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UNITED STATES
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) August 3, 1999
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WEST ESSEX BANCORP, INC.
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(Exact name of registrant as specified in its charter)
United States 0-29770 22-3597632
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(State or other Jurisdiction of (Commission (IRS Employer
incorporation or organization) File Number) Identification No.)
417 Bloomfield Avenue, Caldwell, New Jersey 07006
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(Address of principal executive offices) (Zip Code)
(973) 226-7911
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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.
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On August 3, 1999, West Essex Bancorp, Inc., issued a press release which
announced that it had received regulatory clearance to repurchase up to 15% of
West Essex's outstanding shares held by shareholders other than West Essex
Bancorp, M.H.C.
A press release announcing the stock repurchase is attached as Exhibit
99.1.
ITEM 7. FINANCIAL STATEMENTS AND OTHER EXHIBITS.
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Exhibit 99.1 Press Release dated August 3, 1999
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.
Dated: August 4, 1999 By: /s/ Leopold W. Montanaro
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Leopold W. Montanaro
President and Chief Executive Officer
Dated: August 4, 1999 By: /s/ Dennis A. Petrello
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Dennis A. Petrello
Executive Vice President and
Chief Financial Officer
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EXHIBIT 99.1 PRESS RELEASE
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PRESS RELEASE
WEST ESSEX BANCORP, INC.
CONTACT:
Dennis A. Petrello
Executive Vice President and
Chief Financial Officer
West Essex Bancorp, Inc.
(973) 226-7911
WEST ESSEX BANCORP, INC.
TO REPURCHASE COMMON STOCK
Caldwell, New Jersey, August 3, 1999 -- West Essex Bancorp, Inc. (Nasdaq;
WEBK), the stock holding company for West Essex Bank, has announced that it has
received regulatory clearance to purchase up to 277,067 shares of its common
stock from shareholders other than West Essex Bancorp, MHC, the Bank's mutual
holding company parent.
Leopold W. Montanaro, President and Chief Executive Officer of West Essex
Bancorp, Inc., said that the Company has been authorized by its Board of
Directors to repurchase up to 15% of the Company's 1,847,112 outstanding shares
held by minority shareholders during the next twelve months.
Mr. Montanaro commented, "We believe that the repurchase of the shares
will enhance shareholder value as such repurchases have the effect of increasing
the earnings per share and book value of the remaining shares outstanding. The
last trade of the common stock on July 30, 1999 was at $9.75 per share or
approximately 95 percent of its tangible book value at $10.22 per share (as of
6-30-99). Based on this, we believe that the repurchase of our shares is an
excellent long-term investment."
The repurchase will be made in open-market transactions, subject to the
availability of stock.
West Essex Bancorp, Inc. acquired all of the outstanding capital stock of
West Essex Bank upon its conversion from a federally chartered mutual savings
bank to a federally chartered stock savings bank and reorganization into the
mutual holding company structure on October 2, 1998. West Essex Bank is
headquartered in Caldwell, New Jersey.
Statements contained in this news release, which are not historical facts,
contain forward-looking statements as that term is defined in the Private
Securities Litigation Reform Act of 1995. Such forward-looking statements are
subject to risk and uncertainties, which could cause actual results to differ
materially from those currently anticipated due to a number of factors, which
include, but are not limited to, factors discussed in documents filed by the
Company with the Securities and Exchange Commission from time to time.
