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) - June 19, 1996
HIGH POINT FINANCIAL CORP.
(Exact Name of Registrant as Specified in Charter)
NEW JERSEY
(State or Other Jurisdiction of Incorporation)
0-12430 22-2426221
(Commission File Number) (IRS Employer Identification No)
P.O. Box 460, Branchville, NJ 07826
(Address of Principal Executive Offices)
(201) 948-3300
(Registrant's Telephone Number)
Item 5 - Other Events
On June 19, 1996, High Point Financial Corp. (""High Point"") received a
letter from its primary regulator, the Federal Reserve Bank of New York
(the ""FRB""), dated June 18, 1996, advising that High Point's Written
Agreement with the FRB has been terminated. High Point entered into the
Written Agreement with the FRB in October 1992. The Written Agreement
required High Point to submit an operating plan, a debt servicing plan, and
maintain an adequate capital position at the Company and at its subsidiary,
the National Bank of Sussex County. High Point was also restricted from
incurring any debt or modifying any existing debt agreement without prior
approval of the FRB. The agreement also restricted the payment of any
dividends and the payment of any operating expenses (other than routine
expenses) in excess of $10,000 to any one entity in any one month without
prior approval of the FRB.
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.
HIGH POINT FINANCIAL CORP.
July 23,1996 BY:/s/ Gregory W.A. Meehan
------------------------
Gregory W. A. Meehan
Vice President and Treasurer
