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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
Date of Report (Date of Earliest Event Reported): September 23, 1996
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TOMPKINS COUNTY TRUSTCO, INC.
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(Exact name of Registrant as specified in its charter)
New York 0-27514 161482357-8
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(State of other jurisdiction (Commission File Number) (I.R.S. Employer I.D.
of Incorporation) Number)
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P.O. Box 460, The Commons, Ithaca, New York 14851
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(Address of Principal Executive Offices) (Zip Code)
(607) 273-3210
(Registrant's Telephone Number including area code)
Page 1 of 5 pages
Exhibit Index on page 4
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Item 5. Other Events
On September 23, 1996, Tompkins County Trustco, Inc. announced that it had
agreed to repurchase, in a privately negotiated transaction, 244,371 shares of
its Common Stock, $.10 par value, from RHP Incorporated for $27.50 per share.
The press release announcing stock the repurchase is attached hereto as Exhibit
99.1 and is incorporated by reference herein.
Item 7. Financial Statements and Exhibits
Exhibit 99.1 Press Release dated September 23, 1996 announcing the
stock repurchase.
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, as
amended, the Registrant has duly caused this report to be signed on its behalf
by the undersigned hereunto duly authorized.
TOMPKINS COUNTY TRUSTCO, INC.
By: /S/ JAMES J. BYRNES
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James J. Byrnes
Chairman of the Board, President
and Chief Executive Officer
Date: September 23, 1996
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Exhibit Index
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Exhibit 99.1 Press Release dated September 23, 1996 announcing the stock
repurchase.
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EXHIBIT 99.1
For additional information,
contact James J. Byrnes
(607) 273-3210
FOR IMMEDIATE RELEASE
September 23, 1996
Tompkins County Trustco, Inc. (TCTC - NASDAQ) announced today that it has
agreed to repurchase, in a privately negotiated transaction, 244,371 shares of
its Common Stock from RHP Incorporated at a price of $27.50 per share. The
repurchase is subject to the closing of the sale of the capital stock of RHP
Incorporated to an unrelated third party. Subject to the foregoing contingency,
the company expects the stock repurchase to be consummated during October 1996.
The Board of Directors of Tompkins County Trustco, Inc. believes that the
repurchase of this stock, the largest block owned by a single entity, represents
an excellent investment opportunity for the corporation. In recent years,
capital of the company and its main operating subsidiary, Tompkins County Trust
Company, has increased to over $55 million, resulting in capital ratios that
significantly exceed regulatory minimums for banks rated as "strong." The stock
repurchase will reduce capital by approximately $6,720,200. Retirement of the
shares repurchased will reduce the outstanding shares of the corporation's
Common Stock to 3,314,814.
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