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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) January 24, 2000
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WORONOCO BANCORP, INC.
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(Exact name of registrant as specified in its charter)
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Delaware 1-14671 04-3444269
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(State or other Jurisdiction of (Commission (IRS Employer
incorporation or organization) File Number) Identification No.)
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31 Court Street, Westfield, MA 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 January 24, 2000, Woronoco Bancorp, Inc. (the "Company") (AMEX:WRO), the
holding company for Woronoco Savings Bank (the "Bank"), completed its
acquisition of A.J. Agan Insurance Agency, Inc. The agency, located in
Westfield, Massachusetts, will operate as a wholly owned subsidiary of Woronoco
Savings Bank.
The Company plans to retain Agan Insurance Agency's existing staff. Agan
Insurance Agency, Inc. conducts business in Western Massachusetts and Northern
Connecticut, the same market area as the Company. According to Cornelius D.
Mahoney, Chairman, President and CEO, the Company plans to enhance Agan's
current product offerings and continue to provide competitive pricing.
The Company expects the acquisition to be accretive to earnings. The
purchase price of the agency was $800,000. Agan has approximately $3 million in
annual premiums and generates fee income of approximately $470,000. The agency
services more than 4,000 customers. Approximately 75% of Agan's current
business consists of personal insurance lines, with commercial and other
insurance products making up the remaining 25%.
Woronoco Bancorp, Inc. is a publicly owned savings and loan holding company
and the parent corporation of Woronoco Savings Bank, a Massachusetts stock
savings bank headquartered at 31 Court Street, Westfield, MA 01085. Woronoco
Savings Bank provides a wide variety of financial products and services through
its 11 branch offices located throughout Hampden and Hampshire Counties in
Western Massachusetts.
Statements contained in this report, which are not historical facts, are
forward-looking statements that are 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 other documents filed by the Company with the
Securities and Exchange Commission from time to time.
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SIGNATURES
In accordance with the requirements of the Securities and Exchange Act, the
registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
WORONOCO BANCORP, INC.
Dated: January 24, 2000 By: /s/ Cornelius D. Mahoney
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Cornelius D. Mahoney
Chairman of the Board, President and
Chief Executive Officer
(principal executive officer)
