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
May 1, 2000
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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)
ITEM 5. OTHER EVENTS
On May 1, 2000, Commonwealth Bancorp, Inc. announced that its wholly-
owned subsidiary, Commonwealth Bank, has reached a definitive agreement with
Nazareth National Bank and Trust, a wholly-owned subsidiary of First Colonial
Group, Inc. regarding the sale of Commonwealth's two branches in Lehigh
County, Pennsylvania. For additional information, reference is made to the
Press Release, dated May 1, 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 May 1, 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: May 2, 2000 By: /s/Charles M. Johnston
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Charles M. Johnston
Chief Financial Officer
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Exhibit 99
[COMMONWEALTH BANCORP, INC. LOGO]
For release: IMMEDIATELY
Contact: Charles M. Johnston, Chief Financial Officer
Commonwealth Bancorp, Inc.
(610) 313-2189
COMMONWEALTH BANCORP, INC. ANNOUNCES
AGREEMENT TO SELL TWO BRANCH OFFICES
Norristown, PA, May 1, 2000 - Commonwealth Bancorp, Inc. (NASDAQ: CMSB)
announced today that its wholly-owned subsidiary, Commonwealth Bank, has
reached a definitive agreement with Nazareth National Bank & Trust Company,
a wholly-owned subsidiary of First Colonial Group, Inc. (NASDAQ: FTCG)
regarding the sale of Commonwealth's two branches in Lehigh County,
Pennsylvania. The transaction, which is subject to regulatory approval, is
expected to be completed in the summer of 2000.
Charles H. Meacham, Chairman and Chief Executive Officer, stated, "The sale of
these branches reflects our strategy to focus Commonwealth's community banking
business on those markets where we have adequate presence to compete
effectively. We are pleased that our customers in Lehigh will be served in
the future by Nazareth National Bank & Trust Company, a fine organization with
a long-term commitment to the Lehigh Market."
As of March 31, 2000, the two branches had combined deposits of approximately
$14 million. In addition to the deposits, it is expected that approximately
$4 million of consumer loans will be transferred to Nazareth National Bank &
Trust Company as part of the transaction.
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.
