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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 (Date of earliest event reported): July 2, 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)
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ITEM 5. OTHER EVENTS.
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On July 2, 1999, the Registrant announced that it and
Belmar Federal Savings and Loan Association had agreed to
terminate their proposed merger transaction. The Registrant
also announced that it will incur a charge of $89,000, or $.17
basic earnings per share and $.16 diluted earnings per share,
reflecting the payment of its expenses incurred in attempting to
complete the merger conversion. For further information,
reference is made to the Registrant's press release
dated July 2, 1999, 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 July 2, 1999
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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: July 8, 1999 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 J. Bouffard, President
410-285-9327
BELMAR FEDERAL SAVINGS AND LOAN ASSOCIATION
For further information contact J. Thomas Lewis, President
410-426-3050
PATAPSCO BANCORP, INC. AND BELMAR FEDERAL
ANNOUNCE TERMINATION OF MERGER CONVERSION
AGREEMENT
Dundalk, Maryland. July 2, 1999 - Patapsco Bancorp, Inc.
(OTC, Electronic Bulletin Board: PATD) and Belmar Federal
Savings and Loan Association announced today that they have
agreed to terminate their proposed merger conversion trans-
action. Had the transaction been completed, Belmar would have
merged into Patapsco's wholly owned subsidiary, The Patapsco
Bank, a commercial bank headquartered in Dundalk, Maryland.
Joseph J. Bouffard, the President of Patapsco, stated that,
"After protracted discussions with the federal regulatory
agencies, Patapsco and Belmar became convinced that we would be
unable to obtain federal regulatory approval of a merger
conversion transaction. As a result, we felt we would be unable
to consummate the transaction and saw no alternative but to
terminate our agreement." Mr. Bouffard further stated, "We are
extremely disappointed that we will be unable to complete this
transaction, which we continue to believe would be beneficial to
both organizations, our customers and community and Patapsco's
shareholders."
In connection with the agreement to terminate the merger
conversion transaction, Patapsco will incur a charge of $89,000,
or $.17 basic earnings per share and $.16 diluted earnings per
share, reflecting the payment of its expenses incurred in
attempting to complete the merger conversion. That charge will
be reported in Patapsco's earnings for the quarter ended June
30, 1999.
The Patapsco Bank serves Baltimore County and surrounding
communities from its office at 1301 Merritt Boulevard, Dundalk,
Maryland. As of March 31, 1999, Patapsco Bancorp, Inc. reported
assets of $90.1 million and total stockholders' equity of $9.1
million. Belmar is a federally chartered mutual savings and
loan association with total assets of $19 million serving the
Overlea section of Baltimore, Maryland.
