SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549
FORM 8K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
Date of Report (Date of earliest event reported) July 9, 1999
COMMUNITY BANCORP OF NEW JERSEY
(Name of Small Business Issuer in Its Charter)
NEW JERSEY 22-3495574
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(State or Other Jurisdiction of (I.R.S. Employee
Identification No. Incorporation or Organization)
3535 Highway 9 North, Freehold, New Jersey 07728
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(Address of Principal Executive Offices) (Zip Code)
(732) 863-9000
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(Issuer's Telephone Number)
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Item 5. Other Events
On July 9, 1999, the Registrant issued a press release announcing a 3%
stock dividend. On July 12, 1999, the Registrant issued a press release
announcing results for the second quarter, 1999.
Item 7. Exhibits.
The following exhibit is filed with this Current Report on Form 8-K.
Exhibit No. Description
99(a) Press release issued July 9, 1999 announcing stock
dividend.
99(b) Press release issued July 12, 1999 announcing
second quarter 1999 results.
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934,
Community Bancorp of New Jersey has duly caused this report to be signed on its
behalf by the undersigned thereunto duly authorized.
COMMUNITY BANCORP OF NEW JERSEY
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(Registrant)
Dated: July 20, 1999 By:/s/ Robert D. O'Donnell
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ROBERT D. O'DONNELL
President and CEO
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EXHIBIT INDEX
CURRENT REPORT ON FORM 8-K
Exhibit No. Description Page Number
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99(a) Press release announcing stock
dividend
99(b) Press release announcing second quarter
results
EXHIBIT 99(a)
COMMUNITY BANCORP OF NEW JERSEY
ANNOUNCES STOCK DIVIDEND
FREEHOLD, NEW JERSEY Community Bancorp of New Jersey (NASDAQ:"CBNJ"),
the holding company for the Community Bank of New Jersey, announced today that
its Board of Directors approved a 3% stock dividend payable August 2, 1999 to
shareholders of record as of July 19, 1999.
Messrs. Howard Schoor, Chairman of the Board of the Company and Robert D.
O'Donnell, President and Chief Executive Officer of the Company, stated: We
wanted to reward our shareholders for their faith in the Company and allow them
to participate in our continued success. We believe this stock dividend is one
way to show our commitment to enhancing shareholder value."
The Community Bank of New Jersey, the Company's bank subsidiary, operates
through its main office at 3535 Highway 9 North, Freehold, New Jersey and its
three (3) branch offices located at 31 East Main Street, Freehold, New Jersey,
4502 Highway 9 South, Howell, New Jersey and 267 Main Street, Matawan, New
Jersey. The Bank also anticipates opening its newest branch in Manalapan, New
Jersey, during the fourth quarter of 1999.
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EXHIBIT 99(b)
COMMUNITY BANCORP OF NEW JERSEY REPORTS SECOND QUARTER PROFIT
AS POSITIVE EARNINGS AND GROWTH CONTINUE
FREEHOLD, NEW JERSEY -- Community Bancorp of New Jersey, the holding
company for the Community Bank of New Jersey (Nasdaq: CBNJ), which commenced
operations in May 1997, reported its third consecutive quarter of profitable
operations. For the quarter ended June 30, 1999, the company earned $139,000
compared to a net loss of $337,000 for the same period last year. Basic and
diluted net income per share for the second quarter of 1999 was $0.08 compared
to a net loss per share for both basic and diluted of $0.25 for the second
quarter of 1998.
For the six months ended June 30, 1999, net income increased to
$204,000 or $0.11 net income per share for both basic and diluted compared to a
net loss of $43,000 or net loss per share for both basic and diluted of $0.41
for the same period in 1998.
The results for both the three and six months ended June 30, 1999 were
positively affected by the application of net operating loss carryforwards to
reduce the Company's tax liability. At June 30, 1999, the Company had
approximately $300,000 in remaining net operating loss carryforwards to offset
future tax liabilities.
As of June 30, 1999, the Company posted total assets of $103.7 million,
an increase of $20.9 million or 25% over December 31, 1998. The Bank's loan
portfolio, net of allowances for loan losses, increased to $62.1 million, an
increase of $17.4 million or 39% over December 31, 1998. Total deposits
increased to $81.6 million at June 30, 1999, an increase of $16.6 million, or
26% over December 31, 1998.
Messrs. Howard Schoor, Chairman of the Board, and Robert D. O'Donnell,
President and CEO stated "Exceeding the $100 million asset mark is a milestone
achieved within the first 25 months of operations. Our growth continues to be
implemented strategically. Our franchise expansion into Matawan, NJ in February
1999 is performing as planned. Our newest branch in Manalapan, NJ is well into
the construction phase and on schedule to open early in the fourth quarter of
1999."
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The Community Bank of New Jersey, the Company's Bank subsidiary
operates through its main office at 3535 Highway 9 North, Freehold, New Jersey
and its three (3) branch offices located at 31 East Main Street, Freehold, New
Jersey, 4602 Highway 9 South, Howell, New Jersey and 267 Main Street, Matawan,
New Jersey.