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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 15, 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 March 15, 1999, Commonwealth Bancorp. Inc. (the "Company") announced that
it has completed it previously announced program to repurchase 0.7 million
shares of its outstanding common stock. On March 16, 1999, the Company
announced that its Board of Directors has declared a cash dividend of $0.09 per
share of common stock. For additional information, reference is made to the
Press Releases, dated March 15, 1999 and March 16, 1999, 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 15, 1999
99.2 Press Release dated March 16, 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: March 19, 1999 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. COMPLETES
COMMON STOCK REPURCHASE
Norristown, PA, March 15, 1999 - Commonwealth Bancorp, Inc. (NASDAQ: CMSB)
announced today that it has completed its previously announced program to repur-
chase 0.7 million shares of its outstanding common stock. The shares were re-
purchased during the first quarter of 1999 at an average cost of $15.07 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 $2.3 billion, is the
holding company for Commonwealth Bank, which has 61 branches throughout south-
east Pennsylvania. 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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Exhibit 99.2
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 16, 1999 - Commonwealth Bancorp, Inc. (NASDAQ: CMSB)
announced today that its Board of Directors has declared a cash dividend of
$0.09 per share of common stock. This represents a 13% increase over the
previous quarterly dividend amount. The dividend is payable on April 9, 1999,
to shareholders of record at the close of business on March 26, 1999.
Commonwealth Bancorp, Inc., with consolidated assets of $2.3 billion, is the
holding company for Commonwealth Bank, which has 61 branches throughout south-
east Pennsylvania. 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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