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UNITED STATES
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: October 10, 1996
SECOND BANCORP, INCORPORATED
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(Exact name of registrant as specified in its charter)
Ohio 0-15624 34-1547453
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(State of incorporation) (Commission (IRS Employer
File Number) Identification No.)
108 Main Avenue S.W., Warren, Ohio 44482-1311
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(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code: 330-841-0123
ITEM 5. OTHER EVENTS
On October 10, 1996, the Company issued the following press release:
SECOND BANCORP UPS THIRD QUARTER ALLOCATION
TO ITS LOAN LOSS RESERVE
Warren, Ohio, October 10, 1996--Second Bancorp, Incorporated (SECD)
announced today that it will increase the allocation to its loan loss reserve
for the just completed third quarter. Recognizing the deterioration of a small
group of related commercial loans, the Company will provide an additional
$2,000,000 allowance for loan losses to fully cover expected losses associated
with those loans.
As a result of this action, Second Bancorp's third quarter earnings
will be lower than third quarter 1995 performance. The Company expects earnings
for the quarter to be 10% to 15% below the fully diluted $.56 per share reported
last year. Second Bancorp will report third quarter earnings during the latter
part of the week of October 14, 1996.
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David L. Kellerman, Second Bancorp's Treasurer and Chief Financial
Officer of subsidiary The Second National Bank of Warren indicated that, "This
special provision for loan losses represents our aggressive response to an
isolated problem in the normal course of our management of asset quality. We do
not consider this event to be an indication of deteriorating credit quality in
the Company's commercial loan portfolio and do not expect it to have any
enduring impact on earnings going forward."
Second Bancorp is a bank holding company which provides commercial
banking, trust and investment services to communities in a five county area of
northeastern Ohio through Second National Bank's 26 office network.
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.
Second Bancorp, Incorporated
Date: October 15, 1996 /S/ David L. Kellerman
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David L. Kellerman, Treasurer
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