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): January 31, 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 January 31, 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 1999.
Attached as Exhibit 99.1, is a press release relating to this event.
ITEM 7. EXHIBITS
99.1 Press Release dated January 31, 2000
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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: January 31, 2000 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
FIRST NATIONAL ANNOUNCES
EARNINGS FOR 1999
(January 31, 2000-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 1999 was $5.217
million, an increase of 4.0% over 1998's net income of $5.016 million.
Assets on December 31, 1999 were $511.9 million, an increase of $41.2
million or 8.8% compared to $470.7 million on December 31, 1998. This growth can
be attributed to our five new branch locations added in 1999. Four branches are
located within local retirement communities to serve their residents and
employees, and the fifth is on South Matlack Street in West Chester.
Financial Management Services assets were $429.6 million, an increase
of $24.4 million, or 6.0% compared to $405.2 million on December 31, 1998. 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.
First West Chester Corporation has 4,545,157 shares outstanding of
which 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
TWO-YEAR STATISTICAL SUMMARY
(Dollars in thousands, except per share data)
December 31,
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STATEMENT OF CONDITION 1999 1998
- ------------------- ---- ----
Assets $ 511,902 $ 470,693
Loans 354,338 320,395
Investment Securities 113,040 109,756
Deposits 448,433 418,398
Stockholders' Equity 38,182 39,723
Financial Managemet Services
Assets, At Market Value 429,597 405,217
Years Ended December 31,
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STATEMENT OF INCOME 1999 1998
- ------------------- ---- ----
Interest Income $ 35,107 $ 33,753
Interest Expense 14,543 14,135
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Net Interest Income 20,564 19,618
Provision For Loan Losses 799 911
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Net Interest Income After
Provision For Loan Loss 19,765 18,707
Non-Interest Income 5,008 4,687
Non-Interest Expense 17,506 16,278
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Income Before Taxes 7,267 7,116
Income Taxes 2,050 2,100
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Net Income $ 5,217 $ 5,016
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PER SHARE DATA(1)
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Net Income Per Share (Basic) $ 1.14 $ 1.09
Net Income Per Share (Diluted) $ 1.13 $ 1.07
Cash Dividends Declared $ 0.49 $ 0.47
Book Value $ 8.40 $ 8.61
Basic Weighted Average Shares
Outstanding 4,571,929 4,609,874
Diluted Weighted Average Shares
Outstanding 4,624,370 4,676,031
(1)All per share data has been retroactively adjusted for stock splits and stock
dividends.
