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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
June 10, 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 June 10, 1998, Commonwealth Bancorp. Inc. (the "Company") announced that
it has completed its previously announced program to repurchase 0.8 million
shares of its outstanding common stock. For additional information, reference
is made to the Press Release, dated June 10, 1998, which is attached hereto as
Exhibit 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 June 10, 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: June 11, 1998 By: /s/Charles M. Johnston
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Charles M. Johnston
Chief Financial Officer
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Exhibit 99
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, June 10, 1998 - Commonwealth Bancorp, Inc. (NASDAQ: CMSB)
announced today that it has completed its previously announced program to
repurchase 0.8 million shares of its outstanding common stock. The shares
were repurchased during the second quarter of 1998 at an average cost of $23.71
per share. The repurchased shares will be held as treasury stock and will be
available for general corporate purposes and/or issuance pursuant to the
Company's stock option plans.
Commonwealth Bancorp, Inc., with consolidated assets of $2.4 billion, is the
holding company for Commonwealth Bank, which has 58 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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