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SECURITIES AND EXCHANGE COMMISSION
Washington, DC 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):
September 2, 1999
HARBOR FEDERAL BANCORP, INC.
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(Exact Name of Registrant as Specified in Charter)
Maryland 0-24194 52-1860591
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(State or Other Jurisdiction (Commission (I.R.S. Employer
of Incorporation) File Number) Identification No.)
705 York Road, Baltimore, Maryland 21204
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(Address of Principal Executive Offices) (Zip Code)
Registrant's telephone number, including area code: (410)321-7041
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Not Applicable
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(Former Name or Former Address, if Changed Since Last Report)
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ITEM 5. OTHER EVENTS
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On September 2, 1999, the Board of Directors of the
Registrant announced that it was commencing a stock repurchase
program to acquire up to 83,826 shares of its common stock,
representing approximately 5% of the outstanding common stock of
the Registrant.
Further information regarding the stock repurchase is set
forth in a press release dated September 2, 1999, attached as
Exhibit 99 and incorporated herein by reference.
ITEM 7. FINANCIAL STATEMENTS, PRO FORMA FINANCIAL INFORMATION
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AND EXHIBITS
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The following is a list of exhibits filed with this Current
Report on Form 8-K.
Exhibit No. Description
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99 Press Release, dated September 2, 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 hereunto duly authorized.
HARBOR FEDERAL BANCORP, INC.
By: /s/ Robert A. Williams
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Robert A. Williams
President
Date: September 2, 1999
HARBOR FEDERAL BANCORP, INC.
PRESS RELEASE
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HARBOR FEDERAL BANCORP
ANNOUNCES STOCK REPURCHASE
Baltimore, Maryland - September 2, 1999....Harbor Federal
Bancorp, parent of Harbor Federal Savings Bank announced today
that it is commencing a stock repurchase program to acquire an
additional 83,826 shares or 5% of outstanding common stock.
Robert A. Williams, President of the Corporation, stated
that the Board of Directors has authorized the repurchase
program which is expected to be completed by August 2000. Mr.
Williams explained that the Board of Directors considers the
Corporation's common stock to be an attractive investment. It
is expected that a reduction in the amount of the Corporation's
outstanding stock would have the effect of increasing the
Corporation's per share earnings.
The program will be dependent upon market conditions and
there is no guarantee as to the exact number of shares to be
repurchased by the Corporation.
According to Mr. Williams, the repurchases generally would
be affected through open market purchases.
The Company's common stock is listed on the NASDAQ stock
market's national market and trades under the symbol "HRBF".
Administrative Office * Towson
705 York Road * Baltimore, MD 21204-2562
Telephone (410) 321-7041
Fax: (410) 296-0852
