Securities and Exchange Commission
Washington, DC 20549
Form 8 - K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report May 29, 1998
Sterling Financial Corporation
(Exact name of registrant as specified in its charter)
Pennsylvania 0-16276 23-2449551
(State or other jurisdiction (Commission File Number) (IRS Employer
of incorporation) Identification No.)
101 North Pointe Boulevard, Lancaster, Pennsylvania 17601-4133
(Address of principal executive offices) (Zip Code)
Registrant's Telephone number, including area code (717) 581-6030
N/A
(Former name or former address, if changed since last report)
Item 1. Changes in Control of Registrant.
Not Applicable.
Item 2. Acquisition or Disposition of Assets.
Not Applicable.
Item 3. Bankruptcy or Receivership.
Not Applicable.
Item 4. Changes in Registrant's Certifying Accountant.
Not Applicable.
Item 5. Other Events.
On May 29, 1998, the registrant's subsidiary completed
the acquisition of branch previously announced in February, 1998.
The attached press release provides the details concerning the
transaction.
Item 6. Resignations of Registrant's Directors.
Not Applicable.
Item 7. Financial Statements and Exhibits.
Exhibit:
99.1 Press Release of the Registrant, Sterling Financial
Corporation, dated May 29, 1998, in connection with
the acquisition of certain assets and the assumption
of certain liabilities associated
with a branch acquisition transaction.
Item 8. Change in Fiscal Year.
Not Applicable.
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.
Sterling Financial Corporation
(Registrant)
By: /s/ John E. Stefan
John E. Stefan, Chairman of the Board,
President and Chief Executive Officer
(Principal Executive Officer)
DATE June 1, 1998
EXHIBIT INDEX
Page Number in
Manually Signed
Exhibit Original
99 Press Release, dated May 29, 1998,
of Registrant re: Completed purchase
of accounts. 5
Exhibit 99
Press Release
FOR IMMEDIATE RELEASE
Bank of Lancaster County Purchases
Leola Branch Accounts from CoreStates
Lancaster, PA, May 29, 1998: John E. Stefan, Chairman and President
of Bank of Lancaster County, N.A., a wholly-owned subsidiary of Sterling
Financial Corporation, confirmed that the transaction
announced in February of 1998 involving the acquisition of the Leola
branch deposit accounts of CoreStates Bank, N.A. was finalized this morning.
The transaction is unrelated to CoreStates Financial Corp's merger
with First Union Corporation.
The CoreStates branch office was located at 161 Newport Road, Leola and
formerly owned by Meridian Bank, which was merged into CoreStates in
1996. The accounts were transferred to Bank of
Lancaster County's existing branch office, located less than a mile away
at 16 East Main Street, Leola.
Chairman and President, John E. Stefan, earnestly stated, "This
transaction strengthens our commitment to the Leola community. Bank of
Lancaster County has been interested in purchasing the
deposits of this particular office for some time now and is pleased to
bring this transaction to fruition. At
Bank of Lancaster County, we are committed to being an integral
part of the communities we serve,
dedicated to helping people and businesses grow and prosper."
Bank of Lancaster County, N.A. has 30 banking locations in
addition to the bank's wholly-owned
leasing subsidiary, Town & Country, Inc. Bank of Lancaster County, N.A. is
an independent, locally-owned and operated commercial bank. The bank's Web
site is located at www.blcnet.com.
Sterling Financial Corporation, the holding company for Bank of
Lancaster County, N.A., began trading its common stock in the NASDAQ
National Market on January 29, 1998 using the trading symbol
SLFI. Sterling Financial Corporation, headquartered in Lancaster,
Pennsylvania, reported first quarter assets of in excess of $869 million.
Bank of Lancaster County, N.A. is a member of the F.D.I.C. and is an Equal
Housing Lender.
CONTACT: John E. Stefan, Chairman and President
(717) 581-6030
