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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
April 2, 1998
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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)
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)
(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)
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Item 5. Other Events
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On April 2, 1998, Commonwealth Bancorp. Inc. (the "Company") announced
that the Board of Directors has authorized the repurchase of up to 0.8
million shares, or approximately 5 percent, of the outstanding common stock
of the Company. For additional information, reference is made to the Press
Release, April 2, 1998, which is attached hereto as Exhibits 99 and is
incorporated herein by reference.
Item 7. Financial Statements, Pro Forma Financial Information and Exhibits
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(a) Financial Statements.
Not Applicable.
(b) Pro Forma Financial Information.
Not Applicable
(c) Exhibits:
99 Press Release dated April 2, 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 thereunto duly authorized.
COMMONWEALTH BANCORP, INC.
Date: April 3, 1998 By: /s/Charles M. Johnston
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Charles M. Johnston
Chief Financial Officer
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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, April 2, 1998 - Commonwealth Bancorp, Inc. (NASDAQ: CMSB)
(the "Company") announced today that the Company's Board of Directors has
authorized the repurchase of up to 0.8 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 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 repurchase of 1.8 million
shares in 1997, 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 of $2.3 billion, is the
holding company for Commonwealth Bank, which has 57 branches throughout
southeast Pennsylvania. ComNet Mortgage Services, a division of Commonwealth
Bank, has offices in Pennsylvania, Connecticut, New Jersey, Rhode Island, and
Virginia. ComNet operates under the trade name of Homestead Mortgage in
Maryland.
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