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): September 22, 1998
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
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(Commission File No.) (IRS Employer Identification No.)
9 North High Street, West Chester, Pennsylvania 19380
(610) 344-2686
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Registrant's Telephone Number
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ITEM 5.
On September 22, 1998, 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 "2 for 1" stock split and a 50,000 share stock
repurchase program.
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 September 22, 1998
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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: September 22, 1998 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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ANNOUNCEMENT
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135th ANNIVERSARY
THE FIRST NATIONAL BANK
OF WEST CHESTER
A wholly-owned subsidiary of First West Chester Corporation
DECLARES
100% STOCK DIVIDEND
AND ANNOUNCES PLAN TO REPURCHASE 50,000 SHARES
(September 22, 1998---WEST CHESTER) Charles E. Swope, Chairman of the
Board and President, announced that the Board of Directors of First West Chester
Corporation and its wholly-owned subsidiary, The First National Bank of West
Chester, authorized a "2 for 1" stock split in the form of a 100% STOCK
DIVIDEND. The dividend is payable November 24 to shareholders of record October
23.
In addition, President Swope announced that the Board of Directors
authorized the repurchase of up to 50,000 shares (on a pre-split basis) of
Common Stock through open market transactions. The shares will be purchased from
time to time depending upon market conditions.
President Swope stated, "the stock repurchase program is a prudent use
of capital in the current market environment. Our strong financial position
makes the repurchase of shares an attractive investment opportunity, which we
believe will benefit the Corporation and our shareholders."
First West Chester Corporation is the holding company for The First
National Bank of West Chester, a financial institution with approximately $445
million in commercial assets and $370 million in Financial Management Services'
assets. The First National Bank of West Chester has seven banking offices in
Chester County, Pennsylvania, including West Chester, Exton, Kennett Square, and
Frazer.
First West Chester Corporation has 2,310,013 outstanding shares of
common stock, which are traded in the over-the-counter market under the symbol
of "FWCC." For more information, please contact John C. Stoddart, Shareholder
Relations Officer, at (610) 344-2686.
