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SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Form 8-K
Pursuant to Section 13 or 15(d) of
the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): October 21, 1996
PROGRESSIVE BANK, INC.
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(Exact name of registrant as specified in its charter)
New York 0-15025 14-1682661
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(State or other jurisdiction (Commission (I.R.S. Employer
of incorporation) File Number) Identification No.)
1301 Route 52, Fishkill, New York 12524-7000
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(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code: (914) 897-7400
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Not Applicable
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(Former name or former address, if changed since last report)<PAGE>
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ITEM 5. OTHER EVENTS
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On October 21, 1996 the Board of Directors of the Registrant
authorized the repurchase of up to 130,000 shares of the
Registrant's common stock, $1.00 par value per share, which may
become available for repurchase from time to time. Such
repurchases are to be effected through open market purchases,
negotiated transactions or in such other manner as will comply
with applicable law.
ITEM 7. FINANCIAL STATEMENTS, PRO FORMA FINANCIAL INFORMATION
AND EXHIBITS
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Exhibits
99.1 Press Release dated October 21, 1996
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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.
PROGRESSIVE BANK, INC.
DATE: November 5, 1996 BY: /s/ Peter Van Kleeck
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Peter Van Kleeck
President and Chief Executive
Officer
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NEWS RELEASE
DATE: OCTOBER 21, 1996 CONTACT: PETER VAN KLEECK
PRESIDENT & CEO
(914) 897-7400
EARNINGS IMPROVE
STOCK REPURCHASE AND DIVIDEND ANNOUNCED
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FISHKILL, NEW YORK (NASDAQ: PSBK).....Progressive Bank, Inc., the
parent company of Pawling Savings Bank, reported earnings for the
third quarter of 1996 of $2.5 million or $0.97 per share as
compared to $1.8 million or $0.68 per share for the same period
in 1995, an increase of $703,000 or $0.29 per share. Earnings
for the nine months ended September 30, 1996 were $7.4 million or
$2.82 per share as compared to $5.0 million or $1.82 per share
for the same period in 1995.
The increase in net income was primarily due to an increase
in net interest income and a decline in income tax expense,
partially offset by higher loan loss provisions and operating
expenses. The Company's income tax expense for the third quarter
of 1996 included the recognition of a $941,000 tax benefit
relating to the settlement of certain prior years' New York State
income tax returns. The nine-month results in 1996 also reflect
a similar Federal tax benefit of $1.5 million recognized in the
second quarter.
The Company is pleased to announce plans for a fourth stock
repurchase program whereby 130,000 shares or approximately 5% of
outstanding stock will be repurchased over the next six to nine
months.
The Board of Directors of Progressive, at its October 8,
1996 meeting, declared a quarterly dividend of $0.20 per share to
shareholders of record October 31, 1996, payable November 29,
1996.
