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: June 2, 1999
Commission File Number 1-10518
INTERCHANGE FINANCIAL SERVICES CORPORATION
(Exact name of registrant as specified in its charter)
New Jersey 22-2553159
________________________________ ____________________
(State or other jurisdiction of) (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)
Registrant's telephone number, including area code: (201) 703-2265
None
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Former name or former address, if changed since last report.
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Item 5. Other Events
On June 2, 1999, the registrant issued the following press release
pertaining to the 10% Stock Repurchase Plan.
SADDLE BROOK, NJ, June 2, 1999 -- Interchange Financial Services Corporation
("Interchange") (AMEX: ISB), announced that its Board of Directors has
authorized a program to repurchase up to 10% of the Interchange's outstanding
common stock. The repurchase of shares will occur in open market transactions
as, in the opinion of management, market conditions dictate. Interchange
currently has 7.2 million shares of common stock outstanding.
"We believe that Interchange stock is an exceptional value in the current market
and the repurchase program will serve to enhance shareholder value," stated
Anthony S. Abbate, Interchange's President and Chief Executive Officer. Mr.
Abbate also stated that, "our stock price over the last twelve months has
decreased 19%, despite a 19% increase in our earnings per share ("EPS") for
1998. Furthermore, as of March 31, 1999, Interchange was trading at about 12.1
times analyst consensus earnings estimates for 1999 and 1.8 times book value."
The repurchased shares will be held as treasury stock and will be principally
used for the exercise of stock options, incentive plan stock awards and other
general corporate purposes.
Interchange is a $675.8 million-asset commercial bank holding company, whose
principal subsidiary is Interchange Bank ("Bank"). The Bank operates 15
community-banking offices located in Bergen County, New Jersey.
Further information on the Bank can be found on the World Wide Web at
HTTP://WWW.INTERCHANGEBANK.COM
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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: June 2, 1999
