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): January 18, 2001
----------------
GREATER COMMUNITY BANCORP
(Exact name of registrant as specified in its charter)
NEW JERSEY 01-14294 22-2545165
(State of other (Commission (IRS Employer
jurisdiction of File No.) identification No.)
incorporation)
55 UNION BOULEVARD, TOTOWA, NJ 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)
<PAGE>
Item 5. Other Events
On January 17, 2001, Greater Community Bancorp (the "Company")
announced that its total assets exceeded $600 million for the first
time in Company's history. This happened at the same time the Company
celebrated the completion of its fifteenth year in business.
The earnings for year 2000 increased by 16% to $4,830,000 from
$4,172,000 in 1999. Diluted earnings per share for the year 2000 were
$.75 compared to $.65 in 1999, an increase of 15%. Earnings for the
fourth quarter of 2000 were $1,417,000 or $.22 per diluted share
compared to earnings of $1,216,000 or $.19 per diluted share in the
fourth quarter of 1999. All per share results have been adjusted to
reflect a five-percent stock dividend paid on July 31, 2000. Cash
earnings per diluted share were $.87 for the year 2000 and $.25 for the
fourth quarter of 2000 compared to $.75 and $.22 per diluted share for
the same periods in 1999.
In year 2000, the Company provided $1,048,000 for loan losses compared
to $885,000 in 1999. For the fourth quarters the provisions were
$263,000 and $132,000, respectively.
Assets of the Company at December 31, 2000 were $607,305,000 compared
to $567,453,000 at December 31, 1999. Deposits were $465,245,000 and
$460,634,000 for the two dates, respectively.
The Company is a multi-bank holding company, has three subsidiary
banks, Great Falls Bank, Bergen Commercial Bank and Rock Community
Bank. In addition, it is the parent company of Greater Community
Financial, LLC, a full service securities broker-dealer and Highland
Capital Corp., an equipment leasing company. A copy of the press
release is attached hereto as an Exhibit.
Item 7. Financial Statements and Exhibits.
(c) Exhibits. The following exhibit is being filed with this Report and is
attached hereto:
99.1 Press Release issued January 17, 2001 relating to the announcement of
earnings for the year ended December 31, 2000.
<PAGE>
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)
Date: January 18, 2001 /s/ Naqi A. Naqvi
----------------- ----------------------
(Signature)
NAQI A. NAQVI
VICE PRESIDENT AND TREASURER
<PAGE>
EXHIBIT 99.1
GREATER COMMUNITY BANCORP
55 Union Boulevard, P.O. Box 269, Totowa, NJ 07511-0269
(973) 942-1111 Fax (973) 942-9816
www.greatercommunity.com
FOR IMMEDIATE RELEASE
CONTACT: George E. Irwin
President
SYMBOL: GFLS
Greater Community Bancorp Exceeds $600 Million in Assets
Totowa, NJ, January 17, 2001 - Total assets at Greater Community
Bancorp of Totowa on December 31, 2000 exceeded $600 million for the first time
in company history. This happened at the same time the company celebrated the
completion of its fifteenth year in business.
Net income for the year 2000 increased 16% to $4,830,000 from
$4,172,000 in 1999. Diluted earnings per share were $.75 in 2000 compared to
$.65 in 1999, an increase of 15%. Earnings for the fourth quarter of 2000 were
$1,417,000 or $.22 per diluted share. In the final quarter of 1999, income was
$1,216,000 or $.19 per share diluted. All per share results have been adjusted
to reflect the 5% stock dividend paid on July 31, 2000. Cash earnings per
diluted share were $.87 and $.25 for the 2000 year and fourth quarter,
respectively, compared to $.75 and $.22 per share in the same periods of 1999.
In 2000 the company provided $1,048,000 for loan losses compared to
$885,000 in 1999. For the fourth quarters the provisions were $263,000 and
$132,000, respectively.
Assets at Greater Community Bancorp at December 31, 2000 were
$607,305,000 compared to $567,453,000 at December 31, 1999. Deposits were
$465,245,000 and $460,634,000 for the two dates, respectively.
Greater Community, a holding company, has three bank subsidiaries,
Great Falls Bank, Bergen Commercial Bank and Rock Community Bank. In addition it
is the parent company of Greater Community Financial, LLC, a full service
securities broker-dealer and Highland Capital Corp., an equipment leasing
company.
X X X
Jeannette Chardavoyne, Assistant Secretary
Greater Community Bancorp/Great Falls Bank
[email protected]
(973) 942-1111 Ext. 1033 Fax (973) 942-9816
