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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):
November 24, 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 November 24, 1998, the Board of Directors of the
Registrant announced that it was commencing a stock repurchase
program to acquire up to 18,000 shares of its common stock,
representing approximately 5% of the outstanding common stock.
Further information regarding the stock repurchase is set forth
in a press release dated November 24, 1998, attached as Exhibit
99.1 and incorporated herein by reference.
ITEM 7. FINANCIAL STATEMENTS, PRO FORMA FINANCIAL INFORMATION
AND EXHIBITS.
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Exhibit 99.1 Press Release date November 24, 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: December 3, 1998 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 STOCK
REPURCHASE PROGRAM
Baltimore, MD. November 24, 1998 - Patapsco Bancorp, Inc. (OTC,
Electronic Bulletin Board: PATD), the parent company of The
Patapsco Bank, announced today that it is commencing a stock
repurchase program to acquire up to 18,000 shares of the
Corporation's common stock, which represents approximately 5% of
the outstanding common stock. The program will be dependent
upon market conditions and there is no guarantee as to the exact
number of shares to be repurchased by the Corporation.
Joseph J. Bouffard, President of the Corporation, stated
that the Board of Directors has authorized the repurchase
program, which is expected to be completed within 12 months.
Mr. Bouffard explained that the Board of Directors considers the
Corporation's common stock to be an attractive investment. It
is expected that a reduction in the amount of the Corporation's
outstanding stock will have the effect of increasing the
Corporation's per share earnings and return on equity.
According to Mr. Bouffard, the repurchases generally will
be effected through open market purchases, although he did not
rule out the possibility of unsolicited negotiated transactions
or other types of repurchases.
As of September 30, 1998 Patapsco Bancorp, Inc. reported
assets of $89.0 million and total stockholders' equity of $9.4
million.
The Patapsco Bank serves Baltimore County and surrounding
communities from its office located in Dundalk, Maryland.
