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): February 15, 1999
First West Chester Corporation
_____________________________________________________________________
(Exact name of registrant as specified in its charter)
Pennsylvania
_____________________________________________________________________
(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
(610) 344-2686
_____________________________
Registrant's Telephone Number
<PAGE>
ITEM 5.
On February 15, 1999, 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 earnings for 1998.
Attached as Exhibit 99.1, is a press release relating to this event.
ITEM 7. EXHIBITS
99.1 Press Release dated February 15, 1999
<PAGE>
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: February 15, 1999 FIRST WEST CHESTER CORPORATION
By:/s/Charles E.Swope
___________________________________
Charles E. Swope,
Chairman of the Board and President
<PAGE>
EXHIBIT 99.1
<PAGE>
FIRST NATIONAL ANNOUNCES
8.7% INCREASE IN EARNINGS FOR 1998
(February 15, 1999-West Chester, PA) - Charles E. Swope, Chairman of
the Board, President, and CEO of The First National Bank of West Chester,
subsidiary of First West Chester Corporation, announced that net income for 1998
was $5.016 million, an increase of 8.7% over 1997's net income of $5.016
million.
Bank assets on December 31, 1998 were $470.7 million, an increase of
$39.3 million or 9.1% compared to $431.4 million on December 31, 1997. This
growth can be attributed to new loan and deposit relationships developed as a
result of our expansion into new market areas.
Financial Management Services assets were $405.2 million, an increase
of $57.1 million, or 16.4% compared to $348.1 million on December 31, 1997. The
Financial Management Services Department's growth is the result of increases in
the market value of its assets and new account relationships established through
sales and marketing efforts. The Financial Management Services Department takes
pride in offering a wide array of trust services to the residents and businesses
in Chester County.
President Swope stated, "As West Chester celebrates its 200th
Anniversary, we reaffirm our intention to remain the Largest Independent Bank
headquartered in Chester County."
First West Chester Corporation has 4,616,026 shares outstanding and is
traded in the over-the-counter market under the symbol of "FWCC." For more
information, please contact our Shareholder Relations department at (610)
344-2686.
<PAGE>
FIRST WEST CHESTER CORPORATION AND SUBSIDIARIES
TWO-YEAR STATISTICAL SUMMARY
(Dollars in thousands, except per share data)
December 31,
---------------------------
STATEMENT OF INCOME 1998 1997
- ------------------- ---- ----
Assets $ 470,693 $ 431,368
Loans 320,395 318,899
Investment Securities 109,756 77,598
Deposits 418,398 374,249
Stockholders' Equity 39,723 36,213
Financial Managemet Services
Assets, At Market Value 405,217 348,069
Years Ended December 31,
---------------------------
STATEMENT OF INCOME 1998 1997
- ------------------- ---- ----
Interest Income $33,753 $32,114
Interest Expense 14,135 13,351
------ ------
Net Interest Income 19,618 18,763
Provision For Possible Loan Losses 911 1,135
------ ------
Net Interest Income After
Provision For Possible Loan
Losses 18,707 17,628
Noninterest Income 4,687 3,787
Noninterest Expense 16,278 14,911
------ ------
Income Before Income Taxes 7,116 6,504
Income Taxes 2,100 1,889
------ ------
Net Income $ 5,016 $ 4,615
====== ======
PER SHARE DATA(1)
- --------------
Net Income Per Share (Basic) $ 1.09 $ 1.00
Net Income Per Share (Diluted) $ 1.07 $ 1.00
Cash Dividends Declared $ 0.47 $ 0.43
Book Value $ 8.61 $ 7.89
Basic Weighted Average Shares
Outstanding 4,609,874 4,580,814
Diluted Weighted Average Shares
Outstanding 4,676,031 4,619,620
(1)Adjusted for 1998 2-for-1 stock split and 1997 4-for-3 stock split.
