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
JUNE 17, 1997
(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.)
2 WEST LAFAYETTE STREET, NORRISTOWN, PENNSYLVANIA 19401
(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 5 Pages.
Exhibit Index appears on page 2.
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ITEM 5. OTHER EVENTS
On June 17, 1997, Commonwealth Bancorp. Inc. (the "Company"),
announced that the Company's Board of Directors authorized the repurchase
of up to 0.9 million shares, or approximately 5 percent, of its outstanding
common stock. The Company also announced on June 17, 1997 that the Board
of Directors has declared a cash dividend of $0.07 per share of common
stock payable on July 11, 1997 to shareholders of record at the close of
business on June 27, 1997. For additional information, reference is made
to the Press Releases, dated June 17, 1997, which are attached hereto as
Exhibits 99.1 and 99.2 and are 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:
99.1 Press Release, dated June 17, 1997
99.2 Press Release, dated June 17, 1997
<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: June 18, 1997 By: /S/ CHARLES M. JOHNSTON
Charles M. Johnston
Chief Financial Officer
EXHIBIT 99.1
[COMMONWEALTH BANCORP, INC. LETTERHEAD]
For release: IMMEDIATELY
Contact: Charles M. Johnston, Chief Financial Officer
Commonwealth Bancorp, Inc.
(610) 313-2189
COMMONWEALTH BANCORP, INC. TO REPURCHASE
SHARES OF COMMON STOCK
Norristown, PA, June 17, 1997 - Commonwealth Bancorp, Inc. (NASDAQ:CMSB) (the
"Company") announced today that the Company's Board of Directors authorized
the repurchase of up to 0.9 million shares, or approximately 5 percent, of its
outstanding common stock.
Repurchases are authorized to be made by the Company from time to time in open
market transactions during the next six months as, in the opinion of
management, market conditions warrant. The repurchased shares will be held as
treasury stock and will be reserved for issuance pursuant to the Company's
stock option plans.
Charles H. Meacham, Chairman and Chief Executive Officer of the Company,
stated, "This repurchase program, which follows the March 1997 completion of
our previous 5 percent repurchase program, reflects management's continuing
belief that the current price of the Company's common stock does not
adequately reflect its long-term business and earnings prospects.
Commonwealth's strong capital and excellent liquidity provide the financial
flexibility to effect this transaction without an impact on the growth
potential of the Company's businesses."
Commonwealth Bancorp, Inc., with consolidated assets in excess of $2.2
billion, is the holding company for Commonwealth Bank, which has branches
throughout southeast Pennsylvania. ComNet Mortgage Services, a division of
Commonwealth Bank, has offices in Pennsylvania, Connecticut, Maryland, New
Jersey, and Rhode Island.
# # #
EXHIBIT 99.2
[COMMONWEALTH BANCORP, INC. LETTERHEAD]
For release: IMMEDIATELY
Contact: Charles M. Johnston, Chief Financial Officer
(610) 313-2189
or
Tom Yaegel, Tom Yaegel Associates
(215) 322-5330
COMMONWEALTH BANCORP, INC. DELCLARES CASH DIVIDEND
Norristown, PA, June 17, 1997 - Commonwealth Bancorp, Inc. (NASDAQ:CMSB)
announced today that its Board of Directors has declared a cash dividend of
$0.07 per share of common stock. The dividend is payable on July 11, 1997, to
shareholders of record at the close of business on June 27, 1997.
Commonwealth Bancorp, Inc., with consolidated assets in excess of $2.2
billion, is the holding company for Commonwealth Bank, which has branches
throughout southeast Pennsylvania. ComNet Mortgage Services, a division of
Commonwealth Bank, has offices in Pennsylvania, Connecticut, Maryland, New
Jersey, and Rhode Island.
# # #
