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UNITED STATES
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: June 28, 1996
WALDEN BANCORP, INC.
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(Exact name of registrant as specified in its charter)
Massachusetts 33-95530 04-29100071
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(State or other jurisdiction (Commission (I.R.S. Employer or
of Incorporation) file number) Identification No.)
125 NAGOG PARK, ACTON, MASSACHUSETTS 01720
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(Address of principal executive offices)(Zip Code)
Registrant's telephone number, including area code: (508) 635-5000
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ITEM 5. OTHER EVENTS
On June 24, 1996, the Registrant announced that it was commencing an
open-market stock repurchase program to purchase up to 219,900 shares of the
Registrant's common stock, which represent approximately 4.13% of the shares
outstanding. For further information, reference is made to the Registrant's
press release dated June 24, 1996, which is attached hereto as Exhibit 99.1
and incorporated herein by reference.
ITEM 7. FINANCIAL STATEMENTS, PRO FORMA FINANCIAL INFORMATION AND EXHIBITS
The following is a list of exhibits filed with this Current Report on Form
8-K indexed to their location in the sequentially number copy.
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Exhibit Description Page
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99.1 Press Release dated June 24, 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.
WALDEN BANCORP, INC.
June 28, 1996 /s/ David E. Bradbury
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Date David E. Bradbury
Chairman, President and
Chief Executive Officer
June 28, 1996 /s/ Michael O. Gilles
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Date Michael O. Gilles
Executive Vice President, Treasurer
and Chief Financial Officer
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[WALDEN BANCORP LOGO APPEARS HERE]
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NEWS RELEASE
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For Release: IMMEDIATE
Contact: Lisa Bergemann, Executive Vice President
Director of Investor Relations
(508) 635-5004
Date: June 24, 1996
WALDEN BANCORP ANNOUNCES STOCK REPURCHASE PROGRAM
(Acton, MA), (June 24, 1996) -- Walden Bancorp, Inc. (NASDAQ-WLDN)
announced today that it is commencing a stock repurchase program to acquire up
to 219,900 shares of the Company's common stock, which represents approximately
4.13% of the outstanding common stock. Walden will hold the repurchased shares
as treasury stock which will be available for general corporate purposes,
including issuance under the Company's employee stock option plans. The
repurchase program is intended to be completed by December 31, 1996 and will be
dependent upon market conditions and the availability of shares. There is no
guarantee as to the exact number of shares to be repurchased by the Company.
David E. Bradbury, Chairman and CEO of Walden Bancorp, Inc., stated
"Walden's common stock provides an attractive investment. The repurchases are an
efficient use of capital and are expected to increase per share earnings. By
issuing shares of treasury stock upon the exercise of stock options, Walden
hopes to avoid future dilution to stockholders."
According to Mr. Bradbury, the repurchases generally are expected to be
effected through open market purchases, although there exists the possibility of
unsolicited negotiated transactions or other types of repurchases.
Walden Bancorp, Inc. is a full service commercial banking company with
assets of $1 billion, headquartered in Acton, Massachusetts. The Company and its
subsidiaries, The Co-operative Bank of Concord and Bank of Braintree, provide
financial products and services to businesses and individuals through a network
of 17 banking offices throughout Eastern Massachusetts.
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