COMMUNITY BANCORP OF NEW JERSEY
8-K, 1999-08-04
SAVINGS INSTITUTIONS, NOT FEDERALLY CHARTERED
Previous: MORGAN STANLEY CAPITAL I INC COM MOR PA TH CER SER 1999 CAMI, 8-K, 1999-08-04
Next: MORGAN STANLEY DEAN WITTER SE EQ TR REIT PORT SERIES 99-3, 497J, 1999-08-04



                        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
                   ----------                        ----------
       (State or Other Jurisdiction of            (I.R.S. Employee
             Identification No.               Incorporation or Organization)


         3535 Highway 9 North, Freehold, New Jersey            07728
         ------------------------------------------           ------
          (Address of Principal Executive Offices)          (Zip Code)


                                 (732) 863-9000
                                 --------------
                           (Issuer's Telephone Number)
<PAGE>

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.
<PAGE>
                                   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
                                                 -------------------------------
                                                          (Registrant)

Dated: July 20, 1999                             By:/s/ Robert D. O'Donnell
- -------------------                                 -----------------------
                                                    ROBERT D. O'DONNELL
                                                    President and CEO
<PAGE>
                                  EXHIBIT INDEX

                           CURRENT REPORT ON FORM 8-K

Exhibit No.                     Description                         Page Number
- -----------                     -----------                         -----------

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.

<PAGE>
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."
<PAGE>
         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.


© 2022 IncJournal is not affiliated with or endorsed by the U.S. Securities and Exchange Commission