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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) January 13, 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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Registrant issued a Press Release on Monday,
January 13, 1997 announcing Michael J. Griffin
as President of Statewide Savings Bank, the principal
operating subsidiary of Statewide Financial Corp.
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 Monday,
January 13, 1997 announcing
Michael J. Griffin as President of
Statewide Savings Bank, the
principal operating subsidiary of
Statewide Financial Corp.
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: January 14, 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 Press Release dated Monday, January 13, 1997
announcing Michael J. Griffin as President of
Statewide Savings Bank, the principal operating
subsidiary of Statewide Financial Corp.
FOR IMMEDIATE RELEASE CONTACT: Joseph Passantino
January 13, 1997 (908) 382-1066
STATEWIDE SAVINGS BANK NAMES NEW PRESIDENT
Jersey City, N.J., January 13, 1997--Michael J. Griffin has been named
president and chief operating officer of Statewide Savings Bank. The
announcement was made by Bank Chairman and Chief Executive Officer
Victor M. Richel, who also serves as chairman, president and chief
executive officer of Statewide Financial Corp, the holding company for
the bank.
Building on 30 years of broad-based experience in the banking
industry, Griffin will be responsible for Statewide's overall market
development and banking operations and will report directly to Richel.
The primary goal for the new president will be to continue
implementation of the bank's strategic program, which was launched at
the time of the initial public offering in September 1995. His other
responsibilities involve expanding upon the bank's success in
generating new loans, analyzing potential opportunities for
acquisitions and enhancing existing products and services.
"Mike Griffin is a recognized leader in the banking industry, and has
a proven track record as a manager of both large and small commercial
banking operations," said Richel. "His exceptional skills and
experience on the commercial side of banking will bring to Statewide
the level of talent we've been looking for in order to continue
to build our market strength as a leading New Jersey-based,
independent community bank."
The Lebanon Township resident started his banking career at Commercial
Trust Co. in Jersey City, becoming vice president and treasurer before
joining Summit Bancorporation in 1981. During his 15 years at Summit
Bank, Griffin oversaw the successful integration of several banks
purchased by the parent company. He served as president and CEO of
the Maplewood Bank and Trust Company in Maplewood and of Town and
Country Bank in Flemington, two banks acquired by Summit. Under his
leadership, each bank grew significantly in size and was effectively
assimilated into the Summit organization.
Griffin later became executive vice president of Somerset Trust
Company in Somerville, which was also purchased by Summit Bank. In
this role, Griffin had responsibility for all financial analysis,
budgeting and reporting, marketing, branch administration and
operations. He then became executive vice president of Summit Bank in
Chatham, where he oversaw asset-based new product development, system
application installation and updates, and performed due diligence for
bank mergers and acquisition.
"In Mike, we've found an experienced banker who understands first hand
the rigors of the banking revolution now taking place and how to
manage an operation through this competitive arena," Richel said. "He
knows how to cut costs and generate revenues, and he will be an
integral part of taking Statewide to the next level of competition in
community banking."
The Jersey City native received a master of business administration
degree from Pace University in New York City and holds a bachelor of
science degree in mathematics and economics from Saint Peter's College
in Jersey City.
Since 1990, Griffin has served as a national media spokesperson for
the American Bankers Association (ABA) in Washington, D.C. In
addition, he has served on the ABA's Communications Council.
Headquartered in Jersey City, 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).
Statewide Financial Corp, the bank's parent company, is publicly
traded on Nasdaq under the symbol "SFIN."
