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)
February 17, 2000
STEELTON BANCORP, INC.
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(Exact name of Registrant as Specified in Charter)
Pennsylvania 0-26499 25-1830745
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(State or Other Jurisdiction (Commission File No.) (IRS Employer Identification
of Incorporation) Identification Number)
51 South Front Street, Steelton, PA 17113
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(Address of Principal Executive Offices) (Zip Code)
Registrant's telephone number, including area code: (717) 939-1966
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Not Applicable
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(Former name or former address, if changed since last Report)
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INFORMATION TO BE INCLUDED IN REPORT
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Item 5. Other Events
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On February 17, 2000, the Registrant announced that it intended to
initiate a repurchase of up to 5%, or 19,250 shares of its outstanding common
stock. On February 23, 2000, the Registrant announced that it intended to
initiate an additional repurchase of up to 4%, or 14,500 shares of its
outstanding common stock to fund the restricted stock plan of the Registrant's
wholly-owned subsidiary, Mechanics Savings Bank. The Registrant announced that
both repurchase programs would be achieved through open market transactions,
subject to the availability of stock, market conditions the trading price of the
stock and the Company's financial performance. The 4% repurchase is expected to
be completed by June 30, 2000 and the 5% repurchase by July 8, 2000.
For further details, reference is made to the Press Releases dated
February 17, 2000 and February 23, 2000, which are attached hereto as Exhibit
99.1 and 99.2 and which are incorporated herein by this reference.
Item 7. Financial Statements, Pro Forma Financial Information
and Exhibits
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Exhibit 99.1 -- Press Release dated February 17, 2000.
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Exhibit 99.2 -- Press Release dated February 23, 2000.
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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, thereunto duly authorized.
STEELTON BANCORP, INC.
Date: February 25, 2000 By: /s/Harold E. Stremmel
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Harold E. Stremmel
President and Chief Executive Officer
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EXHIBIT 99.1
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PRESS RELEASE
Contact: James S. Nelson
Senior Vice President
Steelton Bancorp, Inc.
(717) 939-1966
Steelton Bancorp, Inc.
Mechanics Savings Bank
51 S. Front Street
Steelton, PA 17113
OTC Electronic Bulletin Board "SELO"
FOR IMMEDIATE RELEASE
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Stock Repurchase Plan
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Steelton, Pennsylvania - February 17, 2000 - Harold Stremmel, President of
Steelton Bancorp, Inc., Steelton, Pennsylvania, the holding company of Mechanics
Savings Bank, today announced its intention to repurchase up to 5% or 19,250
shares of the company's common stock. The repurchases will be made in open
market transactions, subject to availability of stock, market conditions, the
trading price of the stock and the Company's financial performance. The
repurchase plan will mitigate some of the potentially dilutive effects of the
Company's stock benefit plans and would also be available for general corporate
use. The repurchase is expected to be completed by July 8, 2000.
For further information contact:
James S. Nelson, Investor Relations Officer
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51 South Front Street * P.O. Box 7614 * Steelton, Pennsylvania 17113 * Phone 717-939-1966 * FAX 717-939-2629
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EXHIBIT 99.2
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PRESS RELEASE
Contact: James S. Nelson
Senior Vice President
Steelton Bancorp, Inc.
(717) 939-1966
Steelton Bancorp, Inc.
Mechanics Savings Bank
51 S. Front Street
Steelton, PA 17113
OTC Electronic Bulletin Board "SELO"
FOR IMMEDIATE RELEASE
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Restricted Stock Plan
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Stock Repurchase
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Steelton, Pennsylvania - February 23, 2000 - Steelton Bancorp, Inc., Steelton,
Pennsylvania, the holding company of Mechanics Savings Bank, today announced its
intention to repurchase up to 4% or 15,400 shares of the company's common stock.
These purchases are in addition to the previously announced 5% repurchase of
shares. These repurchases will be made to fund the Bank's restricted stock plan
for plan awards to its officers and directors. The purchases will be made in
open market transactions, subject to availability of stock, market conditions,
trading price of the stock and the Company's financial performance. The
repurchases will mitigate some of the potentially dilutive effects of the
Company's stock benefit plans. The repurchase is expected to be completed by
June 30, 2000.
For further information contact:
James S. Nelson, Investor Relations Officer
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51 South Front Street * P.O. Box 7614 * Steelton, Pennsylvania 17113 * Phone 717-939-1966 * FAX 717-939-2629
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