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): July 29, 1998
FEDERAL TRUST CORPORATION
(Exact name of registrant as specified in its charter)
Florida
(State or other jurisdiction
of incorporation)
33-27139
Commission File Number
59-2935028
(I.R.S. Employer
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 July 28, 1998, the Company announced its results of operations for the second
quarter and the six months ended June 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: July 28, 1998
FEDERAL TRUST CORPORATION ANNOUNCES SECOND QUARTER RESULTS
(Winter Park, FL) Federal Trust Corporation ("Company"), the holding company of
Federal Trust Bank ("Bank"), reported earnings for the quarter ended June 30,
1998 of $111,712 or $.02 per share, based on 4,941,547 average shares
outstanding, up from $25,150 or $.01 per share, based on 2,256,505 average
shares outstanding, a year ago. Year to date earnings were $203,275 or $.04 per
share, based on 4,941,547 average shares outstanding, up from $126,039 or $.06
per share, based on 2,256,505 average shares outstanding, a year ago.
During the quarter ended June 30, 1998 the Company's assets grew from
$147,815,327 to $151,933,674, an increase of $4,118,347. For the six months
ended June 30, 1998 the Company's assets have grown $9,350,142.
On June 17, 1998 the Company announced that its common stock was now listed and
traded on the NASDAQ SmallCap Market System. Management of the Company
anticipates that the Bank will grow at a prudent rate through the remainder of
1998, and is currently awaiting regulatory approval for a proposed branch in
Sanford, Florida, which is located approximately 15 miles northeast of the
Bank's main office in Winter Park, Florida.
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 June 30, 1998, the Company had
consolidated assets of $151,933,674 (unaudited) and stockholders' equity of
$12,838,249 (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
Pursuant to the requirements of the Securities Act of 1934, the registrant has
duly caused the report to be signed on its behalf by the undersigned hereunto
duly authorized.
Date: July 28, 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
