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 February 19, 1998
AMBANC HOLDING CO., INC.
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(Exact name of Registrant as specified in its Charter)
Delaware 0-27036 14-1783770
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(State or other jurisdiction (Commission File No.) (IRS Employer
of incorporation) Identification No.)
11 Division Street, Amsterdam, New York 12010-4303
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(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code: (518) 842-7200
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N/A
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(Former name or former address, if changed since last report)
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Item 5. Other Events
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On February 19, 1998, the Registrant issued the press release attached
hereto as Exhibit 99 announcing its intention to repurchase up to 5% of its
outstanding common stock, or 215,320 shares.
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(c) Exhibits
The Exhibits referred to in Item 5 of this Report and listed on the
accompanying Exhibit Index are filed as part of this Report and are incorporated
herein by reference.
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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 thereunto duly authorized.
AMBANC HOLDING CO., INC.
Date: February 19, 1998 By: /s/Robert J. Brittain
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Robert J. Brittain
President & Chief Executive Officer
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Exhibit
Number Description
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99 Press release dated February 19, 1998
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FOR IMMEDIATE RELEASE
Contact:
Robert J. Brittain, President & C.E.O.
Telephone:(518) 842-7200
Fax:(518) 842-7500
Harold A. Baylor, Vice President & C.F.O.
Telephone:(518) 842-7200
Fax:(518) 842-1688
AMBANC HOLDING CO., INC. ANNOUNCES STOCK REPURCHASE PROGRAM
Amsterdam, N.Y., February 18, 1998 -- Robert J. Brittain, President and C.E.O.
of Ambanc Holding Co., Inc. (NASDAQ: AHCI), today announced the Company's
intention to repurchase up to 5% of its outstanding common stock, or 215,320
shares. The shares to be reacquired will be used, in part, to partially fund the
1997 Incentive Stock Option Plan, which was ratified at the Annual Meeting of
Stockholders held on May 23, 1997, and for general corporate purposes. Mr.
Brittain indicated that any shares reacquired will be purchased from time to
time in the open market subject to the availability of shares and market
conditions.
The Company recently reported operating results for the three and twelve months
ended December 31, 1997. For the fourth quarter of 1997 the Company reported net
income of $800,000, or $0.21 per basic share, compared to a net loss of $4.6
million, or $(1.01) per share, in the 1996 period. For the year 1997, Ambanc
recorded net income of $2.8 million, or $0.70 per basic share, compared to a net
loss in 1996 of $3.8 million, or $(0.81) per share.
Over the past three months, the Company's shares traded between $13.375 and
$19.75. As of February 17, 1998, there were 4,306,418 shares of common stock
outstanding. At December 31, 1997, the Company had $510.4 million in total
assets and stockholders' equity of $61.2 million.
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