<PAGE>
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549
______________________________
FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(D) OF THE
SECURITIES AND EXCHANGE ACT OF 1934
Date of Report: February 18, 1999
MECH FINANCIAL, INC.
Exact name of registrant as specified in its charter
State of Connecticut 000-23557 06-1500984
- ------------------------------------------------------------------------------
State or other jurisdiction Commission File IRS Employer
of Incorporation Number Identification No.
100 Pearl Street
Hartford, CT 06103
- -----------------------------------------------------------------------------
Address of principal executive offices (Zip Code)
Registrant's phone number: (860) 293-4000
<PAGE>
ITEM 2
DISPOSITION OF ASSETS
PEARL STREET ASSOCIATES, LP, ANNOUNCES BUILDING SALE
MECH Financial, Inc.(NASDAQ: MECH; parent of Mechanics Savings Bank), and
BankBoston, announced the sale of their banking and office complex at 100 Pearl
Street in Hartford to the New Boston Pearl Limited Partnership, an independent
third party, for $32.75 million.
MECH Financial President and Chief Executive Officer, Edgar C. Gerwig, said "The
sale of our interest in our headquarters building is immediately accretive to
earnings and the $15.2 million net proceeds will be redeployed into higher
yielding loans and investments. Annual earnings will increase approximately
$0.05 per share as a result of the transaction. In addition, the $2.1 million
one-time gain will increase earnings per share by $0.27 in the first quarter."
Mechanics Savings Bank will continue to occupy its banking and office space at
100 Pearl Street under a long-term lease.
New Boston Pearl Limited Partnership is an operating partnership of the New
Boston Real Estate Investment Funds, a Boston-based, private real estate Fund
with assets over $500 million, which owns over 5.5 million square feet in New
England and Indianapolis. This acquisition brings New Boston Fund's Connecticut
portfolio to in excess of 1.5 million square feet.
Signatures
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has caused the report to be signed on its behalf by the undersigned
hereunto duly authorized.
MECH Financial, Inc.
--------------------
Registrant
Date: February 18, 1999 By: /s/ Thomas M. Wood
------------------
Thomas M. Wood, Executive Vice
President and Treasurer
