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FORM 8-K
CURRENT REPORT
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(As last amended in Real. N. 34-25113, eff. 1/30/95.)
UNITED STATES
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): September 10, 1996
Lake Ariel Bancorp, Inc.
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(Exact name of registrant as specified in its charter)
Pennsylvania 2-85306 23-2244948
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(State or other jurisdiction (Commission (I.R.S. employer
of incorporation) file number) Id. No.)
Post Office Box 67, Lake Ariel, Pennsylvania 18436
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(Address of Principal Executive Offices) (Zip Code)
Registrant's telephone number, including area code: (717) 698-5695
Former name or former address, if changed from last report: Not Applicable.
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Item 1. Changes in Control of Registrant.
Not Applicable.
Item 2. Acquisition or Disposition of Assets.
Not Applicable.
Item 3. Bankruptcy or Receivership.
Not Applicable.
Item 4. Changes in Registrant's Certifying Accountant.
Not Applicable.
Item 5. Other Events.
The Registrant files herewith a corporate resolution and press
release approving a 5% common stock dividend declared on
September 10, 1996.
Item 6. Resignations of Registrant's Directors.
Not Applicable.
Item 7. Financial Statements and Exhibits.
(a) Financial Statement of Business Acquired.
Not Applicable.
(b) Pro Forma Financial Information.
Not Applicable.
(c) Exhibits.
(i) Press Release.
(ii) Corporate Resolution.
Item 8. Change in Fiscal Year.
Not Applicable.
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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 hereunto duly authorized.
LAKE ARIEL BANCORP, INC.
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(Registrant)
Date: September 10, 1996 /s/ Joseph J. Earyes
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Joseph J. Earyes, Vice President and Treasurer
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LAKE ARIEL BANCORP, INC.
SECRETARY'S CERTIFICATION
1. I hereby certify that I am the Assistant Secretary of Lake Ariel
Bancorp, Inc. (the "Corporation") and am currently serving in this position in
accordance with the Bylaws of the Corporation.
2. I hereby further certify that, at a duly called and convened meeting
of the Board of Directors of the Corporation held on September 10, 1996, the
following resolutions were adopted:
RESOLVED, that this Corporation distribute to each holder of record of
the common stock of the Corporation on September 20, 1996, one-twentieth (1/20)
of a share of its authorized but unissued common stock, par value $.42 per
share, with respect to each share of such common stock held by such holder on
such date, thereby effecting a five percent (5%) stock dividend; and
BE IT FURTHER RESOLVED, that an amount equal to $.42 for each whole
share of the common stock distributed as a result of this stock dividend be
charged against retained earnings of the Corporation as of October 1, 1996, and
be added to the stated capital of the Corporation as of such date; and
BE IT FURTHER RESOLVED, that no fractional share of such common stock
shall be issued to any shareholder of record, and in lieu thereof, such
shareholder shall receive in cash the fair market value of such fractional
share; and
BE IT FURTHER RESOLVED, that for the purpose of this stock dividend,
the "fair market value" shall be determined in the same manner as is set forth
under Question 12 of the Corporation's Dividend Reinvestment and Stock Purchase
Plan; and
NOW, THEREFORE, BE IT RESOLVED, that the proper officers of this
Corporation be, and they are hereby authorized and empowered, to make such
distribution of such additional shares of common stock and of any cash payments
in lieu of the distribution of fractional shares as soon as practicable after
October 1, 1996.
The foregoing resolutions are in full force and effect and have not
been modified or rescinded as of the date hereof.
IN WITNESS WHEREOF, I have hereunto set my hand and the seal of the
Corporation this 11th day of September, 1996.
(Seal of Corporation) /s/ Louis M. Martarano
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Louis M. Martarano
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LOGO
Lake Ariel Bancorp, Inc.
Route #191, Lake Ariel, Pennsylvania 18436
(717) 698-5695
PRESS RELEASE
LA BANK DECLARES 5% STOCK DIVIDEND
John G. Martines, CEO of Lake Ariel Bancorp (LABN), announced that the
Board of Directors has declared a 5% stock dividend. The stock dividend is
payable on October 1, 1996, to shareholders of record September 20, 1996.
Martines noted that the stock dividend is a direct result of the
continued growth and profitability experienced by the bank during 1996 and a
continued effort to enhance shareholder value.
Lake Ariel Bancorp's subsidiary, LA Bank, N.A., with assets of
$285,000,000, operates eleven banking offices in Wayne, Lackawanna, and Pike
Counties.
