SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
Current Report Pursuant to Section 13 or 15(d) of
The Securities Act of 1934
Date of Report: December 3, 1998
INTERCHANGE FINANCIAL SERVICES CORPORATION
(Exact name of registrant as specified in its charter)
New Jersey 1-10508 22-2553159
(State or other jurisdiction of (Commission File Number) (I.R.S. Employer
incorporation or organization) Identification No.)
Park 80 West/Plaza Two, Saddle Brook, N.J. 07663
(Address of principal executive offices) (Zip Code)
(201) 703-2265
(Registrant's telephone number, including area code)
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5. Other Events
Year 2000 Information and Readiness Disclosure Act of 1998
Information provided on the Company's year 2000 issues contained in the
Company's Annual Report on Form 10-K for the fiscal year ended December 31, 1997
pursuant to section 13 or 15(d) of the Securities Exchange Act of 1934 (the
"Act") are "Year Readiness Disclosures" as defined by the Year 2000 Information
and Readiness Disclosure Act of 1998 (Public Law 105-271, 112 Stat. 2386, a U.S.
statute) enacted on October 19, 1998, to the extent applicable under the Act.
Copies of such disclosures are attached hereto and can be obtained from the
Company upon request.
Form 10-K for the fiscal year ended December 31, 1997
Year 2000 Readiness Disclosure
Many existing computer programs use only two digits to identify a year in
the date field. As a result, the computer applications affected by such programs
could fail or produce incorrect results by or at the Year 2000. The Company
acknowledges the need to ensure its operations will not be adversely affected by
Year 2000 computer software failures. Software failures due to processing
errors, potentially arising from calculations using the Year 2000 date, are a
known risk.
The Company has implemented a five step plan that involves awareness,
assessment, validation, renovation and implementation. It is currently assessing
the extent to which its systems may be affected and is communicating with all
necessary vendors concerning timely and completed remedies for those systems
that require modification. The Company is also communicating with all third
parties, on which it relies, to assess their progress in evaluating their
systems and implementing any corrective measures. The Company has been taking,
and will continue to pursue, all reasonably necessary steps to protect its
operations and assets. It is currently anticipated that by December 31, 1998,
the Company will be Year 2000 compliant. At this time, the Company has not yet
determined the cost, which will be expensed as incurred, of evaluating its
computer software or databases, or of making any modifications required to
correct any "Year 2000" problems.
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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
Anthony Labozzetta
Executive Vice President and CFO
Date: December 3, 1998
