=============================================================
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 (Date of earliest event reported) February 18, 1999
UNITED NATIONAL BANCORP
-----------------------
(Exact name of registrant as specified in its charter)
New Jersey
(State or other jurisdiction of incorporation)
000-16931 22-2894827
- ------------------------ ---------------------------------
(Commission File Number) (IRS Employer Identification No.)
1130 Route 22 East, Bridgewater, New Jersey 08807-0010
-------------------------------------------------------
(Address of principal executive offices)
(908) 429-2200
--------------
(Registrant's telephone number, including area code)
=============================================================
<PAGE>
Item 5. Other Events.
On February 18, 1999, United National Bancorp ("United") issued a press
release announcing that they have entered into an agreement with the BISYS
Group, Inc. whereby BISYS will provide integrated information processing
services as well as item processing and deposit services, for United National,
Inc.
The press release is annexed as an Exhibit to this Form 8-K.
This Current Report contains forward-looking statements within the
meaning of The Private Securities Litigation Reform Act of 1995. Such statements
are not historical facts and include expressions about United's confidence and
strategies and United's expectations about earnings, opportunities, and market
conditions. These statements may be identified by such forward-looking
terminology as "expect", "believe", "anticipate", or by expressions of
confidence such as "continuing" or "strong" or similar statements or variations
of such terms. Such forward-looking statements involve certain risks and
uncertainties. These include, but are not limited to, (1) the expected cost
savings and efficiencies from the Outsourcing Agreement may not be realized as
anticipated, or (2) the conditions in the information systems market may change
so that the Outsourcing Agreement is no longer cost-efficient, or (3) United's
information processing needs may change in a manner not anticipated by United's
current assessment, and BISYS' TOTALPLUS may not be able to accommodate such
needs. Actual results may differ materially from such forward-looking
statements. United assumes no obligation for updating any such forward-looking
statements at any time.
<PAGE>
Item 7. Exhibits.
99(a) Press Release dated February 18, 1999
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.
UNITED NATIONAL BANCORP
Dated: March 3, 1999 By: THOMAS C. GREGOR
-----------------------------------------
Thomas C. Gregor
Chairman, President and
Chief Executive Officer
<PAGE>
INDEX TO EXHIBITS
Exhibit No. Description Page
- ----------- ----------- ----
99(a) Press Release dated February 18, 1999 7
United National Bancorp Enters Into
Outsourcing Agreement with the BISYS Group, Inc.
Bridgewater, NJ -- February 18, 1999 -- United National Bancorp (Nasdaq: UNBJ)
announced today that its principal subsidiary, United National Bank, has entered
into a multi-year agreement with the BISYS Group, Inc. whereby BISYS will
provide integrated information processing services, as well as item processing
and deposit services, for United National.
"We are excited about the opportunities available to us as a result of our new
partnership with BISYS," stated Thomas C. Gregor, chairman and chief executive
officer of United National. "During the past year we completed an assessment of
our information processing needs going forward into the next century. After
evaluating a number of different options, we determined that the flexibility and
quality of BISYS' TOTALPLUS (R) system would best serve our needs today and for
years to come."
United Financial Services, a third party services provider that United National
Bancorp owns with another joint venture partner, currently handles the Bank's
information processing services, item processing and deposit services. As a
result of its planned move to BISYS, United National will be liquidating its
interest in United Financial Services during the first half of 1999 after it
goes live with BISYS.
"Our investment in United Financial Services has made a great deal of sense
since we established it in 1995," said Mr. Gregor. "United Financial Services
has allowed United National to realize significant efficiencies through the
sharing of technology and processing costs. Nevertheless, we believe that the
enhanced capabilities which BISYS offers are better matched to the future
direction of our Bank."
Contact: media, Donald Reinhard, 908-429-2370 or investors, Donald Malwitz,
908-429-2405, both of United National.
