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): October 5, 1999
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)
Exhibit Index at page 4
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Item 5 Other Events
On October 5, 1999, Registrant issued a press release detailing financial
results for the three and nine months ended September 30, 1999.
See attached Press Release filed as Exhibit 21.
Item 7 Financial Statements and Exhibits
(a) Not applicable
(b) Not applicable
(c) Exhibits
(21) Press Release issued on 10/5/99 describing financial results.
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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.
SARATOGA BANCORP
(Registrant)
//MARY PAGE ROURKE
By: ____________________________
Mary Page Rourke
Treasurer (Principal
Financial and
Accounting Officer)
Date: October 18, 1999
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INDEX TO EXHIBITS
Sequentially
Numbered
Number Exhibits Page
21 Press Release dated October 5, 1999 5
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October 5, 1999
FOR IMMEDIATE RELEASE
Saratoga Bancorp(OTC BB:SRTB), parent company for Saratoga National Bank,
reports increased earnings for the three and nine months ended September 30,
1999
SARATOGA, CA - October 5, 1999 - Saratoga Bancorp reports net earnings of
$486,000 ($0.31 basic earnings per share, $0.27 diluted earnings per share) for
the three month period ended September 30, an increase of 3 percent from
$472,000 ($0.29 basic earnings per share , $0.26 diluted earnings per share)
for the same period in 1998. Net income for the nine month period
ending September 30, 1999 was $1,434,000 ($0.90 basic earnings per share, $0.80
diluted earnings per share), up 8 percent from $1,322,000 ($0.80 basic earnings
per share, $0.72 diluted earnings per share), as compared to 1998. 1999
income reflects approximately $134,000 in merger-related expense.
Assets at September 30, 1999 were $151,698,000, a 8 percent increase compared to
$139,864,000 at September 30, 1998.
Deposits at September 30, 1999 were $112,385,000, a 12 percent increase compared
to $100,418,000 in 1998.
Net loans outstanding at September 30, 1999 were $65,905,000, a decrease of 1
percent from $66,258,000 for the same period in 1998.
Saratoga Bancorp, parent company for Saratoga National Bank, is pleased to
announce that its financial performance year-to-date in 1999 has provided the
Company with the ability to return a portion of the profits to its shareholders.
Saratoga Bancorp announced a $0.10 per share cash dividend effective for
shareholders of record as October 22, 1999. The dividend will be paid on
November 5, 1999.
On August 27, 1999, Saratoga Bancorp (OTC BB: SRTB) and SJNB Financial Corp.
(NASDAQ: SJNB) jointly announced the signing of a definitive Merger Agreement
under which SJNB will acquire the outstanding shares of common stock of Saratoga
Bancorp pursuant to an exchange of SJNB Common Stock for all common stock of
Saratoga. The merger between Saratoga Bancorp and San Jose-based SJNB will
result in the formation of a financial institution with approximately $552
million in assets, $440 million in deposits and $49 million in shareholders'
equity based on each company's financial positions as of June 30, 1999. The
combined shareholder base is estimated to number approximately 2,000. The
combined institution will continue to operate offices in Saratoga, Los Gatos
and San Jose. For more information about the Bank, please visit our web site
at www.saratoganb.com.
UNAUDITED
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