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 19, 1998
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COMM BANCORP, INC.
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(Exact name of registrant as specified in its charter)
PENNSYLVANIA 0-17455 23-2242292
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(State or other jurisdiction (Commission (I.R.S. employer
of incorporation) file number) Identification No.)
521 MAIN STREET, FOREST CITY, PENNSYLVANIA 18421
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(Address of Principal Executive Offices) (Zip Code)
Registrant's telephone number, including area code: (717)785-3181
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Former name or former address, if changed from last report:
Not Applicable.
<PAGE>
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.
Effective August 19, 1998, the Board of Directors of Comm
Bancorp, Inc. (the "Company") approved a dividend policy
that will systematically increase its dividend payout ratio
consistent with its peer group.
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 detailing the Company's change to
its Dividend Policy.
Item 8. Change in fiscal year.
Not Applicable
<PAGE>
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.
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(Registrant)
Date: August 21, 1998 /s/ Scott A. Seasock
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Scott A. Seasock,
Chief Financial Officer
<PAGE>
Exhibit 99.1
NEWS RELEASE
TO BUSINESS EDITOR:
COMM BANCORP, INC. Reports 43% Increase in Dividend
Forest City, PA, August 21/PR Newswire/-The Board of Directors of Comm
Bancorp, Inc. (Nasdaq: CCBP) approved a dividend policy that will systematically
increase the dividend payout ratio to a level consistent with its peer
group. "The new policy affords stockholders the opportunity to share in the
ongoing success of the Company," stated David L. Baker, chief executive officer
and president. He added, "This action may broaden the distribution of our stock
and enhance stockholders' value." The dividend declared for the third quarter
of 1998 was $0.10 per share compared to $0.07 last quarter, a 43 percent
increase. This dividend is payable on October 1, 1998, to shareholders of
record September 15, 1998. Year-to-date cash dividends declared in 1998
amounted to $0.24 per share, a 33 percent increase, compared to $0.18 per share
for the same period last year.
Comm Bancorp, Inc. serves four Pennsylvania counties through its
subsidiary's, Community Bank and Trust Company, twelve community banking
offices. Each office interdependent with the community offers a comprehensive
array of financial products and services to individuals, businesses,
not-for-profit organizations and government entities. The Company's business
philosophy includes offering direct access to its President and other officers
and providing friendly, informed and courteous service, local and timely
decision making, flexible and reasonable operating procedures and
consistently-applied credit policies.
Visit Comm Bancorp, Inc. on the World Wide Web at http://www/combk.com.
SOURCE Comm Bancorp, Inc.
/Contact: MEDIA/INVESTORS, Scott A. Seasock, 717-785-2181 or fax, 717-785-3781,
of Comm Bancorp, Inc.
Co: Comm Bancorp, Inc.
St: Pennsylvania
In: Fin
Except for the historical data contained herein, the matters discussed in this
press release are forward-looking statements that involve risks and
uncertainties in the banking industry and overall economy. Such risks and
uncertainties are detailed in the Company's Securities and Exchange
Commission reports, including the annual report on Form 10-K for the year-ended
December 31, 1997, and quarterly report on Form 10-Q for the quarter-ended
June 30, 1998.
