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): July 31, 1997
_____________________
Comm Bancorp, Inc.
_______________________________________________________________________
(Exact name of registrant as specified in its charter)
Pennsylvania 0-17455 23-2242292
_______________________________ ______________ ____________________
(State or other jurisdiction of (Commission (I.R.S. employer
incorporation) file number) Identification No.)
521 Main Street, Forest City, Pennsylvania 18421
__________________________________________ ____________________
(Address of Principal Executive Offices) (Zip Code)
Registrant's telephone number, including area code: (717)785-3181
____________________
Former name or former address, if changed from last report:
Not Applicable.
Page 1 of 4
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.
Comm Bancorp, Inc. announced its subsidiary, Community Bank and Trust
Company, entered into a definitive agreement on July 30, 1997, to
acquire the Factoryville and Eynon branch offices of First Union
National Bank.
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.
99.1 Form of Press Release that the subsidiary of Comm Bancorp,
Inc. has entered into a definitive agreement to acquire the
Factoryville and Eynon branch offices of First Union National
Bank.
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.
COMM BANCORP, INC.
(Registrant)
Date: July 31, 1997 /s/ Scott A. Seasock
____________________
Scott A. Seasock
Chief Financial Officer
EXHIBIT 99.1
FOR IMMEDIATE RELEASE
Date: July 30, 1997
Contacts:
For Comm Bancorp, Inc. For First Union Corp.
Scott A. Seasock Paul Levine
717-785-2181 908-598-3183
COMM BANCORP, INC. TO ACQUIRE FIRST UNION FACTORYVILLE, EYNON BRANCHES
Forest City PA- Comm Bancorp, Inc., (NASDAQ, NMS:CCBP), announced today that
its subsidiary, Community Bank and Trust Company, entered a definitive agreement
to acquire the Factoryville and Eynon branch offices of First Union National
Bank. The acquisition includes all deposits and certain loans of these offices.
Terms of the transaction, which is expected to be completed in the fourth
quarter, were undisclosed.
The Factoryville office is located at 97 College Avenue, Factoryville, Wyoming
County, and the Eynon office is in the Eynon Plaza on Route 6, Eynon, Lackawanna
County.
"We are delighted at this opportunity to extend our delivery system for existing
customers while providing a new customer base with the service afforded through
a community bank," stated David L. Baker, Comm Bancorp's President and Chief
Executive Officer. "Service should be unaffected by the ownership change as we
and our newly acquired customers benefit by the planned retention of the staffs
at these offices along with their expertise and existing relationships."
Total assets of Comm Bancorp, Inc. approximated $360 million at June 30, 1997.
Its subsidiary operates ten offices located throughout Lackawanna, Susquehanna,
Wayne and Wyoming counties.
First Union National Bank, with 159 offices in eastern Pennsylvania, is a
subsidiary of First Union Corporation (NYSE:FTU), the nation's sixth largest
banking company, with offices in 12 Eastern states from Connecticut to Florida,
as well as the District of Columbia.
