 20,000 Par $ 99.17 Eheck datedd6/10~04 ess accrue par lon (44.72) 07/10/2004 Interest on 20,000 Par 95.96 08/10/2004 Interest on 20,000 Par 99.17 08/24/2004 Interest on collection 44.60 294.18 M&T CD #31003914555271 05/31/2004 Interest on 19,991.76 Par $ 76.87 Less accrued portlon (76.87 ) 07/12/2004 Interest on 0 Par 85.10 Check received from M&T for interest on CD 85.10 M&T CD #31003914512560 05/31/2004 Interest on 20,000 Par $ 14.01 osited to Decedent's Ckg acct En 6/14/04 . ess accrued portlon (14.01) 06/23/2004 Interest on 20,000 Par 12.84 12.84 Page 1 (19) . . . . Receipts ofIncome (Continued) M&T Checking #547886908 05/31/2004 Collection of accrued interest $ 1. 00 EO DOD frOffidM&T €hecking ess accrue par lOD (1. 00) 06/23/2004 Interest on collection 29.45 $ 29.45 M& T Estate Checking 07/16/2004 Interest $ 31. 56 08/18/2004 Interest 135.82 09/17/2004 Interest 112.36 10/18/2004 Interest 66.60 11/18/2004 Interest 23.90 12/17/2004 Interest 5.55 01/18/2005 Interest 6.11 02/18/2005 Interest 5.91 03/18/2005 Interest 5.34 04/18/2005 Interest 5.52 398.67 PNC Bank CD #31400204968 06/07/2004 Interest on 20,000 Par $ 66.58 Less accrued portlon (34.37) 07/07/2004 Interest on 20,000 Par 64.42 eposited to PNC checking account 07/20/2004 Interest on collection 52.18 148.81 PNC Bank CD #31300105441 06/14/2004 Interest on 50,000 Par $ 166.44 07/08/2004 Interest on 50,000 Par 101. 05 Less accrued portion (59.06) 208.43 Page 2 (20) . .' . Receipts ofIncome (Continued) PNC Bank Checking #5080033365 06/22/2004 Interest $ 3.86 07/12/2004 Interest 2.30 Less accrued portion (0.34) $ 5.82 PNC CD #31100110304 06/21 /2004 Interest on 25,000 Par $ 88.30 07/08/2004 Interest on 25,000 Par 32.26 Less accrued portion (11.39) 109.17 Waypoint CD #266235573 05/31/2004 Interest on 20,000 Par $ 55.06 Less accrued portlon (35.62) 06/30/2004 Interest on 20,000 Par 53.29 07/15/2004 Interest on collection 26.64 99.37 Waypoint CD #266238078 05/31/2004 Interest on 40,000 Par $ 162.28 Less accrued portlon (104.98) 06/30/2004 Interest on 40,000 Par 157.05 07115/2004 Interest on collection 78.52 292.87 Waypoint Checking #205004615 06/06/2004 Interest $ 34.93 Less accrued portion (16.37) 07/05/2004 Interest 31.74 07115/2004 Interest 10.96 61.26 Page 3 (21) . . Receipts ofIncome (Continued) Waypoint Financial Common Stock 08/13/2004 Dividend on 1,207 Shares 11/15/2004 Dividend on 1,207 Shares 01/20/2005 Dividend on 1,207 Shares Total Income Collected TRANSFERS BETWEEN INCOME AND PRINCIPAL PNC Bank Checking #5080033365 07/08/2004 Received via transfer from Principal $ 168.98 168.98 208.81 $ 1,580.71 Total TRANSFERS BETWEEN INCOME AND PRINCIPAL Total Income Received Page 4 (22) .. . $ $ 546.77 2,475.20 $ 1,580.71 1,580.71 $ 4,055.91 . . . . . . . . Estate of Geraldine P .Leedy Gains and Losses on Sales or Other Dispositions of Income Net Gain Net Loss 07/15/2004 Collection Waypoint Checking Net Proceeds Carried at #205004615 $ 287.08 287.08 Total Gains and Losses No Gain or Loss $ $ 0.00 $ 0.00 0.00 Page 1 (23) . , Date Paid Page 1 . .. . . Estate of Geraldine P.Leedy Disbursements of Income Total Disbursements of Income $ (24) ." . Amount Paid 0.00 . , . . , . . Estate of Geraldine P.Leedy Distributions of Income to Beneficiaries Matthew J. Cowan 04/05/2005 Cash Wayoint Dividends paid to Estate since 0.0.0 Check Number 217 $ 546.77 Total Distributions of Income to Beneficiaries Transfers to Principal 07/15/2004 Transfer From: Waypoint Checking *205004615 To: Waypoint Checking *205004615 $ 61.26 Total Transfers to Principal Total Distributions of Income Page 1 (25) .- . Distribution Value $ $ 546.77 546.77 $ 61.26 $ 608.03 . .. . . , . Estate of Geraldine P .Leedy Income Balance On Hand Valued as of April 25, 2005 Inventory Value Cash and Cash Equivalents M&T Estate Checking $ 3,447.88 Total Cash and Cash Equivalents Total Balance on Hand Page 1 (26) . oJ .. $ 3,447.88 $ 3,447.88 " . .. ,. . .; . " Exhibit B .." ' ; It, -. .. .. . EXHIBIT B ESTATE OF GERALDINE P. LEEDY PROPOSED SCHEDULE OF DISTRIBUTION Balance Available for Distribution Principal Cash Income Cash Total Cash $55,280.24 $3,447.88 $58,728.12 Distributions: To: Keefer Wood Allen & Rahal, LLP To: Susan Crispen (60%) To: Joseph Banks Sheesley (40%) Total Distributions ($2,600.00) $33,676.87 $22,451.25 $58,728.12 . , , IN THE MA TIER OF THE ESTATE OF GERALDINE P. LEEDY, DECEASED IN THE COURT OF COMMON PLEAS CUMBERLAND COUNTY, PENNSYL VANIA ORPHANS' COURT DIVISION NO. 21-04-0543 RECEIPT AND RELEASE CONCERNING BEQUEST OF STOCK . _J , . , \"'- 1'I\f\~ THIS AGREEMENT, made this \ \ day of ~, 2005 WITNESSETH: crl THE CIRCUMSTANCES leading up to the execution of this Agreement are as follows: 1. Geraldine P. Leedy (the "Decedent"), a widow, died testate on May 21, 2004, and Susan Crispen duly qualified as executrix (the "Executrix") of her probate estate. 2. Item Three of the Decedent's Last Will and Testament (the "Will") provides as follows: I give, devise and bequeath any and all Harris Financial stock that I own at the time of my death to Matthew J. Cowan, per stirpes. In the event that Harris Financial stock changes its name, then of course, this bequest will go to the successor stock company as well. 3. Harris Financial had merged prior to the Decedent's death and the estate inventoried 1,207 shares of Way point Financial Corporation as the successor corporation. Waypoint Financial Corporation was in process of being acquired by Sovereign Bancorp at the time of the registration of the shares into Matthew J. Cowan's name, and therefore, a check in the amount of $33,796.00 was received from Sovereign Bancorp in lieu of shares of stock in Sovereign Bancorp, representing the sale ofthe shares. 4. During the period of administration, the Executrix received the following dividends on Waypoint Financial stock: $168.98 on August 18,2004; $168.98 on November 15,2004; and $208.81 on January 21, 2005, for a total of $546.77. . '. 5. Matthew J. Cowan (the "Beneficiary") desires the Executrix distribute to him the proceeds of the sale of the Sovereign Bancorp shares as well as the dividends earned on those shares, in full and complete satisfaction of any and all of the Beneficiary's right, title and interest in thc Harris Financial stock bequeathed to him. NOW THEREFORE, in consideration of the foregoing, and intending to be legally bound hereby, the Beneficiary, for himself, his heirs, assigns, personal representatives, and successors, does hereby: A. Acknowledge receipt of the sum of $34,342.77, in full and complete satisfaction of any and all of the Beneficiary's right, title and interest in the Harris Financial stock bequeathed to him in Item Three of the Will. B. With respect to the distribution, the Beneficiary hereby absolutely and irrevocably remises, releases, quitclaims and forever discharges the Executrix, her successors and assigns, of and from any and all actions, payments, accounts, reckonings, liabilities, claims and demands relating in any way to the Will or to the Estate. C. Agree to refund on demand, all or any part of the aforesaid payment of $34,342.77, which has been determined by the Executrix, or by any other court of competent jurisdiction, to have been improperly made. D. Agree to waive the provisions of Pennsylvania Rules of Civil Procedure Rule 229.1 (relating to sanctions for failure to receive settlement funds within twenty days after receipt of an executed release). E. The Beneficiary consents to the Orphans' Court Division of the Court of Common Pleas of Cumberland County, Pennsylvania, exercising personal jurisdiction over him in any suit or action arising out of the enforcement of this Agreement. IN WITNESS WHEREOF, the Beneficiary has hereunto set his hand and seal to this Agreement on the date first above written. WITNESS: ~~ ~~9-) ~ 2 ~ STATE OF GEORGIA : SS. COUNTY OF ON THIS, the '" -M'/\~ \ \"1 day of ~2005, before me, the undersigned officer, personally appeared Matthew J. Cowan, known to be (or satisfactorily proven) to be the person whose name is subscribed to the within instrument, and acknowledged that she executed the same for the purposes expressed therein. IN WITNESS WHEREOF, I hereunder set my hand and official seal. q~,/~ ~ Notary Public Iifllf8ly NIIc,. CoIlb County GA My Commlssfon ExPires Novem~r 19, 2005 3