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): October 30, 1998
FEDERAL TRUST CORPORATION
(Exact name of registrant as specified in its charter)
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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
Winter Park, Florida 32789
(Address of principal executive offices)
Registrant's telephone number: (407) 645-1201
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Item 5. OTHER EVENTS
On October 30, 1998, the Company announced its results of operations for the
third quarter and the nine months ended September 30, 1998 as follows:
Contacts: James V. Suskiewich, President and CEO (407) 645-1201
Aubrey H. Wright, SVP and CFO (407) 645-1201
For Immediate Release: October 30, 1998
FEDERAL TRUST CORPORATION ANNOUNCES THIRD QUARTER RESULTS
(Winter Park, FL) Federal Trust Corporation ("Company"), the holding company of
Federal Trust Bank ("Bank"), reported earnings for the quarter ended September
30, 1998 of $161,503 or $.03 per share, based on 4,941,547 average shares
outstanding, up from $90,415 or $.04 per share, based on 2,256,505 average
shares outstanding, a year ago. Year to date earnings were $364,778 or $.07 per
share, based on 4,941,547 average shares outstanding, up from $216,454 or $.10
per share, based on 2,256,505 average shares outstanding, a year ago.
During the quarter ended September 30, 1998 the Company's assets grew from
$151,933,674 to $169,434,068, an increase of $17,500,394. For the nine months
ended September 30, 1998 the Company's assets have grown $26,850,536, an
increase of 19%.
Management of the Company anticipates that the Bank will grow at a prudent rate
through the remainder of 1998. On August 7, 1998 the Bank received regulatory
approval for a branch in Sanford, Florida, which is located approximately 15
miles northeast of the Bank's main office in Winter Park, Florida. The Sanford
Branch opened on October 30, 1998.
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 NASDAQ SmallCap
Market System under the symbol "FDTR". At September 30, 1998, the Company had
consolidated assets of $169,434,068 (unaudited) and stockholders' equity of
$13,026,586 (unaudited), and the Company had 4,941,547 shares of common stock
outstanding.
When used in this document, or in the documents incorporated by reference
herein, the words "anticipate", "believe", "estimate", "may", "intend" and
"expect" and similar expressions identify forward-looking statements. Actual
results, performance or achievements could differ materially from those
contemplated, expressed or implied by the forward-looking statements contained
herein. It should be recognized that the factors that could cause future results
to vary materially from current expectations include, but are not limited to,
changes in interest rates, competition by other financial institutions,
legislation and regulatory changes, and changes in the economy generally and in
business conditions in the market in which the Bank operates
FEDERAL TRUST CORPORATION
1211 Orange Avenue
Winter Park, Florida 32789
Date: October 30, 1998
FEDERAL TRUST CORPORATION
(Registrant)
By: /s/ Aubrey H. Wright, Jr.
Aubrey H. Wright, Jr.
Chief Financial Officer and duly
authorized Officer of the Registrant
