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FORM 8-K
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of
1934
Date of Report (Date of earliest event reported): APRIL 20, 1999
................
GREATER COMMUNITY BANCORP
.................................................................
(Exact name of registrant as specified in its charter)
NEW JERSEY 0-14294 22-2545165
.................................................................
(State or other (Commission (IRS Employer
jurisdiction of File No.) Identification No.)
incorporation)
55 UNION BOULEVARD, TOTOWA, NEW JERSEY 07512
.................................................................
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code: 973-942-1111
..............
.................................................................
(Former name or former address, if changed since last report)
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Item 5. Other Events
(a) ELECTION OF DIRECTORS
At the Corporation's annual meeting of shareholders held on April 20, 1999,
all of the nominees for election as directors named in the definitive proxy
statement dated March 17, 1999 were reelected for three-year terms. Details
regarding the voting will be provided in the Corporation's Form 10-Q to be filed
on or before May 14, 1999.
(b) CHANGE OF CEO
At the annual reorganization meeting of the Corporation's Board of Directors
held on April 20, 1999, the Corporation's President and Chief Operating Officer,
George E. Irwin, was appointed Chief Executive Officer. John L. Soldoveri, the
Corporation's previous Chief Executive Officer, will remain Chairman of the
Board.
(c) FIRST QUARTER FINANCIAL INFORMATION
On April 21, 1999, Greater Community Bancorp (the "Corporation") issued a
press release announcing that its earnings for the first quarter of 1999
increased by 15.05% to $887,000 from $771,000 in the first three months of 1998.
Diluted earnings per share for the period were $0.16 in 1999 and $0.14 in
1998. All per share results have been adjusted to reflect a two-for-one split
paid on July 31, 1998. Provision for possible loan and lease losses was $111,000
in the current year first quarter and $120,000 in the first quarter of 1998.
The Corporation's assets at March 31, 1999 were $382.0 million compared to
$352.2 million at March 31, 1998. Deposits were $277.4 million and $285.6
million for those two dates, respectively. On April 1, 1999 the Corporation
closed on its acquisition of First Savings Bancorp of Little Falls, adding
$182.4 million to total assets and $172.3 million to deposits.
The foregoing contains forward-looking statements within the meaning of the
Private Securities Litigation Reform Act of 1995. Such statements are not
historical facts and include expressions about management's confidence and
strategies and management's expectations about new and existing programs and
products, relationships, opportunities, technology and market conditions. These
statements may be identified by such forward looking terminology as "projected",
"estimated", "expect", "look", "believe", "anticipate", "may", "will", or
similar statements or variations of such terms. Such forward-looking statements
involve certain risks and uncertainties. These include, but are not limited to,
the Corporation's ability to generate deposits and loans and attract qualified
employees, the direction of interest
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rates, levels of loan quality and origination volume, continued relationships
with major customers including sources for loans, successful completion of the
implementation of Year 2000 technology changes, as well as the effects of
economic conditions and legal and regulatory barriers and structure. Actual
results may differ materially from such forward-looking statements. The
Corporation assumes no obligation for updating any such forward-looking
statement at any time.
Item 7. Financial Statements and Exhibits.
(a) Financial Statements -- Not applicable
(b) Pro forma Financial Information -- Not applicable
(c) Exhibits. The following exhibit is being filed with this Report and is
attached hereto:
99.1 Press Release issued April 21, 1999 relating to financial
information for the first quarter of 1999
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 hereunto duly authorized.
GREATER COMMUNITY BANCORP
..............................
(Registrant)
APRIL 28, 1999 /s/ George E. Irwin
Date ......................... ..............................
(Signature)
GEORGE E. IRWIN
PRESIDENT AND C.E.O.
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EXHIBIT 99.1
[GRAPHIC OMITTED]
55 Union Blvd., P.O. Box 269, Totowa, New Jersey 07511-0269
(973) 942-1111 Fax: (973) 942-9816
www.greatercommunity.com
FOR IMMEDIATE RELEASE
CONTACT: George E. Irwin
President
SYMBOL: GFLS
Totowa, NJ, April 21, 1999 - Net income at Greater Community Bancorp
increased by 15.05% for the quarter ended March 31, 1999 to $887,000 from
$771,000 in the first three months of 1998. Diluted earnings per share for the
period were $.16 in 1999 and $.14 in 1998. All per share results have been
adjusted to reflect a two-for-one stock split paid on July 31, 1998. Provision
for possible loan and lease losses was $111,000 in the current year first
quarter and $120,000 in 1998.
Assets of Greater Community Bancorp at March 31, 1999 were $381,990,000
compared to $352,153,000 at March 31, 1998. Deposits were $277,440,000 and
$285,588,000 for the two dates, respectively. On April 1, 1999 the company
closed on its acquisition of First Savings Bancorp of Little Falls adding
$182,395,000 to total assets and $172,338,000 to deposits.
