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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 12, 1996
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COMMISSION FILE NO.: 1-13936
BOSTONFED BANCORP, INC.
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(Exact name of registrant as specified in its charter)
Delaware 52-1940834
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(State or other Jurisdiction of Incorporation (IRS Employer or
organization) Identification No.)
17 New England Executive Park, Burlington, Massachusetts 01803
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(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code (617) 273-0300
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ITEM 5. OTHER EVENTS.
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On June 12, 1996, BostonFed Bancorp, Inc. announced it had received
regulatory approval to repurchase up to 329,481 shares of its common stock
commencing after the public release of the Company's earnings for the quarter
ended June 30, 1996. The repurchases will be made in open market transactions,
until such time as 5% of the Company's currently outstanding shares have been
repurchased and will be completed no later than October 24, 1996. Attached
hereto is the press release announcing the stock repurchase program.
ITEM 7(C) EXHIBITS.
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Exhibit 99.1 Press Release dated June 12, 1996
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
Registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
By: /s/ David F. Holland
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David F. Holland
President and Chief Executive Officer
Dated: June 18, 1996
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Exhibit 99.1 - PRESS RELEASE
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BOSTONFED BANCORP, INC. ANNOUNCES
OTS APPROVAL OF STOCK REPURCHASE PROGRAM
Boston, Massachusetts, June 12, 1996/PR Newswire/ -- BostonFed Bancorp,
Inc. (AMEX - BFD) (the "Company") announced today that it has received approval
from the Office of Thrift Supervision ("OTS") to implement a program to
repurchase up to 5% of its outstanding common stock, or 329,481 shares. The
Company intends to commence the stock repurchase program as soon as practicable
after the public release of the Company's earnings for the quarter ended June
30, 1996. Pursuant to the stock repurchase program and the OTS' approval, shares
will be purchased by the Company from time to time, depending upon market
conditions, in open market transactions, until such time as 5% of the Company's
currently outstanding shares have been repurchased, provided that the repurchase
program is completed by no later than October 24, 1996. The stock repurchase
program will be the first stock repurchase program undertaken by the Company.
David F. Holland, President and Chief Executive Officer of the Company
commented, "We believe that the repurchase of the Company's shares will further
enhance shareholder value as such repurchases are anticipated to have a positive
effect on the earnings per share and book value of the remaining shares
outstanding."
The Company is a savings and loan holding company for the Boston Federal
Savings Bank and is headquartered in Burlington, Massachusetts. As of March 31,
1996, Boston Federal Savings Bank had assets of $678 million and operated eight
offices in and around the Boston area.
CONTACT: Amy L. Timmerman, Investor Relations, 617-221-6396 or John A. Simas,
Senior Vice President and Chief Financial Officer, 617-221-6307 or FAX:
617-221-7594, BostonFed Bancorp, Inc.
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