SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 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) November 24, 1998
PATAPSCO VALLEY BANCSHARES, INC.
(Exact name of Registrant as specified in Charter)
Maryland 0-24887 52-1996620
(State or other Jurisdiction (Commission file Number) (IRS Employer Identi-
of incorporation) fication No.)
8593 Baltimore National Pike, Ellicott City, MD 21043
(Address of Principal Executive Offices/Zip Code)
Registrant's telephone number, including area code: (410) 465-0900
Not Applicable
(Former Name or Former Address, if Changed Since Last Report)
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INFORMATION TO BE INCLUDED IN THE REPORT
Item 5. Other Events.
On November 23, 1998, Patapsco Valley Bancshares, Inc., parent company
of Commercial and Farmers Bank (the "Bank"), announced that C & F Insurance
Agency, Inc., a Bank subsidiary, signed a letter of intent to acquire the assets
of the Ellicott City branch of Fowler & Seidl, Inc. and Center for Insurance and
Related Services, a full line independent insurance agency. A copy of the press
release is attached to this Current Report on Form 8-K as Exhibit 99.1.
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.
PATAPSCO VALLEY BANCSHARES, INC.
Date: November 24, 1998 By: /s/ John S. Whiteside
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John S. Whiteside
President and CEO
F6639.641
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EXHIBIT INDEX
Exhibit
Number Description of Exhibit
- ------ ----------------------
99.1 Press Release
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Exhibit 99.1
FOR IMMEDIATE RELEASE For Further Information Contact at:
Patapsco Valley Bancshares, Inc.
John S. Whiteside
President and Chief Executive Officer
410-465-0900
PATAPSCO VALLEY BANCSHARES SUBSIDIARY
SIGNS LETTER OF INTENT
TO ACQUIRE ASSETS OF INSURANCE AGENCY
Ellicott City, MD - John S. Whiteside, President and Chief Executive Officer of
Patapsco Valley Bancshares, Inc., parent company of Commercial and Farmers Bank,
announced today that Commercial and Farmers Bank, through its subsidiary, C & F
Insurance Agency, Inc., has signed a letter of intent to acquire the Ellicott
City branch of Fowler & Seidl and Center for Insurance and Related Services, a
full-line independent insurance agency based in Maryland.
The acquisition will be paid for with cash, stock, and a percentage of future
commissions. This acquisition is subject to various conditions and is expected
to close in the last quarter of 1998 or the first quarter of 1999.
Patapsco Valley Bancshares, Inc. is a Maryland based bank holding company with
$152.8 million in assets. Patapsco Valley Bancshares offers full-service banking
through Commercial and Farmers Bank at seven offices located in Ellicott City,
Catonsville, Dorsey Search, West Friendship, and Columbia at Hickory Ridge and
Columbia Crossing. Patapsco Valley Bancshares' common stock was registered with
the Securities and Exchange Commission (SEC) on November 10, 1998.
"We are excited about the opportunities that this affiliation presents for
Patapsco Valley Bancshares' customers and shareholders," stated John S.
Whiteside, President and CEO. "We are confident that this acquisition will
establish Patapsco Valley Bancshares as a full service provider of financial
products and services and will serve to increase Patapsco's non-interest income
base."
* * * * * * * * * *
This press release contains forward-looking statements within the meaning of The
Private Securities Litigation Reform Act of 1995. Such statements are not
historical facts and include expressions about Patapsco Valley Bancshares,
Inc.'s confidence and strategies, expectations about the projected closing date,
and continued operations of Fowler & Seidl. These statements may be identified
by such forward-looking terminology as "expect," "believe," anticipate," or by
expressions of confidence such as "continuing," or "strong," or similar
statements or variations of such terms. Such forward-looking statements involve
certain risks and uncertainties. These risks and uncertainties include, but are
not limited to, general economic conditions and competition in the geographic
and business areas in which Patapsco Valley Bancshares, Inc. operates,
inflation, fluctuations in interest rates, legislation, and governmental
regulation. Actual results may differ materially from the forward-looking
statements. Patapsco Valley Bancshares, Inc. assumes no obligation for updating
any such forward-looking statements at any time.
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