SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
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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): June 21, 1997
First West Chester Corporation
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(Exact name of registrant as specified in its charter)
Pennsylvania
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(State or other jurisdiction of incorporation)
0-12870 23-2288763
(Commission File No.) (IRS Employer Identification No.)
9 North High Street, West Chester, Pennsylvania 19380
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(610) 344-2686
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Registrant's Telephone Number
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ITEM 5.
On June 21, 1997, Charles E. Swope, Chairman of the Board and President of First
West Chester Corporation and The First National Bank of West Chester, released
information regarding a conciliation agreement with the Department of Labor,
Office of Federal Contract Compliance Programs.
Attached as Exhibit 99.1, is a press release relating to this event.
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ITEM 7. EXHIBITS
99.1 Press Release dated June 21, 1997
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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 thereunto duly authorized.
Dated: June 24, 1997 FIRST WEST CHESTER CORPORATION
By: /s/ Charles E. Swope
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Charles E. Swope,
Chairman of the Board and President
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EXHIBIT 99.1
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Press Release
THE FIRST NATIONAL BANK
OF WEST CHESTER
FIRST NATIONAL'S COMMITMENT
You may have read or heard about a Conciliation Agreement that The First
National Bank of West Chester recently entered into with the Department of
Labor, Office of Federal Contract Compliance Programs ("OFCCP").
I am writing to give you a better understanding of the facts and circumstances
relating to that Conciliation Agreement. The information reported by the
newspapers came from a press release issued by the OFCCP on the day that it
signed the Conciliation Agreement.
As a federally-chartered lending institution, The First National Bank of West
Chester is required to have in place, and periodically update, an Affirmative
Action Plan. Those Plans and the Bank's' employment practices are periodically
audited by the OFCCP. The Bank was last audited in 1991, at which time it
entered into a Conciliation Agreement and paid a small amount of damages. During
that audit, the OFCCP approved the Affirmative Action Plan in place at the Bank.
Representatives of the OFCCP audited the Bank early in 1997. These
representatives were generally complimentary of the compliance of the Bank with
its Affirmative Action Plan and Equal Employment Opportunity laws. The Bank was
found to be in compliance with its Affirmative Action Plan. The Plan requires
that the Bank's employees fairly represent the demographic make-up of the
community in which the Bank does business. The Bank is in compliance with those
requirements.
However, when the OFCCP, using statistical analysis, compared the demographic
composition of the tellers at the Bank with the demographics of applicants, it
determined that there were a proportionately high number of non-minority tellers
hired. The Bank, as part of its record keeping, was not monitoring this
statistic. As a result, we were not aware there was a problem.
The OFCCP did not find that the Bank was intentionally discriminating in any
way. Rather, the OFCCP maintained that the Bank's monitoring practices were not
adequate, thus creating the problem. After our own investigation, we agreed
and entered into a Conciliation Agreement which called for certain changes in
the Bank's hiring procedures, but did not contain an admission of violation or
liability.
The OFCCP identified a number of applicants that it believed were affected by
the application process, and initially asked for a sum of money higher than that
eventually agreed-upon. The Bank ultimately agreed to make back-payments
totaling $100,000.00 to approximately fifteen (15)individuals and to hire six
(6) qualified minority tellers within the next six (6) months.
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To prevent similar occurrences in the future, the Bank has taken significant
steps: 1) adoption of a new equal employment policy; 2) creation of a Diversity
Council to monitor compliance with equal employment opportunity laws and the
Affirmative Action Plan; 3) implementation of new computer software monitoring
procedures that will enable us to track this information; and 4) changes in
administrative oversight procedures.
The First National Bank of West Chester is proud of its long commitment and
practice of hiring a workforce that reflects the make-up of its community. We
will continue to comply with all applicable laws relating to Equal Employment
Opportunity for its employees and applicants.
We at the Bank appreciate your loyal support and understanding as we strive to
be an institution held in high esteem by everyone who knows us. That is why we
believe that the positive changes brought about by the OFCCP's actions will, in
the long-term, help us become a stronger and more diverse Bank committed to
serving the entire community.
Sincerely,
Charles E. Swope
Chairman of the Board and President
