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 31, 2000
____________________________________________________________________________
(Date of earliest event reported)
Commonwealth Bancorp, Inc.
____________________________________________________________________________
(Exact name of registrant as specified in its charter)
Pennsylvania 0-27942 23-2828883
_____________________________________________________________________________
(State or other jurisdiction (Commission File Number) (IRS Employer
of incorporation) Identification No.)
2 West Lafayette Street, Norristown, Pennsylvania 19401
_____________________________________________________________________________
(Address of principal executive offices) (Zip Code)
(610) 251-1600
____________________________________________________________________________
(Registrant's telephone number, including area code)
Not Applicable
____________________________________________________________________________
(Former name, former address and former fiscal year, if changed since last
report)
<PAGE>
Item 5. Other Events
____________
On January 31, 2000, Commonwealth Bancorp, Inc. reported that its wholly
owned subsidiary, Commonwealth Bank , acquired Tyler Consulting, Inc.,
headquartered in West Chester, Pennsylvania. The company will be operated as
Tyler Wealth Counselors, a subsidiary of Commonwealth. For additional
information, reference is made to the Press Release, dated January 31, 2000,
which is attached hereto as Exhibit 99 and is 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 Press Release dated January 31, 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: February 1, 2000 By: /s/Charles M. Johnston
_________________________
Charles M. Johnston
Chief Financial Officer
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Exhibit 99
For release: Monday, January 31, 2000
Contact: Brian Maguire, Vice President
Commonwealth Bank
(610) 313-1937
Or Tom Yaegel
TOM YAEGEL & ASSOCIATES
(215) 322-5330
COMMONWEALTH BANCORP, INC. TO OFFER FINANCIAL PLANNING SERVICES
ANNOUNCES THE ACQUISITION OF TYLER CONSULTING, INC.
NORRISTOWN, PA, January 31, 2000 -- Commonwealth Bank, a wholly owned
subsidiary of Commonwealth Bancorp, Inc. (NASDAQ: CMSB), announced today
that it has acquired Tyler Consulting, Inc. headquartered in West Chester,
Pennsylvania. The company will be operated as Tyler Wealth Counselors, a
subsidiary of Commonwealth Bank.
Founded in 1988 by Harry Tyler, the firm is a nationally recognized
registered investment advisor providing fee based financial planning and
asset management services. The firm has grown to include experienced
financial advisors, tax, insurance and retirement specialists. Tyler
Consulting had been named to Worth Magazine's annual list of Best Financial
Advisors in America multiple times.
"I am extremely pleased that Tyler Consulting has become part of
Commonwealth Bank," stated Charles H. Meacham, Commonwealth's Chairman and
Chief Executive Officer. He added, "The addition of Tyler Consulting will
provide new opportunities to serve our expanding customer base through
products and service which complement those we currently offer." Patrick J.
Ward, Commonwealth's President and Chief Operating Officer, stated, "In
particular, this acquisition broadens the services we offer to our customers
with more complex investment requirements and also allows us to compete in
the higher net worth segment with very competitive product and service
capabilities."
Commonwealth is now the largest bank headquartered in the Philadelphia
five county region and one of the largest headquartered in Southeastern
Pennsylvania. Harry Tyler, founder of Tyler Consulting, Inc. stated, "When
we investigated joining this innovative and growing organization, we were
impressed with their commitment to superior customer service and realized
this situation provided tremendous strategic opportunities for both
companies."
Commonwealth Bancorp, Inc., with consolidated assets of $1.9 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,
and Virginia. ComNet also operates under the trade name of Homestead
Mortgage in Maryland.
