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
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Date of report (Date of earliest event reported) February 17, 1999 (February 12, 1999)
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PATAPSCO VALLEY BANCSHARES, INC.
(Exact name of Registrant as specified in Charter)
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Maryland 0-24887 52-1996620
(State or other Jurisdiction (Commission File Number) (IRS Employer Identification
of incorporation) No.)
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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.
Effective at 11:59 p.m. on February 11, 1999, Patapsco Valley
Bancshares, Inc., parent company of Commercial and Farmers Bank (the "Bank"),
through the Bank's subsidiary, C&F Insurance Agency, Inc., consummated its
acquisition of the assets of the Ellicott City branch of Fowler Insurance, Inc.
(formerly, Fowler & Seidl, Inc.), a full line independent insurance agency. A
copy of the Bank's Press Release, which announces the acquisition, is attached
to this Current Report 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: February 17, 1999 By:/s/ Kevin P. Huffman
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Kevin P. Huffman
Executive Vice President
EXHIBIT INDEX
Exhibit
Number Description of Exhibit
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99.1 Press Release
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Exhibit 99.1
Commercial and Farmers Bank
8593 Baltimore National Pike
Ellicott City, MD 21043
Banking and Finance
COMMERCIAL AND FARMERS BANK SUBSIDIARY ACQUIRES ASSETS OF
INSURANCE AGENCY
Ellicott City--John S. Whiteside, President and Chief Executive Officer of
Patapsco Valley Bancshares, Inc. (parent company of CFBank) announced today that
CFBank, through its subsidiary, C&F Insurance Agency, Inc., has completed the
acquisition of the Ellicott City branch of Fowler & Seidl, Inc. and Center for
Insurance and Related Services, a full-line independent insurance agency based
in Maryland. W. William Cookson, Chairman of the Board of CFBank and
instrumental in completing the acquisition, will resign from the Board of
Directors to accept the responsibilities of President and CEO of the growing
agency. Mr. Cookson, an insurance professional with over twenty five years of
experience, will be joined by the existing staff of the Center for Insurance and
Related Services to offer a full-line of insurance products to commercial and
retail clients.
Patapsco Valley Bancshares, Inc. (PVB) is a Maryland based bank holding company
with $170 million in assets. PVB offers full-service banking through Commercial
and Farmers Bank's eight offices; offers residential first mortgage loans and
construction loans through Founders Mortgage Company, Inc.; and offers data
processing services to financial institutions through Central Maryland Service
Corporation, Inc.
"Patapsco Valley Bancshares has taken another step toward establishing itself as
a full-service financial provider. Our future plans are to grow the insurance
agency through expanded marketing efforts and additional acquisitions," states
Mr. Cookson. "We are looking forward to working together with all of the PVB
subsidiaries."
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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, and about plans for future growth. 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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