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 17, 1996
THE BANK OF NEW YORK COMPANY, INC.
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(exact name of registrant as specified in its charter)
NEW YORK
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(State or other jurisdiction of incorporation)
1-6152 13-2614959
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(Commission file number) (I.R.S. employer
identification number)
48 Wall Street, New York, NY 10286
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(Address of principal executive office) (Zip code)
(212) 495 - 1784
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(Registrant's telephone number,
including area code)
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ITEM 5. Other Events
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On June 17, 1996 The Bank of New York (Delaware), a
subsidiary of The Bank of New York Company, Inc. (the
"Company") announced that it had executed an agreement to
sell its AFL-CIO Union Privilege affinity credit card
portfolio. The transaction concerns approximately $3.4
billion in outstandings and includes 2.2 million cards.
The purchase price will be $575 million less certain
payments due the marketing agent. The transaction is
expected to be concluded shortly.
The Company also announced that its Board of Directors has
approved a plan to use a portion of the proceeds from the
sale of the Union Privilege credit card portfolio to buy
back up to 10 million of its common shares. In November
1995, the Company authorized the buy back of 16 million of
its common shares. Over 10.5 million shares have already
been repurchased under that program.
On June 19, 1996, the Company issued a press release
announcing that it will set aside approximately $350 million
to provide for future charge-offs associated with The Bank
of New York (Delaware)'s credit card portfolio.
Exhibits 99(a) and 99(b) are copies of the press releases
announcing the above events and are incorporated herein by
reference.
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SIGNATURE
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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 thereunto duly
authorized.
Dated: June 19, 1996
THE BANK OF NEW YORK COMPANY, INC.
(Registrant)
By: \s\ Robert E. Keilman
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Name: Robert E. Keilman
Title: Comptroller
<PAGE> 4
EXHIBIT INDEX
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Exhibit No. Description
99(a) Press release dated June 17, 1996, of The
Bank of New York Company, Inc. ("the
"Company"), announcing the execution of an
agreement for the sale by The Bank of New
York (Delaware), a subsidiary of the Company,
of its AFL-CIO Union
Privilege affinity credit card portfolio to
Household International, Inc., and the
approval by the Company's Board of Directors
to use a portion of the proceeds from the
sale to buy back up to 10 million of its
common shares.
99(b) Press release dated June 19, 1996, of The
Bank of New York Company, Inc., announcing
the establishment of a special credit card
provision.
EXHIBIT 99(a)
THE BANK OF NEW YORK COMPANY, INC. NEWS
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48 Wall Street, New York, NY 10286
Contact:
FOR RELEASE: PUBLIC AND INVESTOR RELATIONS DEPT.
IMMEDIATELY Paul J. Leyden, SVP
(212) 495-1041
Andrew M. Merrill, VP
(212) 495-1721
THE BANK OF NEW YORK (DELAWARE)
SELLS UNION PRIVILEGE CREDIT CARD PORTFOLIO
The Bank of New York Company Announces Stock Buy-Back
NEW YORK, N.Y., June 17, 1996 -- The Bank of New York
(Delaware), a subsidiary of The Bank of New York Company,
Inc. (NYSE:BK) announced today that it has executed an
agreement to sell its AFL-CIO Union Prvilege affinity credit
card portfolio to Household International, Inc. (NYSE: HI).
The transaction concerns approximately $3.4 billion in
outstandings and includes 2.2 million cards.
The purchase price will be $575 million less certain
payments due the marketing agent. The transaction is
expected to be concluded shortly. Other terms were not
disclosed.
Upon completion, The Bank of New York (Delaware) will remain
one of the largest issuers of credit cards in the United
States, with over $5 billion in outstandings and 4.4 million
cardholders.
In announcing the sale, J. Carter Bacot, Chairman and Chief
Executive Officer of The Bank of New York Company, Inc.
stated, "Credit cards continue to be an important source of
revenue. The sale of the Union Privilege Card does not
effect, in any way, our plans to grow our remaining
portfolio. We are actively exploring other growth
opportunities like the highly successful co-branded cards
for Toys-R-Us and Stop and Shop introduced in 1995."
The Bank of New Company, Inc. also announced that its Board
of Directors has approved a plan to use a portion of the
proceeds from the sale of the Union Privilege credit card
portfolio to buy back up to 10 million of its common shares.
In November 1995, the Company authorized the buy back of 16
million of its common shares. Over 10.5 million shares have
already been repurchased under that program.
-more-
<PAGE> 2
-2-
The Bank of New York was founded in 1784 by Alexander
Hamilton and is the nation's oldest bank operating under its
original name. It is the principal subsidiary of The Bank
of New York Company, Inc., one of the largest bank holding
companies in the United States, with total assets of $53
billion as of March 31, 1995. The Company provides a
complete range of banking and other financial services to
corporations and individual worldwide through six basic
businesses: Securities and Other Processing; Credit cards;
Retail Banking: Corporate Banking; Trust, Investment
Management and Private Banking, and Financial Market
Services.
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EXHIBIT 99(b)
THE BANK OF NEW YORK COMPANY, INC. NEWS
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48 Wall Street, New York, NY 10286
Contact:
FOR RELEASE: PUBLIC AND INVESTOR RELATIONS DEPT.
IMMEDIATELY Paul J. Leyden, SVP
(212) 495-1041
Andrew M. Merrill, VP
(212) 495-1721
THE BANK OF NEW YORK COMPANY INC. TO ESTABLISH
SPECIAL CREDIT CARD PROVISION
NEW YORK, N.Y., June 19, 1996 -- The Bank of New York
Company, Inc. (NYSE: BK) today announced that it will set
aside approximately $350 million dollars to provide for
future charge offs associated with The Bank of New York
(Delaware)'s credit card portfolio.
The Bank of New York Company, Inc. is one of the largest
bank holding companies in the United States with total
assets of $53 billion as of March 31, 1996. The Company
provides a complete range of banking and other financial
services to corporations and individuals worldwide through
its six basic businesses: Securities and Other Processing;
Credit Cards; Retail Banking; Corporate Banking; Trust,
Investment Management and Private Banking, and Financial
Market Services.
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