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Previous: INVESTORS FINANCIAL SERVICES CORP, S-3, 1998-08-20 |
Next: KEMPER HORIZON FUND, 497, 1998-08-20 |
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 August 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)
<PAGE>
Item 5. Other Events
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On August 19, 1998, the Registrant issued the press release attached hereto
as Exhibit 99 announcing its earnings for the second quarter ended June 30,
1998.
Item 7. Financial Statements and Exhibits
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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.
<PAGE>
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: August 19, 1998 By:
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Lauren T. Barnett
President & Chief Executive Officer
<PAGE>
Exhibit
Number Description
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99 Press release dated August 19, 1998
FOR IMMEDIATE RELEASE
Contact:
Lauren T. Barnett, President and CEO
Tel:(518) 842-7200
Fax:(518) 842-7500
Harold A. Baylor, Jr., Vice Pres., CFO, and Treas.
Tel:(518) 842-7200
Fax:(518) 842-1688
Ambanc Holding Co., Inc. Announces Earnings for the
Three and Six Months Ended June 30, 1998
Amsterdam, N.Y., August 19, 1998 -- Lauren T. Barnett, President and CEO of
Ambanc Holding Co., Inc. (Nasdaq National Market under the symbol "AHCI")
announced that net income for the three and six months ended June 30, 1998, as
compared to the corresponding period in 1997, had declined due to non-core
charges against earnings.
Mr. Barnett stated that the Company's core income after taxes, which
excludes gains/losses on securities transactions and certain other items, had
increased for the quarter ended June 30, 1998 from the comparable 1997 quarter
to approximately $499,000 from $465,000. He also indicated that core income
after taxes for the six months ended June 30, 1998 declined to approximately
$945,000 from $1.1 million in 1997.
Net income for the three months ended June 30, 1998 was $97,000, or $0.03
per diluted share, and $543,000, or $0.14 per diluted share, for the six months
ended June 30, 1998. In the corresponding 1997 periods, the Company had net
income of $572,000, or $0.14 per diluted share, and $1.2 million, or $0.30 per
diluted share, respectively.
Mr. Barnett attributed the earnings declines for the three and six months
ended June 30, 1998, compared to 1997, primarily to the items excluded from core
income after taxes. During the quarter ended June 30, 1998, the Company took a
charge against operating results of $399,000 related to the termination and
consulting agreements entered into with the former President and CEO and
$159,000 in legal fees incurred by the Company to defend against legal actions
initiated by a shareholder. Also contributing to the earnings declines were
losses on securities transactions of $112,000 and $105,000 for the quarter and
six months ended June 30, 1998, respectively, compared to gains on securities
transactions of $178,000 and $177,000 in the corresponding periods of 1997.
Ambanc Holding Co., Inc. is a unitary savings and loan holding company. The
Company's primary subsidiary, Amsterdam Savings Bank, F.S.B. operates twelve
banking offices in Montgomery (4), Saratoga (4), Albany (2), Schenectady (1),
and Fulton (1) counties in the Capital Region of upstate New York.
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