SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities and Exchange Act of 1934
Date of Report (Date of earliest event reported) March 31, 1995
WESTBANK CORPORATION
Massachusetts 0-12784 04-2830731
(State of Incorporation) (Commission File Number)(IRS Employer
Identification No.)
225 Park Avenue, West Springfield, Massachusetts 01090
(Address of principal executive offices)
(413) 747-1400
(Registrant's telephone number)
Item 5. Other Materially Important Events
On March 31, 1995, Westbank Corporation issued a press release
regarding the discovery of an alleged defalcation by a former
employee of the Corporation. A copy of the press release is
attached hereto as Exhibit 1.
Exhibit 1. - PRESS RELEASE
Nasdaq symbol - WBKC
FOR IMMEDIATE RELEASE: FOR MORE INFORMATION CONTACT:
March 31, 1995 Donald R. Chase
(413) 747-1494
Donald R. Chase, President and Chief Executive Officer of Westbank
Corporation, (Nasdaq/WBKC), reported that an internal investigation
revealed an alleged embezzlement by a former employee totaling
approximately $750,000 before taxes. As a result of the discovery
and recognition of the loss, the Corporation's previously reported
1994 net earnings of $2,610,000 or $.81 per share have been adjusted
to $2,175,000 or $.68 per share.
No depositors accounts were affected and the Corporation will be
filing an insurance claim for the recovery of a substantial portion
of the loss. The Corporation anticipates recovery will be realized
during 1995.
"Although we regret having to inform our shareholders and customers
of this unfortunate incident, this temporary setback should not take
away from the remarkable achievements of the past year," Chase said.
- 30 -
SIGNATURES
Pursuant to the requirements of the Securities and Exchange Act
of 1934, the registrant has duly caused this report to be signed on
its behalf by the undersigned hereunder duly authorized.
WESTBANK CORPORATION
(Registrant)
Date: March 31, 1995 Donald R. Chase,
President and Chief
Executive Officer
