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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 16, 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 16, 1998, Commonwealth Bancorp. Inc. (the "Company") announced that
its Board of Directors has declared a cash dividend of $0.08 per share of common
stock payable on July 10, 1998 to shareholders of record at the close of
business on June 26, 1998. In addition, on June 22, 1998 the Company
announced the Board of Directors has authorized the repurchase of up to 0.8
million shares, or approximately 5 percent, of its outstanding common stock.
For additional information, reference is made to the Press Releases, dated
June 16, 1998 and June 22, 1998, 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
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(a) Financial Statements.
Not Applicable.
(b) Pro Forma Financial Information.
Not Applicable
(c) Exhibits:
99.1 Press Release dated June 16, 1998
99.2 Press Release dated June 22, 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 23, 1998 By: /s/Charles M. Johnston
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Charles M. Johnston
Chief Financial Officer
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Exhibit 99.1
For release: IMMEDIATELY
Contact: Charles M. Johnston, Chief Financial Officer
Commonwealth Bancorp, Inc.
(610) 313-2189
COMMONWEALTH BANCORP, INC. DECLARES CASH DIVIDEND
Norristown, PA, June 16, 1998 - Commonwealth Bancorp, Inc. (NASDAQ: CMSB)
announced today that its Board of Directors has declared a cash dividend of
$0.08 per share of common stock. The dividend is payable on July 10, 1998, to
shareholders of record at the close of business on June 26, 1998.
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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Exhibit 99.2
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 22, 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 general corporate purposes and/or issuance pursuant to the
Company's stock option plans.
Charles H. Meacham, Chairman and Chief Executive Officer of the Company,
stated, "This repurchase program represents Commonwealth's fourth such program
in the past two years. In the previous three programs, a total of 2.6 million
shares were repurchased at an average price of $18.70 per share." Mr. Meacham
added, "Today's announcement 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
repurchase without a material impact on the growth potential of the Company's
core businesses."
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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