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
DECEMBER 17, 1996
Date of earliest event reported)
Commonwealth Bancorp, Inc.
(Exact name of registrant as specified in its charter)
PENNSYLVANIA 0-27942 23-2828883
(State or other jurisdiction (Commission File Number) (IRS Employer
of incorporation) Identification No.)
P.O. Box 2100
70 VALLEY STREAM PARKWAY, VALLEY FORGE, PENNSYLVANIA 19482
(Address of principal executive offices) (Zip Code)
(610) 251-1600
(Registrant's telephone number, including area code)
NOT APPLICABLE
(Former name, former address and former fiscal year, if changed since last
report)
Page 1 of 4 Pages.
Exhibit Index appears on page 2.
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ITEM 5. OTHER EVENTS
On December 17, 1996, Commonwealth Bancorp. Inc. (the "Company"),
announced that its 1996 Stock Option Plan and its 1996 Recognition and
Retention Plan were approved by stockholders at a special meeting of
stockholders. The Company also announced that in order to fund the 1996
Recognition and Retention Plan the related trust intends to purchase shares
of the Company's common stock in the open market with funds contributed by
the Company. Purchases will be made from time to time in the discretion of
management of the Company and will amount to up to 394,886 shares of the
Company's common stock.
For additional information, reference is made to the Press Release,
dated December 17, 1996, which is attached hereto as Exhibit 99 and is
incorporated herein by reference.
ITEM 7. FINANCIAL STATEMENTS, PRO FORMA FINANCIAL INFORMATION AND EXHIBITS
(a) Financial Statements.
Not Applicable.
(b) Pro Forma Financial Information.
Not Applicable
(c) Exhibits:
99 Press Release, dated December 17, 1996
<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.
COMMONWEALTH BANCORP, INC.
Date: December 18, 1996 By: /S/PATRICK J. WARD
Patrick J. Ward
President and Chief Operating Officer
PRESS RELEASE
FOR RELEASE: Immediately
CONTACT: Patrick J. Ward, President and Chief Operating Officer
Commonwealth Bank
(610) 251-1600
or
Tom Yaegel
Tom Yaegel Associates Inc.
(215) 322-5330
COMMONWEALTH BANCORP, INC. ANNOUNCES APPROVAL OF
STOCK BENEFIT PLANS AND INITIATION OF OPEN-MARKET
STOCK PURCHASES TO FUND STOCK COMPENSATION PLAN
VALLEY FORGE, PENNSYLVANIA -- DECEMBER 17, 1996 - The Board of Directors of
Commonwealth Bancorp, Inc. (NASDAQ: CMSB) (the "Company") announced that
its 1996 Stock Option Plan and its 1996 Recognition and Retention Plan were
approved by shareholders at a special meeting of shareholders held today.
The Company also announced that in order to fund the 1996 Recognition and
Retention Plan, the related trust intends to purchase shares of the
Company's common stock in the open market with funds contributed by the
Company. Purchases will be made from time to time at the discretion of
management of the Company and will amount to up to 394,886 shares of the
Company's common stock.
Commonwealth Bancorp, Inc. is the holding company for Commonwealth Bank.
Commonwealth Bank is a community bank headquartered in Valley Forge,
Pennsylvania. The Bank conducts business through 53 full-service offices
located throughout Eastern Pennsylvania, including fourteen supermarket
branches which are open 7 days a week. Deposits at Commonwealth are insured
up to $100,000 by the FDIC. The Bank also conducts business through ComNet
Mortgage Services, a division of the Bank with loan origination offices
located in Pennsylvania, New Jersey and Rhode Island. At September 30,
1996, the Company had $2.08 billion of total assets, $1.86 billion of total
liabilities, including $1.47 billion of deposits, and $227.4 million of
shareholders' equity.
