SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
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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 19, 1999
WYMAN PARK BANCORPORATION, INC.
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(Exact name of Registrant as Specified in Charter)
Delaware 000-23345 52-2068893
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(State or Other Jurisdiction (Commission (I.R.S. Employer
of Incorporation) File Number) Identification No.)
11 West Ridgely Road, Lutherville, MD 21094
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(Address of Principal Executive Offices)
(410) 252-6450
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Registrant's telephone number, including area code
Not Applicable
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(Former name or former address, if changed since last report)
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Item 5. Other Events
On May 19, 1999, the Board of Directors of the Registrant approved a
special cash distribution of $6.00 per share, payable on June 21, 1999 to all
shareholders of record as of June 7, 1999. The Registrant believes that 100% of
the distribution will not be considered taxable, but will be applied against and
will reduce the shareholders' adjusted basis in their Registrant common stock.
Further information regarding the elements of this cash distribution are
set forth in a press release dated May 20, 1999, attached as Exhibit 99.1 and
incorporated herein by this reference.
Item 7. Financial Statements, Pro Forma Financial Information and Exhibits
Exhibit 99.1 Press Release dated May 20, 1999.
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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.
WYMAN PARK BANCORPORATION, INC.
DATE: May 20, 1999 By: /s/ Ernest A. Moretti
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Ernest A. Moretti
President and Chief Executive Officer
2
Exhibit 99.1
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For Immediate Release For Information Contact:
Date: May 20, 1999 Ernest A. Moretti, President
410-252-6450
WYMAN PARK BANCORPORATION, INC.
ANNOUNCES $6.00 PER SHARE TAX FREE SPECIAL DIVIDEND
Lutherville, Maryland, May 20, 1999 - The Board of Directors of Wyman Park
Bancorporation, Inc. (OTC Electronic Bulletin Board: WPBC), the parent company
of Wyman Park Federal Savings & Loan Association, announced a $6.00 per share
special cash dividend payable on June 21, 1999 to shareholders of record as of
June 7, 1999. Wyman Park Bancorporation, Inc., currently has 905,926 shares
outstanding and will have an aggregate special dividend payable of approximately
$5,436,000.
According to bank President, Ernest A. Moretti, the special dividend is
expected to be tax-free because it represents a return to shareholders of a
portion of the proceeds raised when the Company went public in January, 1998. He
further stated that a nontaxable return of capital would reduce the tax cost
basis of each outstanding share.
The Board of Directors took this action because it believes the current
"equity to assets" ratio of over 18% is excessive and will prove to be a
deterrent to generating acceptable returns on equity over the long term.
President Moretti stated that the Company will remain well capitalized with the
"equity to asset" ratio exceeding 12% after payment of the special dividend.
As of March 31, 1999, Wyman Park Bancorporation, Inc. reported assets of
$72.7 million and total stockholders' equity of $13.3 million.
Wyman Park Federal Savings and Loan Association serves Baltimore County and
surrounding communities from its main office located at 11 West Ridgely Road,
Lutherville, Maryland and serves Anne Arundel County from its branch office
located at 7963 Baltimore-Annapolis Boulevard, Glen Burnie, Maryland 21060.
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