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
APRIL 1, 1997
(Date of earliest event reported)
Pennwood Bancorp, Inc.
(Exact name of registrant as specified in its charter)
PENNSYLVANIA 0-21939 25-1783648
(State or other jurisdiction (Commission File Number) (IRS Employer
of incorporation) Identification
No.)
683 LINCOLN AVENUE, PITTSBURGH, PENNSYLVANIA 15202
(Address of principal executive offices) (Zip Code)
(412) 761-1234
(Registrant's telephone number, including area code)
NOT APPLICABLE
(Former name, former address and former fiscal year, if changed since last
report)
Page 1 of 4 Pages.
Exhibit Index appears on page 2.
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ITEM 5. OTHER EVENTS
On April 1, 1997, Pennwood Bancorp. Inc. (the "Company"), announced
that its 1997 Stock Option Plan and its 1997 Recognition and Retention Plan
were approved by stockholders at a special meeting of stockholders. The
Company also announced that in order to fund the 1997 Recognition and
Retention Plan the related trust intends to purchase shares of the
Company's common stock in the open market with funds contributed by the
Company. Purchases will be made from time to time in the discretion of
management of the Company and will amount to up to 24,405 shares of the
Company's common stock.
For additional information, reference is made to the Press Release,
dated April 1, 1997, 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 April 1, 1997
<PAGE>
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.
PENNWOOD BANCORP, INC.
Date: April 2, 1997 By: /S/ PAUL S. PIEFFER
-------------------
Paul S. Pieffer
President and Chief Executive Officer
EXHIBIT 99
[PENNWOOD BANCORP LETTERHEAD]
PRESS RELEASE
FOR RELEASE: Immediately
CONTACT: Paul S. Pieffer
President and Chief Executive Officer
(412) 761-1234
PENNWOOD BANCORP, INC. ANNOUNCES APPROVAL OF
STOCK BENEFIT PLANS AND INITIATION OF OPEN-MARKET
STOCK PURCHASES TO FUND STOCK COMPENSATION PLAN
PITTSBURGH, PENNSYLVANIA -- April 1, 1997 - The Board of Directors of
Pennwood Bancorp, Inc. (NASDAQ: PWBK) (the "Company") announced that its
1997 Stock Option Plan and its 1997 Recognition and Retention Plan were
approved by shareholders at a special meeting of shareholders held on March
26, 1997. The Company also announced that in order to fund the 1997
Recognition and Retention Plan, the related trust intends to purchase
shares of the Company's common stock in the open market with funds
contributed by the Company. Purchases will be made from time to time at
the discretion of management of the Company and will amount to up to 24,405
shares of the Company's common stock.
Pennwood Bancorp, Inc. owns 100% of the outstanding stock of Pennwood
Savings Bank, a Pennsylvania-chartered, FDIC insured savings bank. The
Savings Bank conducts business from its headquarters in Pittsburgh
(Allegheny County), Pennsylvania and two branch offices located in
Kittanning (Armstrong County), Pennsylvania. The Company's common stock
trades on the Nasdaq SmallCap Market System under the symbol "PWBK."
