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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 5, 1999
WORONOCO BANCORP, INC.
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(Exact name of registrant as specified in its charter)
Delaware 1-14671 04-3444269
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(State or other Jurisdiction of (Commission (IRS Employer
incorporation or organization) File Number) Identification No.)
31 Court Street, Westfield, Massachusetts 01085
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(Address of principal executive offices)
(413) 568-9141
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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 5, 1999, Woronoco Bancorp, Inc. (the "Company"), issued a
press release which announced that it had received regulatory clearance to
repurchase up to 5% of the Company's outstanding shares.
A press release announcing 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 5, 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 8, 1999 By: /s/ Cornelius D. Mahoney
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Cornelius D. Mahoney
President, Chief Executive Officer
and Chairman of the Board
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EXHIBIT 99.1 PRESS RELEASE
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[WORONOCO BANCORP, INC. LOGO] 31 Court Street
Westfield, Massachusetts 01086-0978
Telephone 413-568-9141
FOR IMMEDIATE RELEASE FOR MORE INFORMATION CONTACT:
Mark Roberts
Vice President Finance
(413) 568-9141
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WORONOCO BANCORP, INC. TO REPURCHASE COMMON STOCK
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WESTFIELD, MA - NOVEMBER 5, 1999 - Woronoco Bancorp, Inc. (the "Company")
(AMEX:WRO), the holding company for Woronoco Savings Bank (the "Bank") has
announced that it has received regulatory clearance to repurchase up to
299,943 shares of its common stock.
Cornelius D. Mahoney, Chairman, President and CEO of Woronoco Bancorp, Inc. said
that the Company has been authorized by its Board of Directors to repurchase up
to 5% of the Company's 5,998,860 outstanding shares. It is intended that all
such repurchases will be effected within the next six months.
Mr. Mahoney 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 5, 1999 was approximately 69% of its
tangible book value at $14.29 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.
Woronoco Bancorp, Inc. completed its initial public offering of common stock in
connection with the conversion of Woronoco Savings Bank from a
Massachusetts-chartered mutual savings bank to a Massachusetts-chartered stock
savings bank on March 19, 1999. In the conversion, Woronoco Bancorp, Inc. issued
an aggregate of 5,998,860 shares, of which 5,554,500 shares were sold at $10.00
per share, raising $55,545,000 in gross proceeds and 444,360 were issued to
Woronoco Savings Charitable Foundation.
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Woronoco Bancorp, Inc. is a publicly owned savings and loan holding company and
the parent corporation of Woronoco Savings Bank, headquartered at 31 Court
Street, Westfield, Massachusetts 01085. The Bank provides a wide variety of
financial products and services through its 11 branch offices located throughout
Hampden and Hampshire Counties in Western Massachusetts. The Bank's deposits are
insured by the Federal Deposit Insurance Corporation and the Depositor Insurance
Fund. For more information regarding the Bank's products and services and for
Woronoco Bancorp, Inc. investor relations information, please visit our web site
at WWW.WORONOCO.COM.
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.
