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
September 8, 1999
_____________________________________________________________________________
(Date of earliest event reported)
Commonwealth Bancorp, Inc.
_____________________________________________________________________________
(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
_____________________________________________________________________________
(Former name, former address and former fiscal year, if changed since last
report)
Item 5. OTHER EVENTS
On September 8, 1999, Commonwealth Bancorp, Inc. (the "Company")
announced that its Board of Directors has declared a cash dividend of $0.09
per share of common stock, payable on October 8, 1999 to shareholders of
record at the close of business on September 24, 1999. In addition, on
September 8, 1999, the Company also announced that its Board of Directors has
authorized the repurchase of up to 0.6 million shares, or approximately 5%,
of its outstanding common stock. For additional information, reference is
made to the Press Releases, dated September 8, 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
(a) Financial Statements.
Not Applicable.
(b) Pro Forma Financial Information.
Not Applicable
(c) Exhibits:
99.1 Press Release dated September 8, 1999
99.2 Press Release dated September 8, 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
undersigned thereunto duly authorized.
COMMONWEALTH BANCORP, INC.
Date: September 9, 1999 By: /s/Charles M. Johnston
______________________
Charles M. Johnston
Chief Financial Officer
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EXHIBIT 99.1
[Graphic - Commonwealth Bancorp, Inc. logo]
For release: IMMEDIATELY
Contact: Charles M. Johnston, Chief Financial Officer
Commonwealth Bancorp, Inc.
(610) 313-2189
COMMONWEALTH BANCORP, INC. DECLARES CASH DIVIDEND
NORRISTOWN, PA, SEPTEMBER 8, 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. The dividend is payable on October 8, 1999,
to shareholders of record at the close of business on September 24, 1999.
Commonwealth Bancorp, Inc., with consolidated assets of $2.1 billion, is the
holding company for Commonwealth Bank, which has 59 branches throughout
southeast Pennsylvania. ComNet Mortgage Services, a division of Commonwealth
Bank, has offices in Pennsylvania, Maryland, New Jersey, and Virginia. ComNet
also operates under the trade name of Homestead Mortgage in Maryland.
EXHIBIT 99.2
[Graphic - Commonwealth Bancorp, Inc. logo]
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, SEPTEMBER 8, 1999 - COMMONWEALTH BANCORP, INC. (NASDAQ: CMSB)
(the "Company") announced today that the Company's Board of Directors has
authorized the repurchase of up to 0.6 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
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, "Since the beginning of 1997, Commonwealth has repurchased into
treasury a total of 6.0 million common shares, representing an investment of
$108.8 million. The repurchase program announced today represents another
step towards achieving a capital structure more appropriate for the risk
profile of Commonwealth's businesses, consistent with our objective of
improving return of shareholders' equity."
Commonwealth Bancorp, Inc., with consolidated assets of $2.1 billion, is the
holding company for Commonwealth Bank, which has 59 branches throughout
southeast Pennsylvania. ComNet Mortgage Services, a division of Commonwealth
Bank, has offices in Pennsylvania, Maryland, New Jersey, and Virginia. ComNet
also operates under the trade name of Homestead Mortgage in Maryland.
