SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 11-K
ANNUAL REPORT
PURSUANT TO SECTION 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
[x] ANNUAL REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES EXCHANGE ACT OF
1934 [NO FEE REQUIRED, EFFECTIVE OCTOBER 7, 1996].
For the fiscal year ended December 31, 2007
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OR
[ ] TRANSITION REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES EXCHANGE
ACT OF 1934 [NO FEE REQUIRED].
For the transition period from _______________ to ______________________
Commission File Number 001-52751
A. Full title of the plan and the address of the plan, if different from
that of the issuer named below:
Fairport Savings Bank 401(k) Savings Plan
B: Name of issuer of the securities held pursuant to the plan and the
address of its principal executive office:
FSB Community Bankshares, Inc.
45 South Main Street
Fairport, New York 14450
SUMMARY ANNUAL REPORT
This is a summary of the annual report for
FAIRPORT SAVINGS BANK 401(K) SAVINGS PLAN
EIN 16 0427685
for January 1, 2007 through December 31, 2007. The annual report has been filed
with the Employee Benefits Security Administration, as required under the
Employee Retirement Income Security Act of 1974 (ERISA).
BASIC FINACIAL STATEMENT
Benefits under the plan are provided by a combination of funding arrangements.
Plan expenses were $855,397. These expenses included $0 in administrative
expenses and $838,081 in benefits paid to participants and beneficiaries and
$17,316 in other expenses. A total of 39 persons were participants in or
beneficiaries of the plan at the end of the plan year, although not all of these
persons had yet earned the right to receive benefits.
The value of plan assets, after subtracting liabilities of the plan, was
$2,319,433 as of December 31, 2007, compared to $2,828,598 as of January 1,
2007. During the plan year, the plan experienced a decrease in its net assets of
($509,165). This decrease includes unrealized appreciation or depreciation in
the value of plan assets; that is, the difference between the value of plan's
assets at the end of the year and the value of the assets at the beginning of
the year or cost of assets acquired during the year. The plan had total
income of $346,232, including employer contributions of $172,515, employee
contributions of $91,166, gains of $0, from the sale of assets, and earnings
from investments of $82,551.
YOUR RIGHTS TO ADDITIONAL INFORMATION
You have the right to receive a copy of the full annual report, or any part
thereof, on request. The items listed below are included in that report:
- Financial information
- Insurance information including sales commissions paid by
insurance carriers
- Information regarding any common or collective trusts, pooled
separate accounts; master trusts or 103-12 investment entities
in which the plan participates
To obtain a copy of the full annual report, or any part thereof, write or call
FAIRPORT SAVINGS BANK
45 SOUTH MAIN STREET
FAIRPORT, NY 14450-2133
(585) 377-8970.
The charge to cover copying costs will be $1.00 for the full annual report, or
$.10 per page for any part thereof.
You also have the right to receive from the plan administrator, on request and
at no charge, a statement of the assets and liabilities of the plan and
accompanying notes, or a statement of income and expenses of the plan and
accompanying notes, or both. If you request a copy of the full annual report
from the plan administrator, these two statements and accompanying notes will be
included as part of that report. The charge to cover copying costs given above
does not include a charge for the copying of these portions of the report
because these portions are furnished without charge.
You also have the legally protected right to examine the annual report at the
main office of the plan
45 SOUTH MAIN STREET
FAIRPORT, NY 14450-2133
and at the U.S. Department of Labor in Washington, D.C., or to obtain a copy
from the U.S. Department of Labor upon payment of copying costs. Requests to
the Department should be addressed to: Public Disclosure Room, Room N1513,
Employee Benefits Security Administration, U.S. Department of Labor,
200 Constitution Avenue, N.W., Washington, D.C. 20210.
This plan is not required to attach an accountant's report because it satisfies
all of the conditions to qualify for a waiver of the audit requirement.
SIGNATURES
The Plan. Pursuant to the requirements of the Securities Exchange Act of
1934, the trustees (or other persons who administer the employee benefit plan)
have duly caused this annual report to be signed on its behalf by the
undersigned hereunto duly authorized.
FAIRPORT SAVINGS BANK 401(k) SAVINGS PLAN
Date May 16, 2008 By: /s/ Kevin D. Maroney
Name: Kevin D. Maroney
Title: Executive Vice President and
Chief Financial Officer