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 7, 2000
______________________________________________________________________________
(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
______________________________________________________________________________
(Former name, former address and former fiscal year, if changed since last
report)
ITEM 5. OTHER EVENTS
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On March 7, 2000, Commonwealth Bancorp, Inc. announced that it has
completed its previously announced program to repurchase 0.6 million shares of
its outstanding common stock. For additional information, reference is made
to the Press Release, dated March 7, 2000, 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 March 7, 2000
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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: March 8, 2000 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. COMPLETES
COMMON STOCK REPURCHASE
Norristown, PA, March 7, 2000 - Commonwealth Bancorp, Inc. (NASDAQ:
CMSB) announced today that it has completed its previously announced
program to repurchase 0.6 million shares of its outstanding common
stock. 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.
With the completion of this program, the Company has purchased a total
of 6.6 million of its common shares since the beginning of 1997,
representing an investment of $118.5 million. The repurchases have been
an important part of the Company's capital management strategy, which is
directed towards achieving a capital structure appropriate for the risk
profile of Commonwealth's businesses, while improving returns on
shareholders' equity.
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.
