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): April 22, 1999
----------------
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.
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.
At the Registrant's Board Meeting of April 21, 1999, the
Directors authorized the purchase of up to 220,000 shares
of the Company's issued and outstanding common stock,
from time to time, in open market purchases, through a
licensed broker-dealer in accordance with the terms,
conditions and restrictions contained in Rule 106-18.
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 plans to purchase
up to 220,000 shares of its issued and outstanding common stock.
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: April 22, 1999 /s/ Scott A. Seasock
-----------------------
Scott A. Seasock
Chief Financial Officer
EXHIBIT 99.1
NEWS RELEASE
TO BUSINESS EDITOR:
COMM BANCORP, INC.
AUTHORIZES STOCK REPURCHASE PROGRAM
Forest City, PA, April 21/PR Newswire/- The Board of Directors
of Comm Bancorp, Inc. (Nasdaq: CCBP) today announced that it has
given discretionary authority to the management of the Company to
purchase up to 220,000 shares of the Company's common stock, in
open market purchases or in privately negotiated transactions from
time to time. The Company will finance the reacquisition with
general corporate funds. Comm Bancorp, Inc. has approximately 2.2
million shares outstanding and recently traded at 25-1/8, down 1-
1/8.
David L. Baker, president and chief executive officer of the
Company stated, "The Board of Directors feels the Company's stock
is undervalued based on favorable earning trends affording us an
opportunity to enhance the value to shareholders through
appreciation in earnings per share and return on equity."
Comm Bancorp, Inc. serves four Pennsylvania counties through
Community Bank and Trust Company's thirteen community banking
offices. Each office which is interdependent with the community it
serves 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.
Except for historical information 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, 1998.
/CONTACT: MEDIA/INVESTORS, SCOTT A. SEASOCK OF COMM BANCORP, INC.
570-587-3421 EXT. 323, OR FAX, 570-587-3761/
