September 19, 1997
VIA FEDERAL EXPRESS
Securities and Exchange Commission
450 Fifth Street, N.W.
Washington, D.C. 20549
Attn: Filing/Mail Processing Section
Re: Report on Form 8-K
Lake Ariel Bancorp, Inc.
Commission File #2-85306
Dear Sir or Madam:
We are filing herewith eight (8) completed and
executed copies on Form 8-K with respect to this company.
Kindly date-stamp the enclosed copy of this letter
and return it in the enclosed self addressed stamped envelope.
Thank you.
Sincerely yours,
Joseph J. Earyes
Vice President and
Treasurer
Enclosures<PAGE>
FORM 8-K
CURRENT REPORT
(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 9,
1997
Lake Ariel Bancorp, Inc.
(Exact name of registrant as specified in its charter)
Pennsylvania 2-85306 23-2244948
(State or other (Commission (I.R.S. employer
jurisdiction file number) of incorporation)
Id. No.)
Post Office Box 67, Lake Ariel, Pennsylvania 18436
(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.
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.
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.
(Registrant)
Date: September 19, 1997
Joseph J. Earyes, Vice
President and Treasurer
<PAGE>
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 9, 1997, the following resolutions
were adopted:
RESOLVED, that this Corporation distribute to each
holder of record of the common stock of the Corporation on
September 19, 1997, 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, 1997, 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, 1997.
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 9th day of September, 1997.
(Seal of Corporation)
Louis M. Martarano
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.
