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 17, 1996
SIS Bancorp, Inc.
State or other jurisdiction of (I.R.S. Employer
incorporation or organization Identification No.)
Massachusetts 04-3303264
SIS Bancorp, Inc.
1441 Main Street
Springfield, MA 01102
(413) 748-8000
Item 5. Other Events
On September 17, 1996, the registrant issued a press release relating
to certain tax benefits, a copy of said press release is attached hereto as
Exhibit 99.1.
Item 7. Financial Statements and Exhibits
Exhibit 99.1- SIS Bancorp, Inc. Press Release dated September 17, 1996.
<PAGE>
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.
SIS Bancorp, Inc.
By:_____________________________________________________
F William Marshall, Jr. President and CEO
Date: September 23, 1996
Press Release SIS Bancorp
For Immediate Release
Date: September 17, 1996 Contact: Ms. Ting Chang, Vice President
Investor Relations
(413) 748-8271
SIS Bancorp Anticipates a $7.5 Million Non-Recurring Tax Related
Gain During the Third Quarter
SPRINGFIELD, MA: September 17, 1996; 5:00 P.M., SIS Bancorp, Inc., a bank
holding company for Springfield Institution for Savings ("SIS Bank"), (NASDAQ:
SISB) announced today that based on its preliminary analysis of the "Fresh
Start" provisions of the recently enacted Small Business Job Protection Act of
1996 it will recognize a one time gain of approximately $2.8 million during the
third quarter. The Company also announced its plans to recognize the remainder
of its deferred tax asset during the third quarter. The combined one time gains
will approximate $7.5 million or $1.37 per share fully diluted for the quarter
ended September 30, 1996. As a result of these actions, the Company anticipates
being fully taxable for financial reporting purposes beginning in the fourth
quarter of 1996.
The Company also noted that present limitations on beneficial ownership of the
Company's shares will continue in effect in accordance with their terms. Under
the Company's articles of organization, no holder or any of its affiliates may
own more than 4.9% of the outstanding shares without prior approval of the Board
of Directors until February 7, 1998.
Any questions concerning this release may be directed to Ms. Ting Chang,
Vice President Investor Relations at (413) 748-8271.
