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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) November 26, 1999
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SECURITY OF PENNSYLVANIA FINANCIAL CORP.
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(Exact name of registrant as specified in its charter)
Delaware 1-14577 23-2980576
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(State or other Jurisdiction of (Commission (IRS Employer
incorporation or organization) File Number) Identification No.)
31 W. Broad Street, Hazleton, Pennsylvania 18201
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(Address of principal executive offices)
(570) 454-0824
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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 November 26, 1999, Security of Pennsylvania Financial Corp. issued a
press release which announced that it had received regulatory approval to
repurchase up to 10% of its outstanding shares.
A press release announcing the regulatory approval to commence 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 November 26, 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 hereunto duly authorized.
Dated: November 26, 1999 By: /s/ Richard C. Laubach
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Richard C. Laubach
President and Chief Executive Officer
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EXHIBIT 99.1 PRESS RELEASE
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[SECURITY OF PENNSYLVANIA FINANCIAL CORP. LETTERHEAD]
November 26, 1999
FOR IMMEDIATE RELEASE
Contact: Richard C. Laubach
President and Chief Executive Officer
Security of Pennsylvania Financial Corp.
31 West Broad Street
Hazleton, Pennsylvania 18201
(570) 454-0824
SECURITY OF PENNSYLVANIA FINANCIAL CORP.
TO REPURCHASE COMMON STOCK
Hazleton, Pennsylvania, November 26, 1999 -- Security of Pennsylvania
Financial Corp., (AMEX:SPN) the holding company for Security Savings Association
of Hazleton, Hazleton, Pennsylvania, has announced that it has received
regulatory clearance to repurchase up to 150,765 shares of its common stock.
Richard C. Laubach, President and Chief Executive Officer of Security of
Pennsylvania Financial Corp. said that the Company has been authorized by its
Board of Directors to repurchase up to 10% of the Company's 1,507,650 shares
outstanding. It is intended that all such repurchases will be effected within
the next six months.
Mr. Laubach 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 November 24, 1999 was at approximately 70.6%
percent of its tangible book value at $14.17 per share (as of September 30,
1999). 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.
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Security of Pennsylvania Financial Corp. completed its initial public
offering of common stock in connection with the conversion of Security Savings
Association of Hazleton from a Pennsylvania-chartered mutual savings and loan
association to a Pennsylvania-chartered stock savings and loan association on
December 30, 1998. In the conversion, Security of Pennsylvania Financial Corp.
sold 1,511,617 shares at $10.00 per share, raising $15,116,170 in gross
proceeds, and issued an additional 75,383 shares to Security Savings Charitable
Foundation.
Security Savings Association of Hazleton is headquartered in Hazleton,
Pennsylvania, and operates through its administrative/branch office in Hazleton
and through three other full service branches located throughout Northeast
Pennsylvania. The Association's deposits are insured by the Federal Deposit
Insurance Corporation.
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.
