SECURITIES AND EXCHANGE COMMISSION
WASHINGTON D.C. 20549
FORM 8 - K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES AND EXCHANGE ACT OF 1934
Date of Report (Date of Earliest Event Reported): April 3, 1998
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BT Financial Corporation
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(Exact Name of Registrant as Specified in its Charter)
Pennsylvania 0-12377 25-1441348
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(State or other jurisdiction of (Commission (I.R.S.Employer
incorporation or organization File Number) Identification No.)
551 Main Street, Johnstown, Pennsylvania 15901
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(Address of Principal Executive Offices)
(Zip Code)
(814) 532-3801
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(Registrant's Telephone Number, including Area Code)
Item 5. Other Events
During the first quarter of 1998, several senior officers of
BT Financial Corporation ("BT") and its affiliate companies
retired early. Certain severance and legal costs associated with
these retirements approximated $337,000 and were recorded in the
first quarter of 1998. The retiring officers will not be
replaced, and the costs associated with the early retirements are
expected to be recovered by reduced salary and benefits expenses
throughout the remainder of 1998.
BT expensed approximately $348,000 in the first quarter of
1998 in connection with two legal settlements, their associated
costs, and other legal fees related to various lawsuits. The
settlements and their costs represented the majority of the
expensed amount in the first quarter of 1998.
On March 25, 1998, BT's Board of Directors declared a two-for-
one stock split in the form of a stock dividend to be distributed
on May 1, 1998 to shareholders of record as of April 8, 1998.
As a result of the aforementioned expenses, BT estimates first
quarter 1998 earnings per share will be reduced by approximately
$.04, adjusted for the two-for-one stock split.
SIGNATURE
Pursuant to the requirements of the Securities and Exchange Act
of 1934, the Registrant has duly caused this report to be signed
on its behalf by the undersigned hereunto duly authorized.
Dated: April 3, 1998 By:/s/ John H. Anderson
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John H. Anderson,
Chairman and Chief
Executive Officer
