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 (Date of Earliest Event Reported): March 24, 2000
COMMUNITY INDEPENDENT BANK, INC.
------------------------------------------------------
(Exact name of registrant as specified in its charter)
PENNSYLVANIA
----------------------------------------------
(State or other jurisdiction of incorporation)
000-29658 23-2357593
------------------------ -----------------
(Commission file number) (IRS employer ID)
201 N. Main Street, Bernville, PA 19506
--------------------------------------- ----------
(Address of principal executive office) (Zip Code)
Registrant's telephone number, including area code (610) 488-1200
NONE
---------------------------------------------------------------------
(Former name, address and fiscal year, if changed since last report.)
<PAGE>
Item 5. Other Events
On March 24, 2000, Community Independent Bank, Inc. (the "Company") and its
wholly-owned subsidiary, Bernville Bank, N.A. (the "Bank"), announced the
resignation of Arlan J. Werst as President and Chief Executive Officer of the
Company and the Bank. The Board of Directors has appointed a transition team to
manage the day-to-day operations of the company and the Bank while an executive
search is conducted. A copy of the Press Release announcing Mr. Werst's
resignation is attached hereto as Exhibit 99 and incorporated herein by
reference.
Item 7. Financial Statements, Pro Forma Financial Information and Exhibits
(c) Exhibits
99 Press Release of Community Independent Bank, Inc. dated March 24,
2000.
SIGNATURES
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.
Community Independent Bank, Inc.
Date: April 11, 2000 /s/ Frederick P. Krott
-----------------------------------------
Frederick P. Krott, Chairman of the Board
(Principal Executive Officer)
<PAGE>
EXHIBIT INDEX
Exhibit No. Description
- ------------- ---------------------------
99 Press Release of Community Independent Bank, Inc. dated
March 24, 2000
EXHIBIT 99
NEWS RELEASE
FOR IMMEDIATE RELEASE
Contact: Ramona Wolf, Assistant V.P.
(610) 685-9776
(Bernville, Pennsylvania; March 24, 2000). The Board of Directors of Community
Independent Bank, Inc. (AMEX: "INB") and its wholly-owned subsidiary, Bernville
Bank, N.A. announced that Arlan J. Werst has resigned as President and Chief
Executive Officer of the Company and Bernville Bank effective March 23, 2000.
Frederick P. Krott, Chairman of the Board, stated "We want to thank Arlan for
his 15 years of service at Bernville Bank and Community Independent Bank, Inc.
and all of us wish him well in his future endeavors."
The Board has appointed a transition team consisting of two members of the Board
of Directors, Walter J. Potteiger and Karl D. Gerhart, to manage the day-to-day
operations of the Company and the Bank, under the supervision of Mr. Krott,
while an executive search is conducted. Mr. Potteiger has been a member of the
Board of Directors of the Company since 1993 and is currently a private real
estate investor, having retired as President of Hilltop Express Co., Inc. in
1999. Mr. Gerhart, appointed to the Board in 1999, was previously Chief
Financial Officer and Treasurer of Sovereign Bancorp, Inc. and is presently a
private investor and consultant.
# # #
