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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 26, 1998
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(Date of earliest event reported)
Delaware First Financial Corporation
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(Exact name of registrant as specified in its charter)
Delaware 0-23499 52-2063973
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(State or other jurisdiction (Commission File Number) (IRS Employer
of incorporation) Identification No.)
400 Delaware Avenue, Wilmington, Delaware 19801
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(Address of principal executive offices) (Zip Code)
(302) 421-9090
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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)
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Item 5. Other Events
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Delaware First Bank, FSB ("Bank") the wholly-owned subsidiary of Delaware
First Financial Corporation (the "Company") announced on May 26, 1998 the
resignation of Ronald P. Crouch as the Bank's President and Chief Executive
Officer. Mr. Crouch announced his resignation in order to pursue new and
diversified opportunities outside of the Bank. Mr. Crouch also served as a
director of the Bank and the Company as well as the President and Chief
Executive Officer of the Company.
On May 29, 1998, the Company also announced that Ernest J. Peoples has been
appointed interim Chief Executive Officer and President of the Company and the
Bank. Mr. Peoples is currently the Vice Chairman of the Board, Chairman of the
Executive Committee and a member of the Appraisal Committee.
The Boards of Directors of the Company and the Bank have formed a Search
Committee and intend to fill the Chief Executive Officer and President position
on a permanent basis as soon as possible.
Item 7. Financial Statements, Pro Forma Financial Information and Exhibits
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The following exhibits are filed with this report:
Exhibit Number Description
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99.1 Press Release issued on May 26, 1998
99.2 Press Release issued on May 29, 1998
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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 thereunto duly authorized.
DELAWARE FIRST FINANCIAL CORP.
Date: May 29, 1998 By: /s/ Jerome P. Arrison
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Jerome P. Arrison, Vice President
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Exhibit 99.1
Press Release issued
on May 26, 1998
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DELAWARE FIRST BANK ANNOUNCES MANAGEMENT CHANGE
WILMINGTON, D.E. - After serving as President and CEO of Delaware First
Bank, FSB for over sixteen years, Ronald P. Crouch has announced his
resignation in order to pursue new and diversified opportunities outside of the
Bank.
The Bank's Board of Directors was understanding of Mr. Crouch's desire to
pursue these other opportunities and accepted his resignation. It acknowledged
Mr. Crouch's many contributions to the Bank including his leadership through
the years of thrift crisis and during the Bank's recent conversion from mutual
to stock form of ownership.
The Bank expressed its best wishes to Mr. Crouch in his future endeavors
and stated that it would begin a search for a qualified successor. Mr. Crouch
has been asked, and has agreed, to work with the Bank to ensure an orderly
transition.
Mr. Crouch stated that he left when he felt the Bank was on the right
course and after he had accomplished many of the objectives he had set. He
felt it was time to turn to other challenging opportunities and to turn over
the leadership of the Bank as it moves into the next century.
Delaware First Bank is a wholly-owned subsidiary of Delaware First
Financial Corporation (OTC BB:DFFN). Delaware First Financial completed its
conversion to a public stock company on December 31, 1997, issuing 1.2 million
shares of common stock at $10.00 a share. Delaware First Bank is a community
and customer oriented federal savings bank operating from its main office in
Wilmington, Delaware.
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Exhibit 99.2
Press Release issued
on May 29, 1998
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DELAWARE FIRST FINANCIAL CORPORATION APPOINTS
INTERIM CEO AND PRESIDENT
WILMINGTON, DE - Delaware First Financial Corporation has announced that
Ernest J. Peoples, has been appointed interim CEO and President of Delaware
First Financial Corporation and Delaware First Bank, FSB.
Mr. Peoples has been a Director of Delaware First Bank, formerly Ninth
Ward Savings Bank, since 1964. He is currently Vice Chairman of the Board,
Chairman of the Executive Committee of the Board, and a member of the Board's
Appraisal Committee. Mr. Peoples was a general contractor for 25 years and is
now retired.
The Board of Directors has formed a Search Committee and intends to fill
the CEO position on a permanent basis as soon as possible.
Delaware First Bank is a wholly-owned subsidiary of Delaware First
Financial Corporation (OTC BB:DFFN). Delaware First Financial completed its
conversion to a public stock company on December 31, 1997, issuing 1.2 million
shares of common stock at $10.00 a share. Delaware First Bank is a community
and customer oriented federal savings bank operating from a main office in
Wilmington, Delaware.
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