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 (Date of earliest event reported) April 28, 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 5 - OTHER EVENTS
Sterling Financial Corporation announced that a 5% stock dividend
was declared on April 28, 1998, to shareholders of record, May 19, 1998,
and payable June 1, 1998.
Under the terms of the stock dividend declared by the Board of
Directors, each shareholder is entitled to receive one (1) share of common
stock for each twenty (20) shares registered in the shareholder's
name on May 19, 1998. Certificates of fractional shares will
not, however, be issued. Instead, each shareholder is to be paid in
cash the fair market value of any fractional share to which the
shareholder would otherwise be entitled which fair market
value was determined, by the Board of Directors, to be $36.58, being
the average of the high and low sale prices of the common stock of
the Corporation as reported on the NASDAQ National Market at the
close of business on April 27, 1998, adjusted downward to give effect
to this stock dividend.
ITEM 7 - FINANCIAL STATEMENTS AND EXHIBITS.
(c) Exhibits:
99 Press Release, of Registrant, dated April 28, 1998,
re: Declaration of 5% Stock Dividend
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
By: /s/ John E. Stefan
John E. Stefan, Chairman of the Board,
President and Chief Executive Officer
DATE: April 28, 1998
EXHIBIT INDEX
Page Number in
Manually Signed
Exhibit Original
99 Press Release, dated April 28, 1998 5
EXHIBIT 99
FOR IMMEDIATE RELEASE:
Date: April 28, 1998
Contact Person: John E. Stefan, Chairman and
President
(717) 581-6030
Sterling Financial Corporation
Declares a 5% Stock Dividend
Sterling Financial Corporation (NASDAQ: SLFI), the one bank holding
company of Bank of Lancaster County, N.A. , announced that a 5%
stock dividend was declared on April 28, 1998, payable on June 1,
1998 to shareholders of record as of the close of business on May
19, 1998.
This represents the sixth stock dividend declared since the
formation of the holding company in 1987. In addition, a three-for-two
stock split in the form of a 50% stock dividend was paid in 1992
and a two-for-one stock split in the form of a 100% stock dividend
was paid in 1994.
John E. Stefan, Chairman of the Board and President of Sterling
Financial Corporation stated "the Corporation's future looks very
secure. First quarter earnings exceeded expectations by rising 9.1%
over 1997. Asset growth also reached record levels by growing to
$869.8 million, up $111 million over 1997 - a 14.6% gain. Deposit
growth was exceptionally strong, rising 15.8% over 1997. These
factors contributed to the Board's decision to declare the 5% stock
dividend."
Bank of Lancaster County, N.A., a subsidiary of Sterling
Financial Corporation, has 30 banking locations in addition to the
bank's wholly owned subsidiary, Town & Country Leasing. Bank of
Lancaster County is a nationally chartered bank established in 1863.
