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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 18, 1999
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SOUTH JERSEY FINANCIAL CORPORATION, INC.
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(Exact name of registrant as specified in its charter)
Delaware 0-24997 22-3615289
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(State or other Jurisdiction of (Commission (IRS Employer
incorporation or organization) File Number) Identification No.)
4651 Route 42 Turnersville, New Jersey 08012
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(Address of principal executive offices) (Zip Code)
(609) 629-6000
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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 18, 1999, South Jersey Financial Corporation, Inc. ("South
Jersey") issued a press release which announced that it had received regulatory
clearance to repurchase up to 5% of South Jersey's outstanding shares held by
shareholders.
A press release announcing the stock repurchase is attached as Exhibit
99.
ITEM 7. FINANCIAL STATEMENTS AND OTHER EXHIBITS.
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Exhibit 99 Press Release dated August 18, 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 19, 1999 By: /s/ Robert J. Colacicco
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Robert J. Colacicco
President and Chief Executive Officer
Dated: August 19, 1999 By: /s/ Gregory M. DiPaolo
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Gregory M. DiPaolo
Executive Vice President, Treasurer
and Chief Operating Officer
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EXHIBIT 99 PRESS RELEASE
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PRESS RELEASE
SOUTH JERSEY FINANCIAL CORPORATION, INC.
CONTACT:
Gregory M. DiPaolo
Executive Vice President, Treasurer and
Chief Operating Officer
South Jersey Financial Corporation, Inc.
(609) 629-6000
SOUTH JERSEY FINANCIAL CORPORATION, INC.
TO REPURCHASE COMMON STOCK
Turnersville, New Jersey, August 18, 1999 -- South Jersey Financial
Corporation, Inc., the holding company for South Jersey Savings and Loan
Association, Turnersville, New Jersey, has announced that it has received
regulatory clearance to purchase up to 189,671 shares of its common stock.
Robert J. Colacicco, President and Chief Executive Officer of South Jersey
Financial Corporation, Inc. said that the Company has been authorized by its
Board of Directors to repurchase up to 5% of the Company's 3,793,430 outstanding
shares during the next six months.
Mr. Colacicco 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. As of
August 16, 1999, the Company's stock closed at $14.25 per share, or
approximately 83.9% of the Company's consolidated book value of $16.98 as of
June 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.
South Jersey Financial Corporation, Inc. completed its initial public
offering of common stock in connection with the conversion of South Jersey
Savings and Loan Association from a New Jersey-chartered mutual savings and loan
association to a New Jersey-chartered stock savings and loan association, on
February 12, 1999. In the conversion, South Jersey Financial Corporation, Inc.
issued an aggregate of 3,793,430 shares of its common stock of which 3,512,435
were issued at a purchase price of $10.00 per share in a subscription offering
and 280,995 shares were contributed to the South Jersey Savings Charitable
Foundation, a charitable foundation established by the Association and the
Company.
South Jersey Savings and Loan Association is headquartered in
Turnersville, New Jersey, and operates through its three banking offices located
in Gloucester and Camden Counties in Southwest 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.
