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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) June 9, 1997
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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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Issuance of a press release on Monday, June 9, 1997
announcing OTS' approval for repurchase of up to 5%
of Registrant's outstanding shares.
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 Issuance of a press release on
Monday, June 9, 1997 announcing
OTS' approval for repurchase of up
to 5% of Registrant's outstanding
shares.
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: June 10, 1997 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 Issuance of a press release on Monday,
June 9, 1997 announcing OTS' approval for
repurchase of up to 5% of Registrant's
outstanding shares.
FOR IMMEDIATE RELEASE Contact: Augustine F. Jehle
June 9, 1997 (201) 795-4000
Anthony S. Cicatiello
(908) 382-1066
SECOND STOCK BUYBACK APPROVED
FOR STATEWIDE FINANCIAL CORP.
JERSEY CITY, N.J. (June 9, 1997)--Statewide Financial Corp. (Nasdaq:
SFIN), the holding company for Statewide Savings Bank S.L.A.,
announced today that it has received the necessary waiver from the
Office of Thrift Supervision (OTS) to conduct the second part of its
previously announced 10% stock repurchase program. Under this
program, the Company has already repurchased 5% of its outstanding
stock, and will now be able to repurchase an additional 5% of its
shares.
"The completion of the stock buyback program is consistent with our
overall strategy of maximizing shareholder value," stated Victor M.
Richel, chairman, president and chief executive officer of Statewide
Financial Corp.
Headquartered in Jersey City, N.J., Statewide Savings Bank conducts
business from 16 locations in Hudson, Union, Bergen and Passaic
counties. Statewide's deposits are insured by the Savings Association
Insurance Fund (SAIF) of the Federal Deposit Insurance Corporation
(FDIC).
