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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
January 27, 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 January 27, 1999, Commonwealth Bancorp. Inc. (the "Company") announced
today that the Company's Board of Directors has authorized the repurchase of up
0.7 million shares, or approximately 5 percent, of its outstanding common stock.
For additional information, reference is made to the Press Release, dated
January 27, 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 January 27, 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: January 29, 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. TO REPURCHASE
SHARES OF COMMON STOCK
Norristown, PA, January 27, 1999 - Commonwealth Bancorp, Inc. (NASDAQ: CMSB)
(the "Company") announced today that the Company's Board of Directors has
authorized the repurchase of up to 0.7 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,
"This repurchase program, which represents Commonwealth's fifth such program
since the beginning of 1997, reflects management's continuing belief that the
current price of the Company's common stock does not adequately reflect its
long-term business and earnings prospects. Commonwealth's strong capital and
excellent liquidity provide the financial flexibility to effect this repurchase
without a material impact on the growth potential of the Company's core
businesses."
Commonwealth Bancorp, Inc., with consolidated assets of $2.3 billion, is the
holding company for Commonwealth Bank, which has 60 branches throughout
southeast 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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