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Previous: PACIFICHEALTH LABORATORIES INC, 10QSB, 1998-05-14 |
Next: AMBANC HOLDING CO INC, 10-Q, 1998-05-14 |
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 May 14, 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 May 14, 1998, the Registrant issued the press release attached hereto as
Exhibit 99 announcing its earnings for the first quarter ended March 31, 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: May 14, 1998 By:
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Robert J. Brittain
President & Chief Executive Officer
<PAGE>
Exhibit
Number Description
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99 Press release dated May 14, 1998
FOR IMMEDIATE RELEASE
Contact:
Robert J. Brittain, 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
First Quarter Ended March 31, 1998
Amsterdam, N.Y., May 14, 1998 -- Robert J. Brittain, President and CEO of Ambanc
Holding Co., Inc. (the Company), the parent company of Amsterdam Savings Bank,
FSB (the Bank), today announced net income for the three months ended March 31,
1998.
Net income for the three months ended March 31, 1998, was $446,000 as compared
to $652,000 for the corresponding period of the previous year. Diluted net
income per common share for the 1998 quarter was $0.11 as compared to $0.16 for
the comparable 1997 quarter.
At March 31, 1998 total assets were $519.8 million compared to total assets of
$510.4 million at December 31, 1997. Stockholders' equity was $60.8 million, or
$14.27 per share, and $61.2 million, or $14.21 per share, including unreleased
ESOP shares and unvested restricted Recognition and Retention Plan ("RRP")
shares, at March 31, 1998 and December 31, 1997, respectively.
As announced on April 23, 1998, Ambanc Holding Co., Inc. has signed a definitive
agreement with AFSALA Bancorp, Inc. to merge AFSALA with and into Ambanc. The
transaction will be a tax-free, stock for stock exchange of 1.07 shares of
Ambanc common stock for each share of AFSALA common stock. Pending regulatory
and shareholder approval, the merger is expected to be completed in the fourth
quarter of 1998.
Amsterdam Savings Bank, FSB, founded in 1886, is a federally chartered savings
bank that conducts its business primarily in Albany, Fulton, Montgomery,
Saratoga and Schenectady counties in New York from twelve locations in Latham,
Guilderland, Gloversville, Amsterdam, Fort Plain, Clifton Park, Ballston Spa,
Saratoga Springs, Wilton and Schenectady. The Bank's deposits are insured up to
the legal amount by the Federal Deposit Insurance Corporation (FDIC).
The Company's common stock is traded on the NASDAQ National Market under the
symbol "AHCI".
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