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) August 24, 1999
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
On August 24, 1999, the Registrant, Sterling Financial Corporation,
declared a five-for-four stock split effected in the form of a 25% stock
dividend to shareholders of record November 1, 1999 and
payable on November 15, 1999.
In addition to the stock split, a $.23 per share cash dividend was
declared on August 24, 1999, with the dividend being payable on
October 1, 1999, to shareholders of record September 16, 1999.
On August 24, 1999, the Registrant issued a press release announcing the
foregoing information, which press release is attached as Exhibit 99
hereto and incorporated herein by reference.
ITEM 7 - Financial Statements and Exhibits.
(a) Not Applicable.
(b) Not Applicable.
(c) Exhibits:
99 Press Release of Registrant, dated August 24, 1999,
re: Registrant announces the declaration of a five-for-
four stock split effected in the form of a 25% stock
dividend and a cash 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 August 24, 1999
EXHIBIT INDEX
Page Number
in Manually
Exhibit Signed Original
99 Press Release of Registrant, dated ___
August 24, 1999
re: Registrant announces the declaration
of a five-for-four stock split effected
in the form of a 25% stock dividend and
a cash dividend.
EXHIBIT 99
FOR IMMEDIATE RELEASE:
STERLING FINANCIAL CORPORATION
DECLARES FIVE-FOR-FOUR STOCK SPLIT
AND CASH DIVIDEND
LANCASTER, PA (August 24, 1999)--Sterling Financial Corporation (NASDAQ: SLFI).
Sterling Financial Corporation announced a five-for-four stock split
effected in the form of a 25% stock dividend to shareholders of record
November 1, 1999 and payable on November 15, 1999. Sterling is paying this
five-for-four stock dividend to reward the shareholders for the continued
growth and profitability of the company.
John E. Stefan, Chairman, President and Chief Executive Officer of
Sterling Financial Corporation, stated, "This stock split will create the
opportunity for a greater number of investors to experience
Sterling Financial Corporation ownership."
In addition to the stock split, Sterling Financial Corporation also
announced that a $.23 per share cash dividend was declared on August 24, 1999,
with the dividend being payable on October 1, 1999, to shareholders of record
September 16, 1999. This represents a 9.5% increase over the same period
last year.
Sterling Financial Corporation had total assets of $1,030,556,680 as
of June 30, 1999, an increase of $63,483,381 or 6.6% over the
$967,073,299 reported for June 30, 1998. The figures for 1998 have been
restated to reflect the merger of Northeast Bancorp, Inc. by the
pooling of interest method of accounting. The Corporation earned
$6,772,022 or $.95 per share for the first six months of 1999.
Sterling Financial Corporation now operates 34 banking locations through
its subsidiary banks, Bank of Lancaster County, N.A. and The First
National Bank of North East. Bank of Lancaster County serves its
marketplace via a network of 29 community banking offices located throughout
Lancaster County, Pennsylvania and one office in Chester County,
Pennsylvania. The First National Bank of North East operates three full
service banking offices and one drive-through facility in
Cecil County, Maryland.
Contact: John E. Stefan, Chairman and President (717)581-6030
