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)
May 14, 1999
FARNSWORTH BANCORP, INC.
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(Exact name of Registrant as specified in its Charter)
New Jersey 0-24621 22-3591051
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(State or other jurisdiction (SEC File No.) (IRS Employer
of incorporation) Identification
Number)
789 Farnsworth Avenue, Bordentown, NJ. 08505
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(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code: (609)298-0723
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Not Applicable
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(Former name or former address, if changed since last Report)
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FARNSWORTH BANCORP, INC.
INFORMATION TO BE INCLUDED IN REPORT
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Item 5. Other Events
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On May 14, 1999, the Registrant announced that it intended to initiate
a repurchase of 4%, or 15,194 shares of its outstanding common stock in the open
market. The Registrant announced that the repurchases would be made from time to
time, subject to the availability of stock. The repurchases will be made by the
Peoples Savings Bank Restricted Stock Plan Trust in order to fund the Restricted
Stock Plan of the Registrant's wholly-owned subsidiary, Peoples Savings Bank.
The repurchases are expected to be completed within one year.
For further details, reference is made to the Press Release dated May
14, 1999, which is attached hereto as Exhibit 99 and incorporated herein by this
reference.
Item 7. Financial Statements, Pro Forma Financial Information
and Exhibits
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Exhibit 99 -- Press Release dated May 14, 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.
FARNSWORTH BANCORP, INC.
Date: May 19, 1999 By: /s/ Gary N. Pelehaty
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Gary N. Pelehaty
President and Chief
Executive Officer
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EXHIBIT 99
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FOR IMMEDIATE RELEASE FOR FURTHER INFORMATION CONTACT:
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May 14, 1999 Gary N. Pelehaty, President and Chief Executive Officer
(609) 298-0723
FARNSWORTH BANCORP, INC.
Announces Stock Repurchase and Quarterly Earnings
Bordentown, New Jersey -- May 14, 1999 -- Farnsworth Bancorp, Inc. (OTC
Bulletin Board FNSW), the parent holding company of Peoples Savings Bank,
Bordentown, New Jersey, today announced its intention to repurchase up to 4%, or
15,194 shares, of the Company's common stock. The repurchases will be made by
the Bank's Restricted Stock Plan Trust in order to fund the Restricted Stock
Plan and are expected to be made in open-market and/or privately negotiated
transactions, subject to the availability of stock, market conditions, the
trading price of the stock and the Company's financial performance. The
repurchase is expected to be completed within one year. Stockholders of the
Company approved the Restricted Stock Plan at the Company's Annual Meeting of
Stockholders held on April 6, 1999.
The Company also announced that for the quarter ended March 31, 1999,
it had net income of $25,138 or $.07 per share, as compared to net income of
$18,276 for the three months ended March 31, 1998. Total assets of the Company
were $48.4 million at March 31, 1999 as compared to $45.2 million at December
31, 1998. Stockholders' equity was $5.5 million or $15.79 per share at March 31,
1999, unchanged from $5.5 million or $15.79 per share at December 31, 1998.
The Company became the holding company for the Bank on September 29,
1998, following its initial public offering at the time of the Bank's conversion
to the stock form of organization. As such, earnings per share are not available
for periods prior to September 30, 1998. Peoples Savings Bank is a federally
chartered stock savings bank that conducts its business from its main office in
Bordentown, New Jersey and one branch office located in Florence, New Jersey.
The Bank's deposits are insured up to the maximum legal amount by the Federal
Deposit Insurance Corporation (FDIC). The Company's common stock is traded on
the OTC Bulletin Board under the symbol "FNSW."
