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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
September 16, 1997
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(Date of earliest event reported)
Commonwealth Bancorp, Inc.
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(Exact name of registrant as specified in its charter)
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<S> <C>
Pennsylvania 0-27942 23-2828883
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(State or other jurisdiction (Commission File Number) (IRS Employer
of incorporation) Identification No.)
2 West Lafayette Street, Norristown, Pennsylvania 19401
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(Address of principal executive offices) (Zip Code)
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(610) 251-1600
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(Registrant's telephone number, including area code)
Not Applicable
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(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 September 25, 1997, Commonwealth Bancorp. Inc. (the "Company")
announced that it has completed its previously announced program to repurchase
0.9 million shares of its outstanding common stock. For additional
information, reference is made to the Press Release, dated September 16, 1997,
which is attached hereto as Exhibit 99.1 and is incorporated herein by
reference.
On September 16, 1997, the Company announced that its Board of
Directors declared a cash dividend of $0.07 per share payable on October 10,
1997 to shareholders of record at the close of business on September 26, 1997.
For additional information, reference is made to the Press Release, dated
September 16, 1997, which is attached hereto as Exhibit 99.2 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:
99.1 Press Release dated September 25, 1997
99.2 Press Release dated September 16, 1997
2
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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 thereunto duly authorized.
COMMONWEALTH BANCORP, INC.
Date: September 26, 1997 By: /s/Charles M. Johnston
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Charles M. Johnston
Chief Financial Officer
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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. COMPLETES
COMMON STOCK REPURCHASE
NORRISTOWN, PA, SEPTEMBER 25, 1997 - COMMONWEALTH BANCORP, INC. (NASDAQ: CMSB)
announced today that it has completed its previously announced program to
repurchase 0.9 million shares of its outstanding common stock. The shares were
repurchased during the third quarter of 1997 at an average cost of $17.47 per
share. The repurchased shares will be held as treasury stock and will be
available for issuance pursuant to the Company's stock option plans.
Commonwealth Bancorp, Inc., with consolidated assets of $2.3 billion, is the
holding company for Commonwealth Bank, which has branches throughout southeast
Pennsylvania. ComNet Mortgage Services and Homestead Mortgage are divisions of
Commonwealth Bank. ComNet Mortgage Services has offices in Pennsylvania,
Connecticut, New Jersey, and Rhode Island. Homestead Mortgage has offices in
Maryland.
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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. DECLARES CASH DIVIDEND
NORRISTOWN, PA, SEPTEMBER 16, 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 October 10, 1997,
to shareholders of record at the close of business on September 26, 1997.
Commonwealth Bancorp, Inc., with consolidated assets of $2.3 billion, is the
holding company for Commonwealth Bank, which has branches throughout southeast
Pennsylvania. ComNet Mortgage Services and Homestead Mortgage are divisions of
Commonwealth Bank. ComNet Mortgage Services has offices in Pennsylvania,
Connecticut, New Jersey, and Rhode Island. Homestead Mortgage has offices in
Maryland.
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