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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
March 17, 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 March 17, 1998, Commonwealth Bancorp. Inc. (the "Company") announced
that Michael T. Kennedy and Joanne Harmelin have joined the Board of Directors
of the Company. The Company also announced on March 17, 1998 that its Board of
Directors has declared an increased quarterly cash dividend of $0.08 per share
on the Company's Common Stock. For additional information, reference is made to
the two Press Releases, dated March 17 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 March 17, 1998
99.2 Press Release dated March 17, 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: March 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. ANNOUNCES TWO NEW DIRECTORS
Norristown, PA, March 17, 1998 - Commonwealth Bancorp, Inc. (NASDAQ: CMSB)
announced today that Joanne Harmelin and Michael T. Kennedy have joined its
Board of Directors. The addition of Ms. Harmelin and Mr. Kennedy increased
the size of the Board of Directors to nine members, including eight outside
directors.
Joanne Harmelin is the founder and president of Harmelin & Associates, the
largest media buying agency in Philadelphia, and the 15th largest in the
country. She is extremely active in community affairs and holds directorships
in the Juvenile Diabetes Foundation, the Philadelphia Theatre Company, the
Arden Theatre Company, the Walnut Street Theatre, the Greater Philadelphia
Chamber of Commerce, and the Philadelphia Police Athletic League. Ms.
Harmelin also serves as a Vice President of the Greater Philadelphia Chapter
of the National Association of Women Business Owners and as a member of the
Communications Committee of the American Red Cross.
Michael T. Kennedy is the Chairman and Chief Executive Officer of Radnor
Holdings Corporation, a Philadelphia-based manufacturer and distributer of
chemical and packaging products. In addition to Radnor Holdings Corporation,
he holds directorships in Trinity Capital Partners, Inc., Maverick Partners,
Inc., and Consolidated Asset Management, and is a member of the American Bar
Association. Mr. Kennedy received a B.S. degree from Villanova University, an
M.B.A. from St. Joseph's University, and a J.D. from Widener University School
of Law.
Charles H. Meacham, Chairman and Chief Executive Officer of Commonwealth
Bancorp, Inc., stated, "We are extremely pleased to have Joanne and Michael
join our Board of Directors. Their business experience and knowledge of the
Philadelphia marketplace will be invaluable resources as we continue to
develop Commonwealth's southeast Pennsylvania franchise. We look forward to
working with them."
Commonwealth Bancorp, Inc., with consolidated assets of $2.3 billion, is the
holding company for Commonwealth Bank, which has 56 branches throughout
southeast Pennsylvania. ComNet Mortgage Services, a division of Commonwealth
Bank, has offices in Pennsylvania, Connecticut, New Jersey, and Rhode Island.
ComNet operates under the trade name of Homestead Mortgage in Maryland.
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For release: IMMEDIATELY
Contact: Charles M. Johnston, Chief Financial Officer
Commonwealth Bancorp, Inc.
(610) 313-2189
COMMONWEALTH BANCORP, INC. INCREASES QUARTERLY DIVIDEND
Norristown, PA, March 17, 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. This represents a 14% increase over the
previous quarterly dividend amount. The dividend is payable on April 10,
1998, to shareholders of record at the close of business on March 27, 1998.
Commonwealth Bancorp, Inc., with consolidated assets of $2.3 billion, is the
holding company for Commonwealth Bank, which has 56 branches throughout
southeast Pennsylvania. ComNet Mortgage Services, a division of Commonwealth
Bank, has offices in Pennsylvania, Connecticut, New Jersey, and Rhode Island.
ComNet operates under the trade name of Homestead Mortgage in Maryland.
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