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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 12, 1998
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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 dated January 12, 1998
regarding implementation of Registrant's proposed 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 January 12,1998
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: January 14, 1998 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 January 12, 1998 regarding
implementation of Registrant's proposed stock
repurchase program.
FOR IMMEDIATE RELEASE Contact: Augustine F. Jehle
January 12, 1998 (201) 795-4000
Anthony S. Cicatiello
(732) 382-1066
STATEWIDE FINANCIAL CORP.
ANNOUNCES STOCK REPURCHASE
JERSEY CITY, N.J. (January 12, 1998)--Statewide Financial Corp.
(Nasdaq: SFIN)announced today that it is implementing a stock
repurchase program, enabling the Company to buy up to five percent
(5%) of its outstanding shares of common stock. Purchases may be made
from time to time in the open market or through privately negotiated
transactions. The Company received the necessary regulatory
clearances from the Office of Thrift Supervision (OTS) to undertake
the program.
"This newest stock repurchase program is a sign of our continuing
commitment to enhance the value of our shareholders' investment,"
stated Victor M. Richel, chairman, president and chief executive
officer of Statewide Financial Corp. "We believe that the repurchase
of the Company's stock is prudent capital management for the Company."
The Company previously repurchased 15% of its stock during buyback
programs in 1996 and 1997.
Statewide Financial Corp. is the holding company for Statewide Savings
Bank S.L.A., a savings and loan association headquartered in Jersey
City. Statewide Savings Bank conducts general banking and thrift
business through its 16 offices in Hudson, Union, Bergen and Passaic
counties in New Jersey. Statewide Financial Corp. has total assets of
$675 million.
