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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) October 23, 1997
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MADISON BANCSHARES GROUP, LTD.
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(Exact name of registrant as specified in charter)
Pennsylvania 846809 23-2512079
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(State or other jurisdiction (Commission File Number) (IRS Employer
of Incorporation) Identification Number)
1767 Sentry Parkway West, Blue Bell, PA 19422
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(Address of principle executive offices) (Zip Code)
Registrant's telephone number, including area code 215-641-1111
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This document consists of 4 pages
Exhibit Index appears at Page 3
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Item 5. Other Events
On October 21, 1997, the Board of Directors declared a stock dividend
in the amount of twenty (20%) percent, payable in shares of the
Registrant's common stock. Such dividend is payable on or about
November 21, 1997 to holders of the Registrant's shares of Common
Stock on November 7, 1997. No fractional shares will be issued in
connection with such dividend.
The Registrant issued a press release regarding such dividend on
October 22, 1997, a copy of which is attached hereto and incorporated
herein by reference.
Item 7. Financial Statements and Exhibits
Exhibit 99 - Press Release of the Registrant, dated October 22, 1997.
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 hereunto duly authorized.
MADISON BANCSHARES GROUP, LTD.
Date: October 23, 1997 By: /s/ E. Cheryl Hinkle
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Name: E. Cheryl Hinkle
Title: Vice President
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EXHIBIT INDEX
Exhibit No.
99 Press Release dated October 22, 1997.
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Exhibit 99
NEWS For Immediate Release
RELEASE Contact: Vito DeLisi
Madison Bank
(215) 641-1111
MADISON BANCSHARES OF BLUE BELL
ANNOUNCES PAYMENT OF 20% STOCK DIVIDEND AFTER
POSTING RECORD PROFITS FOR FIRST NINE MONTHS
BLUE BELL, PA, October 22, 1997 -- Madison Bancshares Group, Ltd., the
Pennsylvania bank holding company of Madison Bank of Blue Bell, PA, has
announced the declaration of a 20% stock dividend, payable in shares of the
Corporation's common stock, to shareholders of record of the corporation's
1,044,033 shares of common stock as of November 7, 1997. The dividend will
be payable on or about November 21, 1997. No fractional shares will be
issued in conjunction with this dividend.
Madison Bank reported a record 33% increase in profits for the nine months
ended September 30, 1997 as compared to the same period in 1996. Net income
at September 30, 1997 was $553,168 and net income at September 30, 1996 was
$415,624. During this same period, the Bank's assets increased 27%, from
$100,085,770 to $126,921,805. Madison also posted a 34% increase in
deposits, totaling $108,443,328 and a 19% increase in loans, totaling
$101,325,890, compared to this same period last year. Madison's equity
capital continues to grow as a result of record earnings, from $7,839,448 to
$8,535,771, a 9% increase.
According to Madison Bank CEO, Vito A. DeLisi, "This stock dividend payment
represents the continued success of Madison Bank's community banking approach
and branch expansion in the suburban Philadelphia financial market. Profits
continue to be strong even after opening two new offices in the last year,"
DeLisi said.
Madison is currently servicing over 1,300 loan accounts and over 7,200
deposit accounts. Madison opened its fifth branch location on August 25,
1997 at 100 Main Street in Lansdale, PA and is continuing their expansion
endeavors with a branch site recently approved at Rhawn and Verree Streets in
the Greater Northeast Philadelphia area scheduled to open by February, 1998.
Madison Bank, headquartered in Blue Bell, PA, operates branch offices in the
Madison Bank Building, Blue Bell, PA, Plymouth Square Shopping Center,
Conshohocken, PA, Village of Centre Square, Blue Bell, PA, Lancaster Avenue
in Strafford, PA, and the newly opened branch on Main Street, Lansdale, PA.
Madison services commercial and personal accounts, offering services
including; early morning, late evening and weekend banking hours; commercial,
personal and mortgage loans; and money market and checking accounts with free
MAC transaction.
