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 25, 1997
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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 (IRS Employer
jurisdiction Number) Identification
of incorporation) Number)
235 North Second Street
Harrisburg, Pennsylvania 17101
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(Address of principal executive offices) (Zip Code)
Registrant's telephone number including area code: (717) 236-4041
N/A
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(Former name or former address, if changed since last report)
<PAGE>
Item 1. Changes in Control of Registrant.
Not Applicable.
Item 2. Acquisition or Disposition of Assets.
Not Applicable.
Item 3. Bankruptcy or Receivership.
Not Applicable.
Item 4. Changes in Registrant's Certifying Accountant.
Not Applicable.
Item 5. Other Events.
On September 24, 1997, William J. McLaughlin, President
and Chief Executive Officer of the Registrant, tendered
his resignation, effective November 1, 1997. The Board
of Directors has accepted Mr. McLaughlin's resignation
and appointed James Durrell, currently Executive Vice
President and Chief Financial Officer, as President and
Chief Executive Officer upon Mr. McLaughlin's
resignation.
Mr. McLaughlin and the Registrant have entered into an
Agreement, dated September 24, 1997, pursuant to which
Mr. McLaughlin will remain as an advisor to the
Registrant. Accruals by the Registrant to fund the
Agreement will be between $740,000 and $800,000, which
will be reflected in the Registrant's financial
statements for the fourth quarter of 1997. Registrant's
Press Release,dated September 25, 1997, is attached at
Item 7, Exhibit 99 to this Current Report on Form 8-K.
Item 6. Resignations of Registrant's Directors.
Not Applicable.
Item 7. Financial Statements and Exhibits.
Exhibits:
Exhibit 99 - Press Release
Item 8. Change in Fiscal Year.
Not Applicable.
<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 hereunto duly authorized.
HARRIS FINANCIAL, INC.
(Registrant)
/s/ James L. Durrell
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James L. Durrell
Chief Operating Officer
Acting Chief Executive
Officer
Dated:
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EXHIBIT INDEX
Page
Number in
Manually
Signed
Exhibit No. Original
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99 Press Release 5
EXHIBIT 99
PRESS RELEASE OF SEPTEMBER 25, 1997
<PAGE>
EXHIBIT 99
PRESS RELEASE OF SEPTEMBER 25, 1997
<PAGE>
FOR IMMEDIATE RELEASE Contact: Richard Ruben
September 25, 1997 Harris Financial, Inc.
(717) 231-7535, Ext. 2253
McLaughlin Resigns Harris Presidency; James Durrell Named Acting
President
HARRISBURG, Pa - William J. McLaughlin, the president and chief
executive officer of Harris Financial, Inc., the holding company
for Harris Savings Bank, today announced his resignation
effective November 1. After 19 years with Harris Savings,
including three years in the presidency, McLaughlin said he felt
it was time for a change of pace.
McLaughlin's career in banking spans 32 years. He joined Harris
in 1979 as vice president of lending, was named executive vice
president and chief operating officer in 1988, and president and
chief executive officer in 1994.
In announcing his resignation, McLaughlin says he plans to
maintain his residency in central Pennsylvania, act as an advisor
to Harris and remain active in the community. He is also looking
forward to spending some time at his new house in Florida.
The Board of Directors accepted McLaughlin's resignation, and has
appointed James Durrell, the executive vice president and chief
financial officer for Harris Financial, as acting president and
chief executive officer. "I am honored to have the opportunity
to lead the company in these exciting times of change," said
Durrell. "Bill McLaughlin will be missed. Recent additions to
the Bank's executive staff will ensure a smooth transition that
will in no way hamper the growth of Harris Savings Bank and its
new holding company, Harris Financial."
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The Board has granted Mr. McLaughlin an award for past services,
including a bonus for performance in 1997.
Robert Kessler, a member of the Harris Financial Board of
Directors, says the board is confident the company is in good
hands. "Jim Durrell has played a key role in many of our most
successful efforts in recent years, including taking this company
public," he says. "There is no doubt that Harris will continue
to be a strong, independent organization with Jim Durrell at the
helm."
James Durrell, 61, joined the then-named Harris Savings
Association as its chief financial officer in 1988. He led the
financial side of the organization through great change,
including the creation of Harris Savings Bank in 1992 and taking
the company public in 1994. Durrell recently led efforts to
create Harris Financial, a mid-tier holding company for the
organization.
In his new role as acting president and chief executive officer,
Durrell will be dedicated to making Harris Financial and Harris
Savings Bank a full-service financial institution that serves all
of the needs of consumers and businesses as well as Harris
shareholders.
Jim Durrell is a graduate of the University of Vermont with a
degree in Banking and Finance. He holds an MBA in Finance from
Fairleigh-Dickinson University. He is a past president of the
central Pennsylvania chapter of the Financial Executives
Institute, past president of the Harrisburg chapter of the
Institute of Management Accountants, and past director of the
Institute of Financial Education.
Durrell's career started with General Electric Company's Business
Training Program, where he graduated second in his class. From
GE, Durrell went on to become a financial analyst and corporate
financial planner with Burroughs Corporation (now UNISYS). In
1980, he joined Commonwealth National Bank
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as their chief financial officer, a post he continued to hold
until joining Harris Savings.
Joseph Arthur, vice president and treasurer of Harris Savings
Bank, will assume Mr. Durrell's duties as acting chief financial
officer.
Harris Financial, Inc. is a $2.1 billion financial institution
operating 33 branch offices located in central Pennsylvania and
Washington County, Maryland. The company stock is traded on the
NASDAQ market under the symbol "HARS."
