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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): April 28, 1998
FEDERAL TRUST CORPORATION
[GRAPHIC OMITTED]
(Exact name of registrant as specified in its charter)
[GRAPHIC OMITTED]
Florida 33-27139 59-2935028
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(State or other jurisdiction Commission File Number (I.R.S. Employer
of incorporation) Identification No.)
1211 Orange Avenue
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Winter Park, Florida 32789
(Address of principal executive offices)
Registrant's telephone number: (407) 645-1201
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<PAGE>
Item 5. OTHER EVENTS
On April 28, 1998, the Company announced its results of operations for the first
quarter as follows:
Contacts: James V. Suskiewich, President and CEO (407) 645-1201
Aubrey H. Wright, SVP and CFO (407) 645-1201
For Immediate Release: April 28, 1998
FEDERAL TRUST CORPORATION ANNOUNCES FIRST QUARTER RESULTS
(Winter Park, FL) Federal Trust Corporation ("Company"), the holding company of
Federal Trust Bank ("Bank"), reported earnings for the quarter ended March 31,
1998 of $91,563 or $.02 per share, based on 2,256,505 average shares
outstanding, down from $100,889 or $.04 per share, based on 4,941,547 average
shares outstanding, from a year ago.
The Company's assets grew from $142,583,532 at December 31, 1997 to $147,815,327
at March 31, 1998, an increase of $5,231,795, with the majority of the growth
occurring in the last half of March.
On March 18, 1998 the Company received notice from the Office of Thrift
Supervision ("OTS"), its primary regulator, that on March 13, 1998 the Bank had
been released from the growth restriction it had been placed under in 1994 by
the OTS. Management of the Company anticipates that the Bank will grow at a
prudent rate through the remainder of 1998 and is currently evaluating potential
branch sites for the Bank's expansion. At March 31, 1998, the Company had
4,941,547 shares of common stock outstanding.
The Company is a unitary savings and loan holding company based in Winter Park,
Florida. The Company's common stock is currently traded on the Over the Counter
Bulletin Board under the symbol "FDTR". At March 31, 1998, the Company had
consolidated assets of $147,815,327 (unaudited) and stockholders' equity of
$12,690,741 (unaudited).
FEDERAL TRUST CORPORATION
(Registrant)
By: /s/ Aubrey H. Wright, Jr.
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Aubrey H. Wright, Jr.
Chief Financial Officer and duly authorized
Officer of the Registrant
