EXHIBIT 99.2
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
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Norristown, PA, June 20, 2000 - Commonwealth Bancorp, Inc. (NASDAQ: CMSB)
announced today that its Board of Directors has authorized the repurchase of
up to 550,000 shares, or approximately 5 percent, of its outstanding common
stock.
Repurchases are authorized to be made 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.
Commonwealth Bancorp, Inc., with consolidated assets of $1.9 billion, is the
holding company for Commonwealth Bank, which has 62 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.
