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) May 8, 1998
BROAD NATIONAL BANCORPORATION
(Exact name of registrant as specified in its charter)
New Jersey 0-16637 22-2395057
(State or other (Commission File Number) (I.R.S. Employer
jurisdiction of Identification No.)
incorporation)
905 Broad Street, Newark, New Jersey 07102
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code (973) 624-2300
________________________________________________________________
(Former name, former address, if changed since last report)
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ITEM 5. OTHER EVENTS.
Broad National Bancorporation (the "Company") issued a press
release on May 8, 1998, a copy of which is attached hereto as
Exhibit 99 and is incorporated herein by reference, announcing
that on May 8, 1998, the Company's wholly-owned banking subsidiary,
Broad National Bank, and Panasia Bank signed an agreement pursuant
to which Broad National Bank has agreed to purchase the operations
and approximately $4.1 million in deposits at Panasia's branch
at 348 Central Avenue, Jersey City, New Jersey.
The transaction is subject to the satisfaction of certain
conditions precedent, including obtaining regulatory approval,
and it is anticipated that the transaction would be consummated
in the third quarter of 1998.
ITEM 7. FINANCIAL STATEMENTS AND EXHIBITS.
(c) Exhibits. The following Exhibits are filed with this
report:
Exhibit No. Description
99 Press Release, issued May 8, 1998.
SIGNATURE
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.
BROAD NATIONAL BANCORPORATION
Date: May 18, 1998 By: /s/ James Boyle
James Boyle
Treasurer
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INDEX TO EXHIBITS
Exhibit No. Description Page
99 Press Release, issued May 8, 1998 4
Exhibit 99
PRESS RELEASE
For Immediate Release
BROAD NATIONAL BANK TO PURCHASE
PANASIA BANK'S JERSEY CITY BRANCH
NEWARK, NJ - May 8, 1998 - Broad National Bank has agreed to
purchase the Jersey City branch office of Panasia Bank, the
companies announced today.
In a joint statement, Donald M. Karp, chairman and chief
executive officer of Broad National, and Moon Yang, president and
chief executive officer of the Fort Lee-based Panasia Bank, said
that under the agreement signed today, Broad National will assume
the operations and approximately $4.1million in deposits at
Panasia's branch at 348 Central Avenue, Jersey City.
They said regulatory approvals have been applied for and the
transaction should be completed in the third quarter of 1998.
Financial terms were not disclosed.
The branch purchase would mark the initial entry into Jersey
City for the $603 million-asset Broad National. Headquartered in
Newark, it currently operates 15 branches in Essex, Union,
Bergen, Hudson and Middlesex Counties.
Karp said, "We are delighted at the prospect of being able
to serve Panasia Bank's Jersey City customers. With our
longstanding record of exemplary service in urban areas such as
Newark, Elizabeth and Perth Amboy, we are particularly well-
suited to meet the banking needs of the people of Jersey City."
Yang noted, "Through this sale, Panasia is refocusing on its core
customer markets."
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Contact:
At Broad National: Donald M. Karp (973) 596-2691
At Panasia: Moon Yang (201) 947-6666
