==================================================================
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) June 14, 1996
-------------
Statewide Financial Corp.
-------------------------
(Exact name of registrant as specified in its charter)
New Jersey 0-26546 22-3397900
-------------------------------- ------------ --------------------
(State or other jurisdiction of (Commission (IRS Employer
incorporation) File Number) Identification No.)
70 Sip Avenue, Jersey City, New Jersey 07306
-------------------------------------------- --------------------
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code (201) 795-4000
-------------
==================================================================<PAGE>
Item 1. Changes in Control of Registrant.
---------------------------------
Not applicable.
Item 2. Acquisition or Disposition of Assets.
-------------------------------------
Not applicable.
Item 3. Bankruptcy or Receivership.
---------------------------
Not applicable.
Item 4. Changes in Registrant's Certifying Accountant.
----------------------------------------------
Not applicable.
Item 5. Other Events.
-------------
The Registrant issued a press release on Thursday, June 13,
1996 announcing that the Registrant has received Office of
Thrift Supervision ("OTS") approval to implement its
proposed Management Recognition and Retention Plans for
employees and directors (the "Plans"). The OTS-approved
Plans permit the Registrant to grant up to 211,600 shares of
its common stock, which is 4% of the 5,290,000 shares issued
by the Registrant in connection with its initial public
offering in September, 1995. The Registrant intends to fund
the grants through periodic open market purchases over the
next several months. In addition, the Registrant's Board of
Directors has authorized the implementation of a stock
repurchase program, subject to OTS approval. Under the
stock repurchase program, the Registrant will seek to
repurchase up to 5% of its outstanding common stock by
September 29, 1996.
Item 6. Resignations of Registrant's Directors.
---------------------------------------
Not applicable.
Item 7. Financial Statements and Exhibits
---------------------------------
The following exhibit is filed with this Current Report on Form
8-K.
Exhibit No. Description
----------- -----------
99 Press Release dated June 13, 1996 regarding
implementation of Registrant's proposed Management
Recognition and Retention Plans for employees and
directors.
Item 8. Change in Fiscal Year
----------------------
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.
-------------------------
(Registrant)
Dated: June 14, 1996 By: /s/ Bernard F. Lenihan
-------------------------
Bernard F. Lenihan
Senior Vice President,
Treasurer and Chief
Financial Officer
EXHIBIT INDEX
-------------
CURRENT REPORT ON FORM 8-K
--------------------------
Exhibit No. Description
----------- -----------
99 Press Release dated June 13, 1996
regarding implementation of Registrant's
proposed Management Recognition and
Retention Plans for employees and
directors.<PAGE>
STATEWIDE FINANCIAL CORP.
FOR IMMEDIATE RELEASE CONTACT: Augustine F. Jehle
(201) 795-4000
Anthony S. Cicatiello
JUNE 13, 1996 (908) 382-1066
OTS APPROVES STATEWIDE
EMPLOYEE & MANAGEMENT STOCK PLANS
Board Approves Stock Repurchase
Jersey City, NJ (June 13, 1996) - Statewide Financial Corp (NASD
Symbol SFIN) announced today that it has received Office of Thrift
Supervision (OTS) approval to implement its proposed Management
Recognition and Retention Plans for employees and directors. The OTS-
approved plans permit Statewide to grant up to 211,600 shares of
stock, which is 4% of the 5,290,000 shares issued by the Company in
its initial public offering in September 1995. The Company intends to
fund the grants under the plans through periodic open market purchases
of the Company's common stock over the next several months.
Victor M. Richel, Chairman and Chief Executive Officer of Statewide
Financial Corp, also announced today that the Board of Directors of
the Company had authorized a stock repurchase program, subject to OTS
approval. Under the program, the Company will seek to repurchase up
to 5% of its outstanding stock by September 29, 1996, which is the
one-year anniversary of its conversion from a mutual to a stock form
of ownership. Implementation of the Plan is subject to the granting
of a waiver from the OTS to permit the Company to repurchase shares of
its stock within one year of consummation of the conversion. Mr.
Richel stated that he expected the application for a waiver to be
filed shortly and that, based on the Company's strong capital position
and favorable results of operations, he was hopeful that the waiver
would be granted.
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).<PAGE>
