<PAGE> 1
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)
May 26, 1998
COMMISSION FILE NO.: 0-28886
ROSLYN BANCORP, INC.
--------------------
(Exact name of registrant as specified in its charter)
Delaware 11-3333218
- -------- ----------
(State or other Jurisdiction of Incorporation (IRS Employer or
organization) Identification No.)
1400 Old Northern Boulevard, Roslyn, New York 11576
- --------------------------------------------- -----
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code (516) 621-6000
- -------------------------------------------------- --------------
<PAGE> 2
ITEM 5. OTHER EVENTS.
------------
On May 26, 1998, Roslyn Bancorp, Inc. announced that it had entered into
an Agreement and Plan of Merger, dated as of May 25, 1998, to acquire T R
Financial Corp. In response to requests for copies of a presentation made by
Roslyn Bancorp, Inc. to investment analysts on May 26, 1998 regarding the
proposed merger, Roslyn Bancorp, Inc. is making available the attached copy of
the presentation. Attached as exhibit 99.1 is a copy of the presentation made by
Roslyn Bancorp, Inc. to investment analysts at a meeting on May 26, 1998.
<PAGE> 3
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 hereunto duly authorized.
By: /s/ Joseph L. Mancino
---------------------------------
Joseph L. Mancino
Chairman of the Board and
Chief Executive Officer
Dated: July 22, 1998
<PAGE> 4
LIST OF EXHIBITS
Exhibit 99.1 Copy of Roslyn Bancorp, Inc.'s presentation to
investment analysts on May 26, 1998.
<PAGE> 1
[LOGO]
ROSLYN BANCORP, INC.
ACQUISITION OF
T R FINANCIAL CORP.
Holding Company for Roosevelt Savings Bank
Announced May 26, 1998
1
<PAGE> 2
Forward-Looking Information
================================================================================
This presentation contains estimates of future operating results for 1998
and 1999 for both Roslyn and TR Financial on a stand-alone and pro forma
combined basis, as well as estimates of financial condition, operating
efficiencies and revenue creation on a combined basis. These estimates
constitute forward-looking statements (within the meaning of the Private
Securities Litigation Reform Act of 1995), which involve significant
risks and uncertainties. Actual results may differ materially from the
results discussed in these forward-looking statements. Factors that might
cause such a difference include, but are not limited to, general economic
conditions, changes in interest rates, deposit flows, loan demand, real
estate values, and competition; changes in accounting principles,
policies, or guidelines; changes in legislation or regulation; and other
economic, competitive, governmental, regulatory, and technological
factors affecting each Company's operations, pricing, products and
services.
2
<PAGE> 3
A Powerful Presence in Metro New York
================================================================================
o Top 10 deposit market share
- Nassau, Suffolk, Brooklyn, Queens combined
o $7.7 billion in assets
o $4.1 billion in deposits
o 23 full-service banking locations
- Significantly expands mortgage banking opportunities
o $180 million average deposits per branch
- High operational efficiency
o Combined market value of $2.4 billion
3
<PAGE> 4
<TABLE>
<CAPTION>
Terms of Transaction
======================================================================================================
<S> <C>
Fixed Exchange Ratio 2.05 Shares of Roslyn for each
T R Financial Share
Indicated Deal Value(a) $1.013 billion
Price per ROSE Share (b) $56.63
Premiums
Price/Book 380.84%
Price/Tangible Book 380.84%
Price/LTM(c) EPS 27.23x
Accounting / Tax Treatment Pooling of interests / Tax-free exchange
Reciprocal Stock Purchase Options 19.9% of each Company's shares outstanding
(a) Based on 17,891,729 fully diluted ROSE shares as of March 31, 1998
(b) Based on Roslyn's closing price of $27.63 on May 22, 1998
(c) Twelve Months Ended March 31, 1998
4
</TABLE>
<PAGE> 5
Benefits of Transaction
================================================================================
o Reflects Roslyn commitment to growing the business and enhancing
shareholder value
o Leverages capital base and enhances return on equity -
approximately a 350 bp pickup in ROAE
o Immediately accretive to earnings - 8.8% accretion in 1999
o Better competitive position with more opportunities to grow
customer base and cross-sell to existing customers
o Shared financial strength
5
<PAGE> 6
Benefits of Transaction
================================================================================
o Perfect strategic fit
o Compatible products and services
o Complementary and supplementary markets
o Similar customer base demographics
o Shared growth vision and strategy
o Complementary management philosophies
o Continued commitment to customer-driven culture
o Strong community roots
o Shared financial strength and commitment to shareholder value
6
<PAGE> 7
Benefits of Transaction
================================================================================
o Creates an even stronger, more successful competitor
o Expanded branch presence in lucrative metro-New York markets
o Leader in Long Island market
o Opportunities for revenue enhancement
o Significant financial strength
o Enhanced franchise value
o Opportunity for cost savings
7
<PAGE> 8
A Powerful Presence in Metro New York
================================================================================
[GRAPH APPEARS HERE]
Nassau # 6
Brooklyn # 9
Queens # 13
Suffolk # 14
Overall Ranking # 10
8
<PAGE> 9
<TABLE>
<CAPTION>
A Powerful Presence in Metro New York
==============================================================================================================================
Overall Deposit Market Share for Nassau and Suffolk Overall Deposit Market Share for Nassau, Suffolk, Brooklyn and Queens
DEPOSITS MARKET DEPOSITS MARKET
INSTITUTION (MILLIONS) SHARE BRANCHES INSTITUTION (MILLIONS) SHARE BRANCHES
<S> <C> <C> <C> <C> <C> <C> <C>
1. Chase Manhattan $8,156 14.7% 87 1 . Chase Manhattan $16,697 15.4% 186
2. Fleet Financial 7,347 13.3 97 2. Astoria Financial 9,446 8.7 87
3. Astoria Financial 5,108 9.2 58 3. GreenPoint Financial 8,824 8.1 61
4. ABN AMRO 4,304 7.8 61 4. Fleet Financial 8,222 7.6 122
5. GreenPoint Financial 3,612 6.5 30 5. Dime Bancorp 8,068 7.4 51
6. Dime Bancorp 3,319 6.0 24 6. Citigroup 7,726 7.1 68
7. North Fork Bancorp 3,142 5.7 67 7. Republic New York 6,080 5.6 49
8. Bank of New York 3,056 5.5 99 8. North Fork Bancorp 5,159 4.8 94
ROSLYN - PRO FORMA 3,014 5.5 17 9. ABN AMRO 4,856 4.5 71
9. Citigroup 2,647 4.5 27 Roslyn - PRO Forma 4,234 3.9 23
10. Roslyn 1,787 3.2 8 10. Bank of New York 3,543 3.3 116
Source: Company data, SNL Securities. Data as of 6/30/97 adjusted for pending acquisitions.
9
</TABLE>
<PAGE> 10
Strong Asset Generation Capabilities
================================================================================
o Roslyn operates a mortgage finance company with 12 offices in New York, New
Jersey, Connecticut and Pennsylvania
<TABLE>
<CAPTION>
o Projected 1998 Residential Mortgage Originations
<S> <C>
- Roslyn: $750 Million
- TR Financial: $600 Million
- PRO FORMA: $1,350 MILLION
</TABLE>
<TABLE>
<CAPTION>
o PROJECTED 1998 COMMERCIAL REAL ESTATE LOAN ORIGINATIONS
<S> <C>
- Roslyn: $165 Million
- TR Financial: $50 Million
- PRO FORMA: $215 MILLION
</TABLE>
10
<PAGE> 11
<TABLE>
<CAPTION>
Pro Forma Balance Sheet Data
================================================================================
At March 31, 1998
($ in millions, except per share data)
Pro
RSLN ROSE Forma(a)
----------------------------
<S> <C> <C> <C>
Loans, Net $1,067 $2,133 $3,200
Securities 2,259 1,805 4,334
Intangibles 3 0 3
Total Assets 3,706 4,006 7,712
Deposits 2,006 2,134 4,140
Borrowings 975 1,526 2,501
Common Equity 621 246 867
Tangible Book Value / Share $14.44 $14.87 $10.97
Tangible Equity Tangible Assets 16.69% 6.14% 11.21%
(a) Before acquisition adjustments
</TABLE>
11
<PAGE> 12
<TABLE>
<CAPTION>
Pro Forma Income Statement
================================================================================
($ in millions, except per share data)
Pro Forma Shares 1999 Earnings
---------------- -------------
<S> <C> <C>
Roslyn EPS $1.29(a)
Roslyn Base Net Income 39.2 $50.6
ROSE Base Net Income 36.7(b) 37.1
Cost Savings after tax 18.8
-------------
TOTAL 75.9(c) $106.5
- --------------------------------------------------------------------------------
Pro Forma EPS $1.40
Accretion - $ $0.11
Accretion - % 8.8%
- --------------------------------------------------------------------------------
(a) Mean I/B/E/S estimate as of May 25, 1998
(b) 17,891,729 fully-diluted ROSE shares as of March 31, 1998 multiplied by
exchange ratio of 2.05
(c) 36,700,000 shares issued to ROSE shareholders + 39,200,000 fully-diluted
RSLN shares as of March 31, 1998
</TABLE>
12
<PAGE> 13
<TABLE>
<CAPTION>
Leveraging Our Capital Base
================================================================================
At March 31, 1998
($ in millions, except per share data)
Pro
RSLN ROSE Forma(a)
----------------------------
<S> <C> <C> <C>
Total Assets $3,706 $4,006 $7,712
Intangibles 3 0 3
Common Equity 621 246 867
Tangible Equity / Tangible Assets 16.68% 6.14% 11.21%
o Projected 1999 Return on Average Equity(a)
- Roslyn Stand-Alone: 7.66%
- Roslyn / TR Financial Pro Forma: 11.22%
(a) Before acquisition adjustments, assumes pro forma net income of $106.5 mm.
</TABLE>
13
<PAGE> 14
<TABLE>
<CAPTION>
Merger-Related Charges
================================================================================
($ in millions)
<S> <C>
o Total cash merger-related charges $55,400
o Total non-cash merger-related charges
associated with ESOP termination $41,200
</TABLE>
14
<PAGE> 15
<TABLE>
<CAPTION>
Cost Savings Estimate
=============================================================================================
($ in millions) Estimated Savings
-----------------
<S> <C>
o Estimated salary and benefits expense $11,100
o Estimated other operating expenses 7,700
-------
Total Cost Savings (Before ESOP savings) $18,800
</TABLE>
- --------------------------------------------------------------------------------
% OF TR FINANCIAL PROJECTED 1998 NON-INTEREST EXPENSE
(BEFORE ESOP EXPENSE) 43%
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
<S> <C>
o Estimated ESOP expense $ 8,000
-------
Total estimated cost savings (Including ESOP savings) $26,800
</TABLE>
- --------------------------------------------------------------------------------
% OF TR FINANCIAL PROJECTED 1998 NON-INTEREST EXPENSE
(Including ESOP EXPENSE) 51%
- --------------------------------------------------------------------------------
15
<PAGE> 16
A Powerful Presence in Metro New York
================================================================================
o Perfect strategic fit
o Creates an even stronger, more successful competitor
- Top 10 deposit market share in Nassau, Suffolk, Brooklyn, Queens
combined
- $7.7 billion in assets
- $4.1 billion in deposits
- 23 full-service banking locations
- $180 million average deposits per branch
o Reflects Roslyn commitment to growing the business and enhancing
shareholder value
16
<PAGE> 17
ROSLYN
[LOGO]
ROSLYN BANCORP, INC.
o A Powerful Presence in Metro New York
o 8.8% Accretion to Earnings per Share
