Item 5. Other Events
On May 13, 1997, WIC Acquisition Corporation ("WAC"), a wholly-owned
subsidiary of Interchange Financial Services Corporation (the "Registrant")
merged with an independent corporation called Washington Interchange Corporation
("WIC"). As a result of the merger, WIC became a wholly owned subsidiary of the
registrant. Messrs. Andora, Eccleston and O'Connor, members of the Board of
Directors of the Registrant, each had a ten percent ownership in WIC.
The principal assets of WIC consisted of a banking premises located in
Washington Township, New Jersey, (which at the time of the merger was leased by
Interchange State Bank ("ISB"), a wholly-owned subsidiary of the Registrant) and
124,855 shares of the Registrant's common stock.
The acquisition price was based upon: (i) $500,000 for WIC's real
estate (based upon discounting the fair market value as determined by
independent valuations); and (ii) the average closing price of the Registrant's
common stock for the ten trading days immediately preceding the date that was
seven days prior to closing date or $19.175 per share.
153,040 shares of the Registrant's common stock were issued in exchange
for the above mentioned assets of WIC which also included cash and other assets
totaling $40,460.
Interchange State Bank is a full-service commercial bank based in
Saddle Brook, N.J., with branches in Elmwood Park, Franklin Lakes, Garfield,
Hillsdale, Little Ferry, Lodi, Oakland, Park Ridge, Rochelle Park, Saddle Brook,
and Washington Township.
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 hereunto duly authorized.
INTERCHANGE FINANCIAL SERVICES CORPORATION
By: /s/Anthony Labozzetta
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Anthony Labozzetta
Senior Vice President and Treasurer
Date: May 15, 1997
