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SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Form 8-K
Pursuant to Section 13 or 15(d) of
the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): May 30, 1997
PATAPSCO BANCORP, INC.
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(Exact name of Registrant as specified in its charter)
Maryland 0-28032 52-1951797
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(State or other jurisdiction (Commission (I.R.S. Employer
of incorporation) File Number) Identification No.)
1301 Merritt Boulevard, Dundalk, Maryland 21222-2194
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(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code: (410) 285-1010
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Not Applicable
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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 May 30, 1997, the Board of Directors of the Registrant
announced that it had approved a special cash distribution of $12.50
per share. The special distribution of $12.50 per share will be
payable on June 27, 1997 to all shareholders of record as of June
12, 1997. The Registrant estimates that approximately 100% of the
distribution will not be considered taxable, but will be applied
against and will reduce the shareholders' adjusted basis in the
Registrant's common stock. The Registrant will announce to its
shareholders the precise percentage of the distribution to be non-
taxable as soon as it arrives at a final computation following the
close of its fiscal year on June 30, 1997.
Further information regarding the elements of this cash
distribution are set forth in a press release dated May 30, 1997,
attached as Exhibit 99.1 and incorporated herein by eference.
Item 7. Financial Statements, Pro Forma Financial Information and
Exhibits
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Exhibit 99.1 Press Release dated May 30, 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 hereto duly authorized.
PATAPSCO BANCORP, INC.
Date: June 3, 1997 By: /s/ Joseph J. Bouffard
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Joseph J. Bouffard
President
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PRESS RELEASE
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PATAPSCO BANCORP, INC.
For further information contact Joseph Bouffard, President
410-285-9327
PATAPSCO BANCORP, INC. ANNOUNCES $12.50 PER SHARE TAX FREE SPECIAL
DIVIDEND
Baltimore, Md. May 30, 1997 - The Board of Directors of Patapsco
Bancorp, Inc. (National Quotation Bureau, Inc. "Pink Sheets": PATD),
the parent company of The Patapsco Bank, announced a $12.50 per
share special cash dividend payable on June 27, 1997 to shareholders
of record as of June 12, 1997. Patapsco Bancorp Inc. currently has
362,553 shares outstanding and will have an aggregate special
dividend payable of approximately $4,532,000.
According to bank president, Joseph J. Bouffard, the special
dividend is expected to be tax free because it represents a return
to shareholders of a portion of the proceeds raised when the Company
went public in April, 1996. He further stated that the Company
expects in the very near future to receive a tax ruling on this
dividend from the Internal Revenue Service. He also noted that a
non taxable return of capital would reduce the tax cost basis of
each outstanding share.
The Board of Directors took this action because it believes
the current "equity to asset" ratio of over 15% is excessive and
will prove to be a deterrent to generating acceptable returns on
equity over the long term. President Bouffard stated that the
Company will remain well capitalized with the "equity to asset"
ratio exceeding 10.5% after payment of the special dividend.
As of April 30, 1997, Patapsco Bancorp, Inc. reported assets
of $80.9 million and total stockholders' equity of $12.6 million.
The Patapsco Bank serves Baltimore County and surrounding
communities from its office located at 1301 Merritt Boulevard,
Dundalk, Maryland.
