<PAGE> 1
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
May 15, 1996
- - --------------------------------------------------------------------------------
(Date of earliest event reported)
First Financial Corporation of Western Maryland
- - --------------------------------------------------------------------------------
(Exact name of registrant as specified in its charter)
<TABLE>
<S> <C> <C>
Delaware 0-19837 52-1700036
- - --------------------------------------------------------------------------------------------------------
(State or other jurisdiction (Commission File Number) (IRS Employer
of incorporation) Identification No.)
</TABLE>
<TABLE>
<S> <C>
118 Baltimore Street, Cumberland, Maryland 21502
- - --------------------------------------------------------------------------------------------------------
(Address of principal executive offices) (Zip Code)
</TABLE>
(301) 724-3363
- - --------------------------------------------------------------------------------
(Registrant's telephone number, including area code)
Not Applicable
- - --------------------------------------------------------------------------------
(Former name, former address and former fiscal year,
if changed since last report)
Page 1 of 4 Pages
Exhibit Index appears on Page 2
<PAGE> 2
Item 5. Other Events
On May 15, 1996, First Financial Corporation of Western Maryland (the
"Corporation") announced the declaration of its quarterly dividend and that the
Corporation adopted a plan to repurchase up to five percent of its outstanding
common stock during the next twelve months. A copy of the press release, dated
May 15, 1996, is attached hereto as Exhibit 99 and is incorporated herein by
reference.
Item 7. Financial Statements, Pro Forma Financial Information and Exhibits
(a) Financial Statements of Business Acquired
Not applicable.
(b) Pro Forma Financial Information
Not applicable.
(c) Exhibits
(99) Press release dated May 15, 1996.
<PAGE> 3
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 thereunto duly authorized.
FIRST FINANCIAL CORPORATION
OF WESTERN MARYLAND
Date: May 22, 1996 By: /s/William C. Marsh
----------------------------
William C. Marsh
Executive Vice President and
Chief Financial Officer
<PAGE> 1
[FIRST FINANCIAL LETTERHEAD]
PRESS RELEASE
<TABLE>
<S> <C>
Release Date: Further Information:
IMMEDIATE RELEASE Patrick J. Coyne
Chairman of the Board, President
and Chief Executive Officer
Phone: 301/784-3105
- or -
William C. Marsh
Executive Vice President
Chief Financial Officer
May 15, 1996 Phone: 301/784-3106
</TABLE>
FIRST FINANCIAL CORPORATION OF WESTERN MARYLAND
ANNOUNCES QUARTERLY DIVIDEND AND PLAN TO REPURCHASE COMMON STOCK
Cumberland, Maryland, May 15, 1996 - The Board of Directors of First Financial
Corporation of Western Maryland (Nasdaq: FFWM) on May 15, 1996, declared a cash
dividend of $0.12 per common share for the quarter ending June 30, 1996. The
dividend will be payable on June 28, 1996 to stockholders of record at the
close of business on June 14, 1996. Quarterly dividends have been paid
consecutively by the Corporation since 1992.
The Corporation also announced that the Board of Directors authorized the
repurchase of up to five percent, or approximately 110,000 shares, of the
Corporation's outstanding common stock over the next twelve months.
Repurchases are authorized to be made by the Corporation from time to time in
open-market transactions as, in the opinion of management, market conditions
warrant. The repurchased shares will be held as treasury stock and will be
available for general corporate purposes.
Patrick J. Coyne, Chairman of the Board, President and Chief Executive Officer
of the Corporation stated: "The repurchase program reflects management's belief
that the current price of the Corporation's common stock does not adequately
reflect the Corporation's long-term business and earnings prospects. The use of
our cash must continue to be balanced with other internal and external
investment opportunities while maximizing the use of existing assets and
resources to generate stockholder value. The Corporation is fortunate to have
the financial flexibility that allows it to demonstrate its commitment to and
confidence in its future prospects."
First Financial Corporation of Western Maryland is the holding company for
First Federal Savings Bank of Western Maryland. First Federal Savings Bank of
Western Maryland is a federally chartered, FDIC-insured savings bank which
conducts its business through 11 offices located within the greater Cumberland
area, Hagerstown, Hancock, Frostburg, Oakland and Westernport, Maryland.
