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): August 31, 1999
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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 juristiction 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
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On July 14, 1999, BT Financial Corporation ("BT") completed a
merger with First Philson Financial Corporation
("Philson"), Berlin, Pennsylvania whereby Philson merged
directly into BT. In connection with the merger, each share
of Philson common stock was converted into 1.667 shares of
BT Common Stock, resulting in the issuance of 2,904,580 shares of
BT Common Stock. The merger was accounted for as a pooling of interests.
The combined condensed results of operations of BT are presented
as follows for the one month and eight month periods ended
August 31, 1999:
(Dollars in thousands, One Month Ended Eight Months Ended
except share data) August 31, 1999 August 31, 1999
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Net Interest Income (before
provision for loan losses) $ 6,886 $ 53,660
Total Other Income 1,451 10,695
Total Other Expenses 4,902 42,931 (1)
Net Income 2,044 12,377
Earnings Per Share - Basic and
Diluted $ .13 $ .78
Weighted average shares
outstanding -
Basic 15,888,852 15,888,852
Diluted 15,889,164 15,889,108
(1) Includes nonrecurring merger costs of approximately
$4.1 million related to the Philson acquisition.
In the opinion of the management of BT, the unaudited results for
the one month and eight month periods ended August 31, 1999
include all normal, recurring adjustments necessary to present
fairly the results of operations for the one month and eight
month periods. The results are not necessarily indicative of the
results for the entire year.
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: September 8, 1999 By:/s/ John H. Anderson
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John H. Anderson,
Chairman and Chief
Executive Officer
