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
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ITEM 5.
On April 19, 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 1st quarter earnings for 1999.
Attached as Exhibit 99.1, is a press release relating to this event.
ITEM 7. EXHIBITS
99.1 Press Release dated April 19, 1999
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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: April 19, 1999 FIRST WEST CHESTER CORPORATION
By:/s/Charles E.Swope
___________________________________
Charles E. Swope,
Chairman of the Board and President
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EXHIBIT 99.1
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FIRST WEST CHESTER CORPORATION ANNOUNCES
EARNINGS FOR FIRST QUARTER 1999
(April 19, 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 the quarter
ended March 31, 1999 was $1.086 million, a decrease of 7.9% compared to the
first quarter of 1998's net income of $1.179 million. Swope also announced an
increase in Financial Management Services ("FMS") assets of 6.4% to $409.9
million and a 12.1% increase in FMS related revenues to $629,000 compared to the
first quarter of 1998.
Bank assets on March 31, 1999, were $476.8 million, an increase of
$45.2 million or 10.5% compared to $431.6 million at March 31, 1998. This growth
is attributed to new deposit relationships developed from our expansion into the
Frazer area and from customers changing banks affected by mergers.
First National attributes the change in net income from the 1st quarter
last year to the 1st quarter this year to several factors. These factors include
flat loan growth along with competitive pressure on margins. Other factors
include an 8.7% increase in non-interest expenses. The increase in non-interest
expenses primarily relate to data processing related expenses, changes in
salaries and employee benefit programs, and marketing costs.
First National Bank, a community bank founded in 1863, offers a full
range of financial management and banking services to individuals and businesses
in Chester County, PA through its seven banking offices. 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 4,589,526 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.
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FIRST WEST CHESTER CORPORATION AND SUBSIDIARIES
(UNAUDITED)
(Dollars in thousands, except per share data)
BALANCE SHEET March 31,
- ------------- -----------------------------------------------------------
Dollar Percent
1999 1998 Change Change
------------ ------------- ---------- ---------
<S> <C> <C> <C> <C>
Assets $ 476,845 $ 431,645 $ 45,200 10.5%
Loans 320,864 321,034 (170) (0.1%)
Investment Securities 116,016 73,830 42,186 57.1%
Deposits 421,934 380,845 41,089 10.8%
Stockholders' Equity 39,376 37,072 2,304 6.2%
Financial Management Services
Assets, At Market Value 409,936 385,201 24,735 6.4%
STATEMENT OF INCOME Quarter Ended March 31,
- ------------------- -----------------------------------------------------------
Dollar Percent
1999 1998 Change Change
------------ ------------- ---------- ---------
Interest Income $ 8,357 $ 8,240 $ 117 1.4%
Interest Expense 3,527 3,424 103 3.0%
------------ ------------- ----------
Net Interest Income 4,830 4,816 14 0.3%
Provision For Possible Loan Losses 138 224 (86) (38.4%)
------------ ------------- ----------
Net Interest Income After
Provision For Possible
Loan Losses 4,692 4,592 100 2.2%
Noninterest Income 1,189 1,076 113 10.5%
Noninterest Expense 4,319 3,973 346 8.7%
------------ ------------- ----------
Income Before Income Taxes 1,562 1,695 (133) (7.9%)
Income Taxes 476 516 (40) (7.8%)
------------ ------------- ----------
Net Income $ 1,086 $ 1,179 $ (93) (7.9%)
============ ============= ==========
PER SHARE DATA(1)
- --------------
Net Income Per Share (Basic) $ 0.24 $ 0.26
Cash Dividends Declared $ 0.12 $ 0.11
Book Value $ 8.58 $ 8.06
Basic Weighted Average Shares 4,618,026 4,609,874
Outstanding
(1) Adjusted for 1998 2-for-1 stock split and 1997 4-for-3 stock split.
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