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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) July 16, 1996
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Statewide Financial Corp.
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(Exact name of registrant as specified in its charter)
New Jersey 0-26546 22-3397900
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(State or other jurisdiction of (Commission (IRS Employer
incorporation) File Number) Identification No.)
70 Sip Avenue, Jersey City, New Jersey 07306
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(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code (201) 795-4000
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Item 1. Changes in Control of Registrant.
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Not applicable.
Item 2. Acquisition or Disposition of Assets.
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Not applicable.
Item 3. Bankruptcy or Receivership.
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Not applicable.
Item 4. Changes in Registrant's Certifying Accountant.
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Not applicable.
Item 5. Other Events.
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The Registrant issued a press release on Tuesday, July 16,
1996 announcing that the Registrant has received Office of
Thrift Supervision ("OTS") approval to implement its stock
repurchase program. The OTS-approved plan permits the
Registrant to repurchase up to 5% or 263,488 shares of its
outstanding stock by September 29, 1996, the one year
anniversary of its conversion from a mutual to a stock form
of ownership.
Item 6. Resignations of Registrant's Directors.
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Not applicable.
Item 7. Exhibits and Financial Statements.
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The following exhibit is filed with this Current Report on
Form 8-K.
Exhibit No. Description
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99 Press Release dated July 16, 1996
regarding implementation of
Registrant's proposed stock
repurchase program.
Item 8. Change in fiscal year
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Not applicable.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of
1934, Statewide Financial Corp. has duly caused this report to be
signed on its behalf by the undersigned thereunto duly authorized.
STATEWIDE FINANCIAL CORP.
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(Registrant)
Dated: July 19, 1996 By: BERNARD F. LENIHAN
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Senior Vice President and
Chief Financial Officer
EXHIBIT INDEX
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CURRENT REPORT ON FORM 8-K
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Exhibit No. Description
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99 Press Release dated July 16, 1996 regarding
implementation of Registrant's proposed stock
repurchase program.
STATEWIDE FINANCIAL CORP
FOR IMMEDIATE RELEASE CONTACT: Augustine F. Jehle
July 16, 1996 (201) 795-4000
Anthony S. Cicatiello
(908) 382-1066
STOCK BUYBACK PROGRAM APPROVED BY
OTS FOR STATEWIDE FINANCIAL CORP
JERSEY CITY, N.J. (July 16, 1996) -- Statewide Financial Corp (NASDAQ:
SFIN), the holding company for Statewide Savings Bank S.L.A.,
announced today that it has received Office of Thrift Supervision
(OTS) approval to commence a stock repurchase program. Under the
program, the Company can repurchase up to 5%, or up to 263,488 shares,
of its outstanding stock by September 29, 1996, the one-year
anniversary of its conversion from a mutual to a stock form of
ownership. On that day in 1995, the Company issued 5,269,752 shares
in its initial public offering. Buyback purchases may be made
periodically in the open market or in privately negotiated
transactions.
In June, Victor M. Richel, Chairman, President and Chief Executive
Officer of Statewide, announced that the Board of Directors had given
approval for the stock repurchase program. The OTS issued the waiver
today permitting the Company to implement the buyback within one year
of the conversion.
"The stock buyback program is one of the steps management is taking to
maximize shareholder value," stated Mr. Richel. "We believe this is a
prudent use of the Company's capital."
Richel also announced the resignation of Edward D. Knapp from the
Company's Board of Directors. Mr. Knapp, who recently became chairman
of First Constitution Bank of Cranbury, N.J. indicated that he wanted
to devote more time to this responsibility.
Statewide Financial Corp is the holding company for Statewide Savings
Bank, S.L.A. which conducts a general savings bank business through
its 16 branches located in Hudson, Union, Bergen, and Passaic
Counties, New Jersey. Statewide Financial Corp common stock is listed
on the NASD National Market. Statewide's deposits are insured by the
Savings Association Insurance Fund (SAIF) of the Federal Deposit
Insurance Corporation (FDIC).
