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): September 17, 1999
DROVERS BANCSHARES CORPORATION
(Exact name of registrant as specified in its charter)
PENNSYLVANIA
(State or other jurisdiction of incorporation)
0-10958 23-2209390
(Commission file number) (IRS employer ID)
30 SOUTH GEORGE STREET, YORK, PA 17401
(Address of principal executive office) (Zip Code)
Registrant's telephone number, including area code (717) 843-1586
NONE
(Former name, address and fiscal year, if changed since last report.)
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Item 5. Other Events
Drovers Bancshares Corporation ("Drovers") announced that it had issued
$7.5 million in Trust Preferred Securities through a wholly owned subsidiary,
Drovers Capital Trust I, on September 17, 1999 in a private placement. A copy
of the press release announcing the transaction is attached hereto as
Exhibit 99.1.
Item 7. Financial Statements, Pro Forma Financial Information and Exhibits
(c) Exhibits
99.1 Press Release of Drovers Bancshares Corporation dated
September 17, 1999.
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.
DROVERS BANCSHARES CORPORATION
Date: September 17, 1999 __/s/ A. Richard Pugh_______________
A. Richard Pugh, Chairman, President
and Chief Executive Officer
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EXHIBIT INDEX
Exhibit No. Description
- ----------- ------------------------
99.1 Release of Drovers Bancshares Corporation dated
September 17, 1999
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Exhibit 99.1
SEPTEMBER 17, 1999 PRESS RELEASE
DROVERS BANCSHARES CORPORATION
For Immediate Release
Contact: John Blecher, Senior Vice President
Drovers Bancshares Corporation
(717) 771-4241
Drovers Bancshares Corporation Announces Completion of $7.5 Million Trust
Preferred Securities Offering
September 17, 1999, York, PA - Drovers Bancshares Corporation
(Nasdaq: DROV) announced today that it had completed the sale of $7.5 million
of 9.25% Capital Securities of Drovers Capital Trust I, in a private placement.
The proceeds from the offering will be used by Drovers Bancshares in order to
allow the company to continue to follow its strategic growth plans.
A. Richard Pugh, Chairman, President and Chief Executive Officer of
Drovers Bancshares commented that the use of the proceeds from the sale of the
Trust Preferreds will allow Drovers to continue to focus on return on equity
and earnings per share as its primary financial benchmarks. "We are pleased
to announce the accomplishment of another milestone that is shareholder value
focused. Drovers has increased its return on equity and earnings per share
steadily during the past few years. The efficient deployment of the proceeds
from the capital into growing lines of business will provide the opportunity
for this positive trend to continue."
Drovers Bancshares Corporation is the parent company of The Drovers &
Mechanics Bank. The Bank operates 16 branch offices in York County, PA, along
with two loan production offices, one in Mechanicsburg, PA and one in
Frederick, MD. As of June 30, 1999, the Corporation had $643 million in
assets. The return on average equity and diluted earnings per share for the
six months ending June 30, 1999, was 14.90% and $1.43, respectively.
This press release contains statements that constitute forward-looking
statements (within the meaning of the Private Securities Litigation Reform Act
of 1995), which involve significant risks and uncertainties. Actual results
may differ materially from the results discussed in these forward-looking
statements. Factors that might cause such a difference include, but are not
limited to, general economic conditions, changes in interest rates, deposit
flow, loan demand, real estate values and competition, changes in accounting
or tax principles, policies or guidelines, changes in legislation or
regulation and other economic competitive, government, regulatory, and
technological factors affecting the Company's operations, pricing, products
and services.
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