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SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
CURRENT REPORT
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): June 17, 1998
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)<PAGE>
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ITEM 5. OTHER EVENTS.
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On June 17, 1998, the Registrant announced that it had
signed an agreement to acquire Belmar Federal Savings and Loan
Association in a merger conversion transaction. For further
information, reference is made to the Registrant's press release
dated June 17, 1998, which is attached hereto as Exhibit 99.1,
and incorporated herein by reference.
ITEM 7. FINANCIAL STATEMENTS, PRO FORMA FINANCIAL INFORMATION
AND EXHIBITS
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The following is a list of exhibits filed with this
Current Report on Form 8-K.
Exhibit No. Description
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99.1 Press Release, dated June 17, 1998
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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 17, 1998 By: /s/ Joseph J. Bouffard
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Joseph J. Bouffard
President
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PRESS RELEASE
PATAPSCO BANCORP, INC.
For further information contact Joseph Bouffard, President
410-285-1010
PATAPSCO BANCORP, INC. TO ACQUIRE
BELMAR FEDERAL SAVINGS AND LOAN ASSOCIATION
Dundalk, Maryland - June 17, 1998. Patapsco Bancorp,
Inc., the holding company for The Patapsco Bank, and Belmar
Federal Savings and Loan Association, announced today that they
have signed an agreement pursuant to which Patapsco Bancorp,
Inc. will acquire Belmar Federal Savings and Loan Association in
a merger conversion transaction.
Belmar Federal Savings and Loan Association, a mutual
institution, has one office, located in Baltimore, Maryland,
with total assets of $18.7 million. As part of the plan of
acquisition, Belmar will merge into The Patapsco Bank. In
connection with the merger, Patapsco Bancorp, Inc. intends to
grant priority subscription rights in its common stock to the
qualifying members of Belmar at a discount to the market price.
"Patapsco Bancorp, Inc. is very enthusiastic about its
agreement to acquire Belmar Federal Savings and Loan
Association," stated Joseph J. Bouffard, President of Patapsco
Bancorp, Inc. "We are excited about the opportunity to offer
our varied products to new customers."
J. Thomas Lewis, President of Belmar Federal Savings and
Loan Association, said, "We believe that affiliation with
Patapsco Bancorp, Inc. will enable us to enhance our product
offerings and better serve our community. The Patapsco Bank
provides the same kind of personal service that has been the
foundation of our business. We are confident that our customers
will benefit from this affiliation."
The acquisition will result in consolidated assets for
Patapsco Bancorp, Inc. of approximately $109.5 million,
consolidated loans of approximately $86.4 million and
consolidated deposits of approximately $86.9 million based on
March 31, 1998 financial information. The acquisition is
expected to be completed no earlier than the fourth quarter of
1998 and is subject to various conditions, including regulatory
approval and approval by the members of Belmar Federal Savings
and Loan Association.
Patapsco Bancorp, Inc. is the bank holding company for The
Patapsco Bank.
