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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) August 1, 1995
UNITED COUNTIES BANCORPORATION
(Exact name of registrant as specified in its charter)
New Jersey
(State or other jurisdiction of incorporation)
0-11282 22-2453041
(Commission File Number) (IRS Employer Identification No.)
Four Commerce Drive, Cranford, New Jersey 07016
(Address of principal executive offices)
(908) 931-6600
(Registrant's telephone number, including area code)
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<PAGE>
Item 5. Other Events.
On August 1, 1995, United Counties Bancorporation (the
"Company") reported financial results for the second quarter of
1995.
Net income for the quarter ended June 30, 1995, totalled
$6.017 million, virtually unchanged from the $6.000 million,
reported for the comparable 1994 period. The earnings per share
amounts for both periods were $2.81.
For the six months ended June 30, 1995, net income rose to
$19.350 million, or $9.02 per share, versus $11.738 million, or
$5.50 per share, for the same period in 1994. The increase was
attributable to the after tax gain of $7.630 million, or $3.56
per share recognized from the exchange of the Company's holdings
in Central Jersey Bancorp, which were converted into National
Westminster Bank Plc, American Depository Receipts, upon the
merger of these two companies.
Item 7. Exhibits.
99 Letter to shareholders dated August 1, 1995
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SIGNATURES
Pursuant to the requirements of the Securities Exchange
Actof 1934, the registrant has duly caused this report to
besigned on its behalf by the undersigned thereunto duly
authorized.
UNITED COUNTIES BANCORPORATION
Dated: August 8, 1995 By: DONALD S. NOWICKI
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Name: Donald S. Nowicki
Title: President
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INDEX TO EXHIBITS
99 Letter to shareholders dated August 1, 1995
Exhibit 99
Corporate Headquarters
Four Commerce Drive
Cranford, New Jersey
August 1, 1995
Dear Shareholder:
During the second quarter of 1995, the most exciting news, as
previously reported, occurred on May 24, 1995, when your
Bancorporation announced the signing of a definitive merger
agreement with Meridian Bancorp, Inc. ("Meridian"), of Reading,
Pennsylvania. Under the terms of the agreement and subject to
regulatory and stockholder approvals, stockholders will receive
5.00 shares of Meridian common stock for each share of United
Counties Bancorporation common stock, in a tax-free exchange. It
is anticipated that the transaction will be consummated during
the fourth quarter of this year. Further information regarding
the merger will be forthcoming as events transpire.
Net income for the quarter ended June 30, 1995, totalled $6.017
million, virtually unchanged from the $6.000 million, reported
for the comparable 1994 period. The earnings per share amounts
for both periods were $2.81.
For the six months ended June 30, 1995, net income rose to
$19.350 million, or $9.02 per share, versus $11.738 million, or
$5.50 per share, for the same period in 1994. This substantial
increase is attributable to the after tax gain of $7.630 million,
or $3.56 per share recognized from the exchange of your
Bancorporation's holdings in Central Jersey Bancorp, which were
converted into National Westminster Bank Plc, American Depository
Receipts, upon the merger of these two companies.
Also during the last quarter, Thomas B. Boak of Chatham Township,
New Jersey, joined the Monmouth/Western Regional Board of
Directors. Mr. Boak is President of Gryphon Development Co.,
Inc. His business experience will be a valuable addition as we
expand our activities in the Morris and Somerset County trade
areas.
The directors, officers, and staff join me in extending Best
Wishes for an enjoyable summer season.
Sincerely yours,
/s/ EUGENE H. BAUER
Eugene H. Bauer
Chairman of the Board and
Chief Executive Officer
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<TABLE>
<CAPTION>
UNITED COUNTIES
BANCORPORATION
Consolidated Balance Sheets (unaudited) June 30,
1995 1994
---- ----
<S> <C> <C>
Assets
Cash and due from banks. . . . . . . . . . . . . . . .$ 72,118,283 $ 93,294,693
Money market investments . . . . . . . . . . . . . . . 1,545,781 6,087,961
Securities available-for-sale. . . . . . . . . . . . . 105,047,958 110,748,353
Investment securities. . . . . . . . . . . . . . . . . 953,832,332 970,751,342
Federal funds sold . . . . . . . . . . . . . . . . . . 67,000,000 80,000,000
Loans, net of unearned discounts of
$422,479 in 1995 and $245,144 in 1994. . . . .. . . 378,369,305 368,899,009
Less: Allowance for loan losses. . . . . . . . . 10,790,118 11,016,006
-------------- --------------
Net loans . . . . . . . . . . . . . . . . . . 367,579,187 357,883,003
-------------- --------------
Premises and equipment, net. . . . . . . . . . . . . . 11,408,468 12,138,970
Accrued interest receivable. . . . . . . . . . . . . . 20,388,491 21,147,534
Other assets . . . . . . . . . . . . . . . . . . . . . 17,596,349 9,296,222
-------------- --------------
Total assets. . . . . . . . . . . . . . . . . . . .$1,616,516,849 $1,661,348,078
============== ==============
Liability and Stockholders' Equity
Liabilities:
Deposits . . . . . . . . . . . . . . . . . . . . . . .$1,311,301,031 $1,391,274,186
Securities sold under repurchase agreements. . . . . . 79,389,399 54,494,615
Other borrowed funds . . . . . . . . . . . . . . . . . 11,176,077 12,875,254
Other liabilities. . . . . . . . . . . . . . . . . . . 21,180,571 27,847,228
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Total liabilities . . . . . . . . . . . . . . . . . 1,423,047,078 1,486,491,283
Stockholders' equity:
Preferred Stock: no par value, no stated value;
authorized 3,000,000 shares; (zero shares
issued and outstanding) . . . . . . . . . . . . . . --- ---
Common stock: no par value, $1 stated value;
authorized 6,000,000 shares; (2,524,674 shares
issued in 1995 and 2,510,613 shares issued in
1994) . . . . . . . . . . . . . . . . . . . . . . . 2,524,674 2,510,613
Additional paid-in capital . . . . . . . . . . . . . . 23,984,092 23,339,680
Retained earnings. . . . . . . . . . . . . . . . . . . 185,885,519 163,459,165
Net unrealized gain on securities available-for-
sale, net of income taxes . . . . . . . . . . . . . 3,308,083 6,866,971
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215,702,368 196,176,429
Less: treasury stock, at cost, 381,438 shares
in 1995 and 373,545 shares in 1994. . . . . . 22,232,597 21,319,634
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Total stockholders' equity. . . . . . . . . . 193,469,771 174,856,795
-------------- --------------
Total liabilities and stockholders' equity. .$1,616,516,849 $1,661,348,078
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</TABLE>
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<TABLE>
<CAPTION>
UNITED COUNTIES
BANCORPORATION
Consolidated Statements of Income (unaudited) Six Months Ended
June 30,
1995 1994
---- ----
<S> <C> <C>
Interest income
Interest and fees on loans. . . . . . . . . . . . .$16,558,865 $15,306,044
Interest and dividends on securities
available-for-sale . . . . . . . . . . . . . . . 3,357,627 3,077,829
Interest on investment securities . . . . . . . . . 30,378,663 29,783,904
Interest on money market investments. . . . . . . . 97,781 67,073
Interest on federal funds sold. . . . . . . . . . . 1,471,368 1,383,715
Lease financing . . . . . . . . . . . . . . . . . . 7,091 6,886
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Total interest income. . . . . . . . . . . . . . 51,871,395 49,575,451
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Interest expense
Savings and time deposits . . . . . . . . . . . . . 18,548,477 15,330,540
Securities sold under repurchase agreements . . . . 1,407,640 824,634
Other borrowed funds. . . . . . . . . . . . . . . . 242,624 171,580
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Total interest expense . . . . . . . . . . . . . 20,198,741 16,326,754
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Net Interest Income . . . . . . . . . . . . . . . . 31,672,654 33,248,697
Provision for loan losses. . . . . . . . . . . . . . . (500,000) (625,000)
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Net interest income after provision for loan
losses . . . . . . . . . . . . . . . . . . . . . 32,172,654 33,873,697
Gain on exchange of securities available-for-sale. . . 12,008,448 ---
Trust fees . . . . . . . . . . . . . . . . . . . . . . 493,250 553,750
Service charges on deposit accounts. . . . . . . . . . 1,524,936 1,519,927
Other income . . . . . . . . . . . . . . . . . . . . . 734,075 1,587,260
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Net interest and other operating income . . . . . . 46,933,363 37,534,634
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Operating expenses
Salaries and employee benefits. . . . . . . . . . . 9,993,908 10,223,775
Net occupancy expenses. . . . . . . . . . . . . . . 1,782,352 1,825,915
Equipment expense . . . . . . . . . . . . . . . . . 883,392 904,773
FDIC insurance premium. . . . . . . . . . . . . . . 1,511,147 1,518,761
Other operating expenses. . . . . . . . . . . . . . 3,880,255 5,376,053
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Total operating expenses . . . . . . . . . . . . 18,051,054 19,849,277
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Income before income taxes . . . . . . . . . . . . . . 28,882,309 17,685,357
Income taxes . . . . . . . . . . . . . . . . . . . . . 9,532,238 5,947,729
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Net income . . . . . . . . . . . . . . . . . . . . . .$19,350,071 $11,737,628
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Income per share of common stock
Net income. . . . . . . . . . . . . . . . . . . . . $9.02 $5.50
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Average number of outstanding shares. . . . . . . . 2,144,731 2,135,134
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</TABLE>
