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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) November 14, 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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Registrant issued a press release on Thursday,
November 14, 1996 announcing registrant's stock
repurchase program.
Item 6. Resignations of Registrant's Directors.
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Not Applicable.
Item 7. Exhibits and Financial Statements.
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Exhibit No. Description
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99 Press Release dated Thursday,
November 14, 1996 announcing
registrant's 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: 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 Thursday,
November 14, 1996 announcing
registrant's stock repurchase
program.
FOR IMMEDIATE RELEASE CONTACT: Augustine F. Jehle
November 14, 1996 201-795-4000
Anthony S. Cicatiello
908-382-1066
STATEWIDE FINANCIAL CORP
ANNOUNCES STOCK REPURCHASE PROGRAM
Jersey City, N.J. (November 14, 1996) . . . Statewide Financial Corp
(Nasdaq: SFIN), the holding company for Statewide Savings Bank,
announced today that its Board of Directors has authorized a stock
repurchase program. The Company will seek to repurchase up to 10% of
its outstanding stock, or up to 486,968 shares, subject to obtaining
necessary regulatory approvals.
Mr. Victor M. Richel, the Company's Chairman, President and CEO,
stated that he expected notification of the plan to be filed with the
OTS shortly, and that he hoped the Company could begin its buyback
program by December.
"This buyback program reflects our commitment to enhancing shareholder
value," stated Mr. Richel, "and is consistent with our overall
strategy in providing a return to our shareholders." Over the past
year, the Company has adopted a cash dividend policy and carried out a
5% stock buyback which was completed in the third quarter of this
year.
Headquartered in Jersey City, New Jersey, Statewide Savings Bank
conducts business from its 16 branch offices located in Hudson, Union,
Bergen and Passaic Counties, New Jersey. At September 30, 1996, the
Company had net assets of $662.0 million, total deposits of $442.4
million and net loans receivable of $315.5 million.<PAGE>
