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<PAGE> 1
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):December 10, 1998
Saratoga Bancorp
(Exact name of registrant as specified in its charter)
California
(State or other jurisdiction of incorporation)
2-77519-LA 94-2817587
(Commission File Number) (IRS Employer Identification No.)
12000 Saratoga-Sunnyvale Road, Saratoga, CA 95070
(Address of principal executive office and ZIP code)
Registrant's telephone number, including area code: (408) 973-1111
None
(Former name or former address, if changed since last report)
PAGE 1 OF 4 PAGES
Exhibit at Page 4
<PAGE> 2
Item 5. Other Events
On December 10, 1998, the Board of Directors of Saratoga Bancorp
announced its intent to repurchase up to 100,000 shares of its
outstanding common stock in the open market. The press release
detailing this transaction is attached as Exhibit 99.
Item 7. Financial Statements and Exhibits
(a) Not applicable
(b) Not applicable
(c) Exhibits
(99) Press Release issued on 12/10/98 describing stock
repurchase.
PAGE 2 OF 4 PAGES
<PAGE> 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, thereunto duly authorized.
SARATOGA BANCORP
(Registrant)
By: ____________________________
Mary Page Rourke
Senior Vice President
Treasurer (Principal Financial and
Accounting Officer)
Date: December 10, 1998
PAGE 3 OF 4 PAGES
<PAGE> 4
Exhibit 99
FOR IMMEDIATE RELEASE
Saratoga Bancorp (OTC BB: SRTB), parent company for Saratoga National
Bank, announces intent to repurchase shares.
The Board of Directors of Saratoga Bancorp has authorized the company to
purchase up to 100,000 shares of its outstanding common stock in the open
market. The transactions will take place periodically, depending on market
conditions, until the approved limit is reached. The Company currently has
1,646,647 shares outstanding.
Richard L. Mount, Chairman & CEO of Saratoga Bancorp, stated that this
decision has been made in view of the company's strong capital position. The
Board expects that the repurchase program will allow the company an opportunity
to acquire its shares at a time when the market price does not accurately
represent the Company's underlying book value.
Stock purchased under this program will be restored to the status of authorized
but unissued stock of the Company.
Saratoga National Bank operates offices in Saratoga, Los Gatos and San
Jose.
####
December 10, 1998
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