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): July 13, 1999
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 July 13, 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 2nd 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 July 13, 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: July 13, 1999 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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FIRST WEST CHESTER CORPORATION ANNOUNCES
RECORD NET INCOME FOR SECOND QUARTER 1999
(July 13, 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 June 30, 1999 was $1.394 million, an increase of 9.3% compared to 1998
second quarter net income of $1.276 million, resulting in a year to date net
income of $2.479 million. Mr. Swope also announced an increase in Financial
Management Services ("FMS") assets of 8.3% to $414.7 million and a 12.3%
increase in FMS related revenues to $629 thousand compared to the second quarter
of 1998.
Bank assets on June 30, 1999, were $481.9 million, an increase of $42.1
million or 9.6% compared to $439.8 million at June 30, 1998. This growth can be
attributed to customer dissatisfaction with merger activity at some of the
larger institutions and our continued deposit growth developed from our
expansion into the Frazer area and from our newly opened Matlack Street Training
Center Branch.
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 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.
