OSWEGO COUNTY BANCORP INC
8-K, 2000-04-24
SAVINGS INSTITUTIONS, NOT FEDERALLY CHARTERED
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                       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

                               -------------------

                                 April 20, 2000
               (Date of Report (date of earliest event reported))

                           OSWEGO COUNTY BANCORP, INC.
               (Exact name of registrant as specified in charter)

   Delaware                         000-30140                    16-1567491
(State or other                 (Commission File                (IRS Employer
jurisdiction of                      Number)                 Identification No.)
incorporation)

44 East Bridge Street, Oswego, New York                                 13126
(Address of principal executive offices)                              (Zip Code)

                                  315-343-4100
              (Registrant's telephone number, including area code)

<PAGE>

Item 5. Other Events.

      On April 20, 2000, the Board of Directors voted unanimously to authorize
Registrant's President and Chief Executive Officer, Gregory J. Kreis, to use
approximately $450,000 of Registrant's cash on hand to purchase shares of its
outstanding common stock, $.01 par value ("Shares") in the open market.
Purchases may be made from time to time, commencing April 20 until November 20,
2000, at the then current market price of the Shares. The number of shares of
stock purchased shall not exceed 44,361, or 5% of the number of shares issued
and outstanding.

      The Board of Directors also unanimously voted to declare a dividend of
three cents per share to stockholders of record on April 28, 2000. The dividend
will be payable on or about May 15, 2000.

Exhibits filed as part of this Report:

Exhibit Number                               Page in sequential numbering system
- --------------                               -----------------------------------
                                             where Exhibit is found
                                             ----------------------

(99) Press release dated April 20, 2000            3

                                   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.

                                         OSWEGO COUNTY BANCORP, INC.
                                                 (registrant)


DATED: April 20, 2000                    By: /s/ Gregory J. Kreis
                                             -----------------------------------
                                                 Gregory J. Kreis, President
                                                   and Chief Executive Officer


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Exhibit 99

                    [OSWEGO COUNTY BANCORP, INC. LETTERHEAD]

                       PRESS RELEASE DATED APRIL 20, 2000

Contact: Gregory J. Kreis, President & CEO
         Stephen Albright, Sr. Vice President and Chief Financial Officer
         (315) 343-4100

FOR IMMEDIATE RELEASE

Oswego, New York April 20, 2000

Oswego County Bancorp Inc., the holding company for Oswego County Savings Bank,
announced at its annual meeting of Stockholders that it will begin paying a
dividend of three cents per share to shareholders of record on April 28th. The
dividend will be payable on or about May 15th. Gregory J. Kreis, President and
CEO said, "I am pleased to announce this dividend which is the Company's first
since it was formed last July. In July of 1999 Oswego County Savings Bank
converted from a mutual savings bank to a mutual holding company and stock
savings bank. We are pleased with our progress since conversion and want to
share our earnings success with our shareholders."

Kreis also announced that the Company would institute a stock buyback program.
It is the intent of the Company to buy back up to 5% of the outstanding shares
over the next few months. Kreis stated that, "The stock price of most financial
institutions including ours is currently undervalued in the market and thus it
is an excellent time to buy back a portion of our shares. A buyback program
creates an outlet for shareholders desiring to sell their stock which is
particularly important for a small company that does not have a lot of shares
that trade. We feel the buyback program is a plus for our shareholders and the
Company."

Shareholders voted to reelect Paul Schneible and Gregory Kreis to three-year
terms as Directors of Oswego County Bancorp, Inc. Stock Option and Restricted
Stock Plans were approved by shareholders. Shareholders also voted for an
amendment to reduce the number of authorized shares from 8,500,000 to 3,000,000
shares of common stock and 500,000 shares of preferred stock.

Significant events of 1999 such as the stock conversion and opening of the North
Syracuse branch as well as new service introductions like the MasterMoney debit
card were reviewed at the meeting. The financial performance for the Company was
also reviewed. President Kreis revealed some of the plans in process for 2000.

Oswego County Bancorp, Inc. is the holding company of Oswego County Savings
Bank, a state chartered, FDIC-insured savings bank. The Bank was founded in 1870
and conducts business from its main office in Oswego, New York and four branch
offices in Oswego, Fulton, Pulaski and North Syracuse, New York. The Company is
a subsidiary of Oswego County MHC, a state chartered mutual holding company.


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