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
MARCH 10, 1997
Date of Report (Date of Earliest event reported)
ML BANCORP, INC.
(Exact name of registrant as specified in its charter)
COMMONWEALTH OF PENNSYLVANIA
(State or other jurisdiction of incorporation)
0-24358
(Commission File Number)
23-2752439
(IRS Employer Identification No.)
TWO ALDWYN CENTER
LANCASTER AVENUE & ROUTE 320
VILLANOVA, PENNSYLVANIA 19085
(Address of principal executive offices)
(610) 526-6200
Registrant's telephone number, including area code
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ITEM 5. OTHER EVENTS
On March 10, 1997, ML Bancorp, Inc. issued the press release which is
included as Exhibit 99(a) hereto.
ITEM 7. FINANCIAL STATEMENTS, PRO FORMA FINANCIAL INFORMATION AND EXHIBITS
(a) Not applicable.
(b) Not applicable.
(c) The following exhibits are included with this Report:
Exhibit 99(a) Press Release, dated March 10, 1997
<PAGE>
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.
ML BANCORP, INC.
/S/ BRIAN M. HARTLINE
---------------------
By: Brian M. Hartline
Executive Vice President, Chief Financial
Officer and Secretary
(principal financial officer)
Date: March 10, 1997
PRESS RELEASE
FOR IMMEDIATE RELEASE CONTACT: Brian Hartline
March 10, 1997 ML Bancorp, Inc.
(610) 526-6270
ML BANCORP, INC. ANNOUNCES ISSUANCE OF $50 MILLION
OF 9.875% CAPITAL SECURITIES
VILLANOVA, Pa.--ML Bancorp, Inc. (NASDAQ NMS:MLBC), the holding company
for Main Line Bank, announced today the completion of a $50 million private
placement of 9.875% capital securities due March 1, 2027. The securities
were issued by ML Bancorp's recently-formed subsidiary, ML Capital Trust I,
and underwritten jointly by Sandler O'Neill & Partners, L.P. and Janney
Montgomery Scott Inc. The securities were sold in an offering under Rule
144A of the Securities Act of 1933.
Proceeds of the issue were invested by the ML Bancorp Capital Trust I in
Junior Subordinated Debentures issued by ML Bancorp. The Capital Securities
are fully and unconditionally guaranteed by ML Bancorp. Net proceeds from
the sale of the debentures will be used for general corporate purposes,
including but not limited to, capital contributions to the Bank to fund its
expanding operations (including the Bank's de novo branching strategy), the
financing of future acquisitions, (including the previously announced
Penncore acquisition) and the funding of repurchases of the Corporation's
common stock which may be made from time to time.
Dennis S. Marlo, President and CEO of ML Bancorp, indicated that "the
new issue, which recently has been very popular with larger financial
institutions, provides increased regulatory capital at a relatively low
cost, due to certain tax advantages of the combined capital structure. We
believe that the issuance of these securities will permit continued growth
of the Company without dilution of our common stockholders."
ML Bancorp, Inc., headquartered in Villanova, Pa, has $1.9 billion in
assets and operates 24 business centers in Bucks, Chester, Delaware and
Montgomery counties, and nine mortgage loan production offices in Delaware,
Florida, New Jersey and Pennsylvania.
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ML Bancorp, Inc. press releases are available via the internet at
http://www.prnewswire.com/
