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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 7, 1999
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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 7, 1999, Commonwealth Bancorp. Inc. (the "Company") announced that
its wholly-owned subsidiary, Commonwealth Bank has reached a definitive agree-
ment with Harris Savings Bank regarding the sale of Commonwealth's two branches
in Lebanon County, Pennsylvania. For additional information, reference is made
to the Press Release, dated April 7, 1999, 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 April 7, 1999
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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 under-
signed thereunto duly authorized.
COMMONWEALTH BANCORP, INC.
Date: April 8, 1999 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. ANNOUNCES
AGREEMENT TO SELL TWO BRANCH OFFICES
Norristown, PA, April 7, 1999 - Commonwealth Bancorp, Inc. (NASDAQ: CMSB)
announced today that its wholly-owned subsidiary, Commonwealth Bank, has reached
a definitive agreement with Harris Savings Bank regarding the sale of Common-
wealth's two branches in Lebanon County, Pennsylvania. The transaction, which
is subject to regulatory approval, is expected to be completed in the summer of
1999.
Charles H. Meacham, Chairman and Chief Executive Officer, stated, "The sale of
these branches reflects our strategy to focus Commonwealth's community banking
business on those markets where we have adequate presence to compete
effectively. We are pleased that our customers in Lebanon will be served in
the future by Harris Savings Bank, a fine organization with a long-term
commitment to the Lebanon Market."
As of March 31, 1999, the two branches had combined deposits of approximately
$34 million. In addition to the deposits, it is expected that approximately $10
million of consumer and commercial loans will be transferred to Harris Savings
Bank as part of the transaction.
Commonwealth Bancorp, Inc., with consolidated assets of $2.3 billion, will have
59 branches throughout southeast Pennsylvania after completion of this trans-
action. ComNet Mortgage Services, a division of Commonwealth Bank, has offices
in Pennsylvania, New Jersey, Rhode Island, and Virginia. ComNet operates under
the trade name of Homestead Mortgage in Maryland.
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