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 15, 1999
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F&M BANCORP
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(Exact name of registrant as specified in its charter)
Maryland 0-12638 52-1316473
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(State of (Commission File (IRS Identification
Incorporation) Number) No.)
110 Thomas Johnson Drive
Frederick, MD 21702
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(Address of Principal executive offices) (Zip Code)
(301) 694-4000
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(Registrant's telephone number, including area code)
ITEM 5. OTHER EVENTS.
On July 15, 1999, F&M Bancorp consummated a merger with Potomac Basin Group
Associates, Inc. ("Potomac Basin"), in a tax-free exchange of shares
accounted for as a pooling-of-interests. Potomac Basin is a Beltsville,
MD-based, full-line independent insurance agency specializing in corporate
employee benefit plans.
Certain supplemental financial data with respect to this merger is attached
hereto as Exhibit 99.1 and is incorporated herein by reference in its
entirety.
ITEM 7. FINANCIAL STATEMENTS AND EXHIBITS.
(c) Exhibits
99.1 Supplemental Restated Financial Information
SIGNATURE
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.
Date: October 1, 1999 F&M BANCORP
By: /s/David L. Spilman
______________________
David L. Spilman
Vice President & Treasurer
EXHIBIT INDEX
99.1. Supplemental Restated Financial Information
EXHIBIT 99.1 SUPPLEMENTAL RESTATED FINANCIAL INFORMATION
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F&M Bancorp
Supplemental Restated Financial Information
Unaudited
As of or for the
six months As of or for the
(Dollars in thousands) ended June 30, years ended December 31,
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1999 1998 1998 1997 1996
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Operating Data:
Net interest income $26,294 $26,420 $52,340 $51,820 $48,105
Provision for credit losses 850 1,156 3,056 2,910 1,822
Net interest income after provision for
credit losses 25,444 25,264 49,284 48,910 46,283
Noninterest income 10,855 12,249 23,252 21,352 17,476
Noninterest expenses 24,977 26,080 53,934 50,674 50,199
Income before provision for income taxes 11,322 11,433 18,602 19,588 13,560
Provision for (benefit from) income taxes 3,030 3,174 5,046 5,251 3,196
Net income 8,292 8,259 13,556 14,337 10,364
Balance Sheet Data (at period end):
Loans, net of unearned income $897,857 $878,573 $891,741 $882,550 $829,229
Total assets 1,463,573 1,366,570 1,450,647 1,339,461 1,273,803
Total deposits 1,160,144 1,086,843 1,138,194 1,053,562 1,022,854
Total shareholders' equity 130,661 129,275 131,365 125,861 115,062
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