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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) March 22, 1999
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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,
March 22, 1999 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 Registrant issued a press release on
Monday, March 22, 1999 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: March 24, 1999 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 Registrant issued a press release on Monday,
March 22, 1999 announcing Registrant's stock
repurchase program.
FOR IMMEDIATE RELEASE CONTACT: Bernard F. Lenihan
March 22, 1999 201-795-4000
Tony Cicatiello
732-382-1066
STATEWIDE FINANCIAL CORP.
ANNOUNCES STOCK REPURCHASE PROGRAM
JERSEY CITY, N.J., (March 22, 1999)--Statewide Financial Corp.
(Nasdaq: SFIN), the holding company for Statewide Savings Bank S.L.A.,
announced today that it is implementing a stock repurchase program,
enabling the Company to repurchase up to $4,500,000 of the Company's
common stock. Purchases may be made from time to time in open-market
or privately negotiated transactions.
The Company also stated that it has completed it previously announced
stock repurchase program. Under this program, which was announced on
October 27, 1998, the Company repurchased 249,800 shares at an average
price of $17.669 per share.
"We believe our new buyback plan reflects the confidence that the
Board and senior management have in the achievement of our strategic
plan," stated Victor M. Richel, chairman, president and chief
executive officer of Statewide Financial Corp. "Current market
valuations of our stock, in light of our strategic accomplishments,
make repurchases a prudent use of our capital."
Statewide Financial Corp. is the holding company for Statewide Savings
Bank S.L.A., a savings and loan association headquartered in Jersey
City, N.J. Statewide Savings Bank conducts thrift business and offers
commercial banking services through its 16 branches in Hudson, Union
and Bergen counties.
