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 24, 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)
Item 5. Other Events
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Commonwealth Bancorp. Inc. (the "Company") announced on June 24, 1999 that
its Board of Directors has authorized the repurchase of up to 1.3 million
shares or approximately 10 percent of its outstanding common stock and
announced on June 28, 1999 that its wholly owned subsidiary, Commonwealth Bank,
completed the sale of two branch offices in Lebanon County, Pennsylvania, to
Harris Savings Bank. For additional information, reference is made to the
Press Releases, dated June 24, 1999 and June 28, 1999, which are attached
hereto as Exhibits 99.1 and 99.2, respectively, 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 24, 1999
99.2 Press Release dated June 28, 1999
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 29, 1999 By: /s/Charles M. Johnston
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Charles M. Johnston
Chief Financial Officer
Exhibit 99.1
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 24, 1999 - Commonwealth Bancorp, Inc. (NASDAQ: CMSB)
(the "Company") announced today that the Company's Board of Directors has
authorized the repurchase of up to 1.3 million shares, or approximately 10
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
available 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 seventh such
program since the beginning of 1997. In the previous six programs, the
Company repurchased a total of 4.7 million shares, representing an investment
of $84.0 million. Commonwealth's strong capital and excellent liquidity have
and will continue to provide the financial flexibility to effect repurchases
without a material impact on the growth potential of the Company's core
businesses."
Commonwealth Bancorp, Inc., with consolidated assets of $2.2 billion, is the
holding company for Commonwealth Bank, which has 61 branches throughout
southeast Pennsylvania. ComNet Mortgage Services, a division of Commonwealth
Bank, has offices in Pennsylvania, Maryland, New Jersey, Rhode Island, and
Virginia. ComNet also operates under the trade name of Homestead Mortgage in
Maryland.
Exhibit 99.2
For release: IMMEDIATELY
Contact: Charles M. Johnston, Chief Financial Officer
Commonwealth Bancorp, Inc.
(610) 313-2189
COMMONWEALTH BANCORP, INC. COMPLETES
SALE OF TWO BRANCH OFFICES
Norristown, PA, June 28, 1999 - Commonwealth Bancorp, Inc. (NASDAQ: CMSB)
announced today that its wholly-owned subsidiary, Commonwealth Bank, completed
the sale of two branches in Lebanon County, Pennsylvania to Harris Savings
Bank.
As of March 31, 1999, the two branches had combined deposits of approximately
$34 million. In addition to the deposits, the two branches had approximately
$10 million of consumer and commercial loans as of March 31, 1999.
Commonwealth Bancorp, Inc., with consolidated assets of $2.2 billion, is the
holding company for Commonwealth Bank, which has 59 branches throughout
southeast Pennsylvania after completion of this transaction. ComNet Mortgage
Services, a division of Commonwealth Bank, has offices in Pennsylvania,
Maryland, New Jersey, Rhode Island, and Virginia. ComNet also operates under
the trade name of Homestead Mortgage in Maryland.
