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, 1997
(Date of earliest event reported)
Pennwood Bancorp, Inc.
(Exact name of registrant as specified in its charter)
PENNSYLVANIA 0-21939 25-1783648
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(State or other jurisdiction (Commission File Number) (IRS Employer
of incorporation) Identification No.)
683 LINCOLN AVENUE, PITTSBURGH, PENNSYLVANIA 15202
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(Address of principal executive offices) (Zip Code)
(412) 761-1234
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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)
Page 1 of 4 Pages.
Exhibit Index appears on page 2.
<PAGE>
ITEM 5. OTHER EVENTS
On May 1, 1997, Pennwood Bancorp. Inc. (the "Company"), announced
that the Company's Board of Directors authorized the repurchase of up to
30,506 shares, or approximately five percent, of the Company's outstanding
common stock.
For additional information, reference is made to the Press Release,
dated May 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 May 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: May 1, 1997 By: /S/ PAUL S. PIEFFER
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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. TO REPURCHASE UP TO 30,506 SHARES OF COMMON STOCK
PITTSBURGH, PENNSYLVANIA -- May 1, 1997 - Pennwood Bancorp, Inc.
(NASDAQ: PWBK) (the "Company") announced today that the Company's Board of
Directors authorized the repurchase of up to 30,506 shares, or approximately
five percent, of the Company's outstanding common stock.
Repurchases are authorized to be made by the Company from time to time
in open-market transactions during the next six months as, in the opinion of
management, market conditions warrant. The repurchased shares will be held
as treasury stock and will be available for general corporate purposes.
Paul S. Pieffer, President and Chief Executive Officer of the Company,
stated: "The repurchase program reflects management's belief that the
current price of the Company's common stock does not adequately reflect the
Company's long-term business and earnings prospects. The use of our cash
must continue to be balanced with other internal and external investment
opportunities while maximizing the use of existing assets and resources to
generate stockholder value. The Company is fortunate to have the financial
flexibility that allows it to demonstrate its commitment to and confidence
in its future prospects."
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."
