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 1, 1999
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
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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 February 1, 1999, the Company announced its results of operations for the
fourth quarter and the twelve months ended December 31, 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: February 1, 1999
FEDERAL TRUST CORPORATION ANNOUNCES FOURTH QUARTER RESULTS
AND YEAR END EARNINGS
(Winter Park, FL) Federal Trust Corporation ("Company"), the holding company of
Federal Trust Bank ("Bank"), reported earnings for the fourth quarter of 1998 of
$179,155 (unaudited) or $.04 per share (based on average shares outstanding of
4,941,547) up from $140,978 or $.05 per share (based on 3,044,506 average shares
outstanding) a year ago.
For the year ended December 31, 1998, the Company earned $543,933 (unaudited) or
$.11 per share (based on average shares outstanding of 4,941,547) compared with
$357,432 or $.15 per share for 1997 (based on average shares outstanding of
2,455,125). The improvement in earnings for 1998 was primarily attributable to
the growth of the Company and the continued reduction in problem assets.
The Company's assets grew from $142,583,532 at December 31, 1997 to $174,509,656
at December 31, 1998, an increase of $31,926,124.
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 December 31, 1998, the Company had
consolidated assets of $174,509,656 (unaudited) and stockholders' equity of
$13,232,709 (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
Date: February 1, 1999
FEDERAL TRUST CORPORATION
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(Registrant)
By: /s/ Aubrey H. Wright, Jr.
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Aubrey H. Wright, Jr.
Chief Financial Officer and duly
authorized Officer of the Registran
