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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)
October 17, 1996
WESTERN OHIO FINANCIAL CORPORATION
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(Exact name of Registrant as specified in its Charter)
Delaware 0-24120 31-1403116
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(State or other (Commission File (IRS Employer
jurisdiction of Number) Identification
incorporation) No.)
28 East Main Street, Springfield, Ohio 45501-0719
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Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code:(513) 325-4683
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Item 5. Other Events
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On October 17, 1996, Western Ohio Financial Corporation ("Western
Ohio") issued the attached press release announcing third quarter results and
the declaration of a dividend.
Item 7. Financial Statements and Exhibits.
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(c) Exhibits.
The Exhibit listed on the accompanying Exhibit Index is
filed as part of this Report and is incorporated herein by
reference.
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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 thereunto duly authorized.
WESTERN OHIO FINANCIAL CORPORATION
Date: October 17, 1996 By:/s/ C. WILLIAM CLARK
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C. William Clark
President and Chief Executive
Officer
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EXHIBIT INDEX
Exhibit
Number Description
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99 Press release dated October 17, 1996
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PRESS RELEASE FOR IMMEDIATE RELEASE
Contact: C. William Clark
President and CEO
Telephone: (513) 327-1112
Western Ohio Financial Corporation
Announces Third Quarter Earnings and Dividend
Springfield, Ohio, October 17, 1996 - Western Ohio Financial Corporation
(NASDAQ: WOFC) parent corporation of Springfield Federal Savings Bank,
Springfield, Ohio and Mayflower Federal Savings Bank, Cincinnati, Ohio today
announced the company's ninth consecutive quarterly cash dividend. A dividend
of $.25 cents per share will be paid for the third quarter of 1996. The
dividend will be payable on November 29, 1996 to shareholders of record on
November 15, 1996.
Income for the three months ended September 30, 1996 was a net loss of
$166,000 compared to a net income of $616,000 for the same period in 1995.
Net income for the nine months ended September 30, 1996 was $466,000 compared
to $1,841,000 for the prior comparable period. These reductions are
attributed primarily to a one-time expense due to a special assessment.
Recently passed Federal legislation which affects all Savings Associations
nationwide, and is designed to recapitalize the Savings Association Insurance
Fund (SAIF) of the FDIC resulted in a one-time charge to the company's third
quarter earnings. This assessment has been recognized as of September 30,
1996. The impact on earnings before taxes was $1,069,000. This assessment is
deductible for federal tax purposes. This assessment should benefit the
company through lower premiums on SAIF deposits for the remainder of 1996 and
future periods.
As of September 30, 1996, Western Ohio had total assets of $347,704,000, total
deposits of $191,571,000, and shareholders' equity of $53,223,000.
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WESTERN OHIO FINANCIAL CORPORATION
COMPARATIVE STATISTICS
Sep. 30, Dec. 31,
1996 1995
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Total assets $347,704 $231,387
Total loans, net 259,542 150,476
Allowance for loan and lease losses 1,423 774
Mortgage-backed securities 53,835 45,719
Deposits 191,571 139,129
Borrowed funds 99,785 31,528
Shareholders' equity 53,223 59,668
Book value per common share outstanding $24.34 $25.28
Market value per share $19.75 $23.25
For the Quarter Ended
September 30,
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1996 1995
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Net income ($166) $616
Earnings per common and
common equivalent share ($0.07) $0.25
Return on assets -0.19% 1.13%
Return on equity -1.25% 4.06%
For the Nine Month Period
Ended September 30,
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1996 1995
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Net income $466 $1,841
Earnings per common and
common equivalent share $0.20 $0.74
Return on assets 0.21% 1.12%
Return on equity 1.10% 4.05%
