SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20552
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)
May 26, 1999
PHS BANCORP, INC
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(Exact name of Registrant as specified in its Charter)
Pennsylvania 0-23230 23-2744266
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(State or other jurisdiction (File No.) (IRS Employer
of incorporation) Identification
Number)
1427 Seventh Avenue, Beaver Falls, Pennsylvania 15010
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(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code: (724) 846-7300
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Not Applicable
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(Former name or former address, if changed since last Report)
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PHS BANCORP, INC.
INFORMATION TO BE INCLUDED IN REPORT
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Item 5. Other Events
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The Registrant announced that it had received the required
approvals necessary to implement a stock repurchase plan to
purchase up to 10% of its outstanding Common Stock. The
Registrant will purchase up to 24,000 shares of its Common
Stock
For further details, reference is made to the Press Release
dated May 26, 1999, which is attached hereto as Exhibit 99 and
incorporated herein by this reference.
Item 7. Financial Statements, Pro Forma Financial
Information and Exhibits
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Exhibit 99 - Press Release dated May 26, 1999.
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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.
PHS BANCORP, INC.
Date: May 26, 1999 By: /s/James P. Wetzel, Jr.
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James P. Wetzel, Jr.
President
EXHIBIT 99
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Peoples Home Savings Bank Contact: James P. Wetzel, Jr.
PHS Bancorp, Inc. President
Beaver Falls, Pennsylvania (724) 846-7300
PHS BANCORP, INC.
Announces
Adoption of Stock Repurchase Plan
Beaver Falls, Pennsylvania -- May 26, 1999 (Nasdaq "PHSB") -- James P. Wetzel,
Jr., President of PHS Bancorp, Inc. ("Company") and its subsidiary, Peoples Home
Savings Bank (the "Bank"), announced today that the Company has obtained all
requisite approvals for its repurchase plan whereby it will purchase up to
124,000 shares or 10% of is common stock held by persons other than PHS Bancorp,
M.H.C.
The stock purchases shall be utilized to fund the Bank's stock plans
and general market purposes. Such stock purchases are expected to be made in
open-market transactions, subject to the terms of the plan, including the
availability of stock, market conditions, the trading price of the stock and the
Company's financial performance. The Company anticipates purchasing such shares
during the next twelve months.
The Bank, a Pennsylvania chartered savings bank, operates nine offices
in the Pennsylvania Counties of Beaver and Lawrence. At March 31, 1999, the
Company had total consolidated assets of $251.3 million, total deposits of
$183.4 million and total stockholders' equity of $28.7 million.
