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 8, 1998
Lake Ariel Bancorp, Inc.
(Exact name of registrant as specified in its charter)
Pennsylvania 2-85306 23-2244948
(State or other jurisdiction (Commission (I.R.S. employer
of incorporation) file number) 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) 343-8200
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 8, 1998.
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 10, 1998
Joseph J. Earyes,
Vice President and Treasurer
/s/ Joseph J. Earyes
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 8, 1998, the
following resolutions were adopted:
RESOLVED, that this Corporation distribute to each holder of record of the
common stock of the Corporation on September 18, 1998, one-twentieth (1/20) of a
share of its authorized but unissued common stock, par value $.21 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 $.21 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, 1998, 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, 1998.
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 8th day of September, 1998.
(Seal of Corporation)
Louis M. Martarano
/s/ Louis M. Martarano
Date: September 8, 1998
FOR IMMEDIATE RELEASE
FOR FURTHER INFORMATION CONTACT:
John G. Martines - (717)343-8200
Joseph J. Earyes, CPA - (717)343-8200
LAKE ARIEL BANCORP, INC.
DECLARES 5% STOCK DIVIDEND
Lake Ariel, PA....Lake Ariel Bancorp, Inc. (NASDAQ-LABN), parent company of
LA Bank, N.A., today announced that the Company has declared a 5% stock
dividend. The stock dividend is payable on October 1, 1998, to shareholders of
record September 18, 1998, and is the third consecutive year that the Company
has paid a 5% stock dividend.
John G. Martines, CEO of Lake Ariel Bancorp, Inc. noted that the stock
dividend is a direct result of the continued growth and profitability
experienced by the Bank during 1998 and a continued effort to enhance
shareholder value.
Lake Ariel Bancorp's subsidiary, LA Bank, N.A., with assets of $440,000,000
operates 21 banking offices in Wayne, Lackawanna, Pike, Luzerne and Monroe
Counties.
