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UNITED STATES
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 10, 1996
QUEENS COUNTY BANCORP, INC.
(Exact name of registrant as specified in its charter)
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<S> <C> <C>
Delaware 0-22278 06-1377322
(State or other jurisdiction of (Commission File Number) (I.R.S. Employer Identification No.)
incorporation or organization)
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38-25 Main Street, Flushing, New York 11354
(Address of principal executive offices)
(Registrant's telephone number, including area code) (718) 359-6400
Not applicable
(Former name or former address, if changed since last report)
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CURRENT REPORT ON FORM 8-K
Item 1. Changes in Control of Registrant
Not applicable.
Item 2. Acquisition or Disposition of Assets
Not applicable.
Item 3. Bankruptcy or Receivership
Not applicable.
Item 4. Changes in Registrant's Certifying Accountant
Not applicable
Item 5. Other Events
Queens County Bancorp, Inc. (the "Company"), a Delaware Corporation,
has declared a four-for-three split, in the form of a 33-1/3% stock dividend,
payable on August 22, 1996 to shareholders of record on August 1, 1996. Cash
will be paid in lieu of fractional shares based on the average of the high and
low bids on August 1, 1996, as adjusted for the split.
The Company also declared a cash dividend of 33-1/3 cents per share, to
be paid on the number of shares held on a pre-split basis; the cash dividend
will be paid on August 15, 1996 to shareholders of record on August 1, 1996.
Item 6. Resignations of Registrant's Directors
Not applicable.
Item 7. Financial Statements and Exhibits
(a) No financial statements of businesses acquired are required.
(b) No pro forma financial information is required.
(c) Attached as an exhibit is the Company's press release
announcing the stock split and cash dividend.
Item 8. Change in Fiscal Year
Not applicable.
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Signature
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.
July 10, 1996 QUEENS COUNTY BANCORP, INC.
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Date
/s/ Joseph R. Ficalora
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Joseph R. Ficalora
Chairman, President, and
Chief Executive Officer
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EXHIBIT INDEX
EXHIBIT NO. DESCRIPTION
99 Press Release Announcing 4-For-3 Stock Split
and Increase in Quarterly Cash Dividend
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[QUEENS COUNTY BANCORP, INC. NEWS RELEASE FORM]
Release Date: July 10, 1996 Contact: Ilene A. Angarola
Vice President
Investor Relations
718: 359-6400, ext. 275
QUEENS COUNTY BANCORP ANNOUNCES 4-FOR-3 STOCK SPLIT
AND INCREASES QUARTERLY CASH DIVIDEND 33-1/3%
Flushing, New York, July 10, 1996 -- Queens County Bancorp, Inc. (Nasdaq: QCSB)
today announced that its Board of Directors has declared a four-for-three stock
split in the form of a 33-1/3% stock dividend, to be paid on August 22, 1996 to
shareholders of record at the close of business on August 1st. Shareholders will
receive one additional share of Queens County Bancorp stock for every three
shares held at the date of record, and cash in lieu of fractional shares, based
on the average of the high and low bids on the record date as adjusted for the
split.
Commenting on the Board's action, Chairman, President, and Chief Executive
Officer Joseph R. Ficalora noted, "Since our first stock split on September 30,
1994, the price of our shares has increased nearly 123% from a post-split low of
$21.75. It is our belief that, by splitting the stock, we are returning value to
our shareholders and, at the same time, facilitating future trading by enhancing
liquidity." As a result of the split, the number of shares outstanding will
increase from 6,034,825 to 8,046,433.
In addition, the Board of Directors declared a 33-1/3% increase in the quarterly
cash dividend from 25 cents to 33-1/3 cents per share. The cash dividend will be
paid on August 15, 1996 on the number of shares held before the split to
shareholders of record on August 1st.
Regarding the dividend, Mr. Ficalora stated, "This is our fourth consecutive
dividend increase in as many quarters, a sign of our continuing commitment to
our investors, and of our confidence in the Company's capacity to provide strong
earnings. The effect of the split on the 33-1/3 cents per share dividend will be
the equivalent of a 25 cents per share dividend on 33-1/3% more stock, thus
maintaining our post-split annualized dividend at $1.00 per share."
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Queens County Bancorp Announces 4-for-3 Split and 33-1/3% Increase in Cash
Dividend 2 2 2 2 2
Yesterday, the Company reported second quarter earnings of $6.3 million,
equivalent to $1.10 per share and a return on average assets ("ROA") of 1.99%.
For the six months ended June 30, 1996, the Company recorded earnings of $11.5
million, equivalent to $2.01 per share and an ROA of 1.84%. The Company's book
value at quarter's end was $35.79.
Queens County Bancorp is the holding company for Queens County Savings Bank, the
first savings bank chartered by the State of New York in the New York City
Borough of Queens. FDIC-insured through the Bank Insurance Fund, the Bank
gathers deposits from its customers in Queens and Nassau County and invests
these funds in the origination of residential mortgage loans throughout
metropolitan New York. Information about the Company's financial performance can
now be found in the "Corporate News on the Net" section of BusinessWire's home
page; the address is HTTP:\\WWW.BusinessWire.Com.
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