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):
January 30, 1997
Harris Financial, Inc.
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(Exact name of registrant as specified in its charter)
Pennsylvania 0-22399 23-2889833
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(State or other (Commission File No.) (I.R.S. Employer
jurisdiction Identification No.)
of incorporation)
Registrant's telephone number, including area code:
(717) 236-4041
Not Applicable
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(Former name or former address, if changed since last report)
PAGE
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Item 5. Other Events.
On September 17, 1997, Harris Savings Bank (the "Bank")
completed its reorganization into the two-tier form of mutual
holding company ownership (the "Reorganization"). Pursuant to
the Reorganization, the Bank is now the wholly-owned subsidiary
of Harris Financial, Inc., a Pennsylvania corporation (the
"Registrant"). Each share of the Bank's common stock was
automatically converted into one share of the Registrant's common
stock.
For further information, see the Bank's press release
included as Exhibit 99 to this report.
Item 7. Financial Statements, Pro Forma Financial
Information, and Exhibits
The following Exhibits are filed as part of this report:
Exhibit 99 Press Release of Harris Savings Bank
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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.
HARRIS FINANCIAL, INC.
DATE: September 19, 1997 By: /s/ William J. McLaughlin
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William J. McLaughlin
President and Chief Executive
Officer
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EXHIBIT INDEX
The following Exhibits are filed as part of this report:
Exhibit 99 Press Release of Harris Savings Bank
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EXHIBIT 99
PRESS RELEASE OF
HARRIS SAVINGS BANK
<PAGE>
HARRIS SAVINGS BANK
COMPLETES TWO-TIER REORGANIZATION
Contact: James L. Durrell
(717) 236-4041
Harris Savings Bank (Nasdaq Symbol: "HARS") today announced
that it has completed its reorganization into a two-tier mutual
holding company structure (the "Reorganization"). Pursuant to
the Reorganization, the Bank is now the wholly-owned subsidiary
of Harris Financial, Inc., a Pennsylvania corporation. Harris
Financial, Inc. is the majority owned subsidiary of Harris
Financial, MHC, the Bank's mutual holding company parent. Each
share of the Bank's outstanding common stock was automatically
converted into one share of Harris Financial, Inc. common stock.
William J. McLaughlin, President and Chief Executive Officer
of Harris Financial, Inc., and the Bank stated "We are extremely
pleased to be have established a mid-tier stock holding company.
We believe that through Harris Financial, Inc. we will be better
positioned to take advantage of business opportunities that may
arise. The increased flexibility afforded by the mid-tier stock
holding company will benefit all our stockholders and help
enhance stockholder value."
The common stock of Harris Financial, Inc. will be listed on
the Nasdaq National Market under the symbol "HARS". In addition,
Harris Financial, Inc. will continue the dividend policy of the
Bank.
Harris Financial Inc. is a $2.0 billion financial
institution headquartered in Harrisburg. Harris Financial Inc.
has 33 branches located in South-Central Pennsylvania and
Northern Maryland.
