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SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of
The Securities Exchange Act of 1934
Date of Report (Date of earliest event reported) May 27, 1997
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PATRIOT BANK CORP.
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(Exact name of registrant as specified in its charter)
Delaware 0-26744 23-2820537
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(State or other jurisdiction (Commission (IRS Employer
of incorporation) File Number) ID Number)
High and Hanover Streets, Pottstown, PA 19464-9963
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(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code (610) 323-1500
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N/A
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(Former name of former address, if changed since last report.)
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INFORMATION TO BE INCLUDED IN THE REPORT
Item 5. Other Events
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On May 27, 1997, the Registrant issued the press release attached hereto
as Exhibit 99 and incorporated herein by reference. The press release announced
that on May 23, 1997, Patriot Bank (the "Bank"), the wholly-owned subsidiary of
the Registrant, completed its conversion from a federally-chartered savings bank
to a Pennsylvania-chartered commercial bank. The conversion is intended to allow
the Bank to operate more competitively and efficiently as a community bank. The
Bank will continue to operate as before the conversion, and all current deposits
and loans will remain unaffected by the conversion.
Item 7. Financial Statements and Exhibits
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Exhibit 99 - Press Release dated May 27, 1997.
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
Registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
PATRIOT BANK CORP.
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(Registrant)
By: /s/ Joseph W. Major
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Joseph W. Major
President and Chief Executive Officer
Dated: May 29, 1997
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EXHIBIT 99
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[PATRIOT BANK CORP. LETTERHEAD]
DATE: May 27, 1997
FOR IMMEDIATE RELEASE
CONTACT: Joseph W. Major (610) 970-4650
Richard A. Elko (610) 970-4627
PATRIOT BANK CONVERTS TO A PENNSYLVANIA-CHARTERED
COMMERCIAL BANK
POTTSTOWN, PA...PATRIOT BANK CORP. (NASDAQ - NMS - PBIX), parent company
of Patriot Bank, today announced that on May 23, 1997, Patriot Bank completed
its conversion from a federally-chartered savings bank to a
Pennsylvania-chartered commercial bank. The purpose of the conversion is to
allow Patriot Bank to operate more competitively and efficiently as a community
bank. As a Pennsylvania-chartered commercial bank, Patriot bank will continue to
offer its traditional products and services and will also benefit from greater
acceptance of its expanded commercial and retail products and services. All of
Patriot Bank's branch offices will continue to operate as before the conversion,
and all current deposits and loans will remain unaffected by the conversion.
"Since our initial public offering in December 1995, Patriot Bank has
operated under its Community Bank strategic plan, which is based upon investing
in the future, with particular emphasis on technology to promote a sales culture
in which highly motivated and trained team members attract and retain profitable
customer relationships," said Joseph W. Major, President and Chief Executive
Officer of Patriot Bank. The financial cornerstones of Patriot's strategic plan
include:
- generation of large volumes of high quality interest-earning assets
- generation of low cost deposits and other sources of funds
- maintenance of low interest rate risk
- maintenance of low operating costs
- focus on recurring non-interest income
At March 31, 1997, Patriot had total assets of $594,055,000 with twelve
community banking offices in Montgomery, Berks, Lehigh, Northampton and Chester
counties. The closing price of Patriot's common stock was $16 on Monday, May 27,
1997.
