1 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):December 10, 1998 Saratoga Bancorp (Exact name of registrant as specified in its charter) California (State or other jurisdiction of incorporation) 2-77519-LA 94-2817587 (Commission File Number) (IRS Employer Identification No.) 12000 Saratoga-Sunnyvale Road, Saratoga, CA 95070 (Address of principal executive office and ZIP code) Registrant's telephone number, including area code: (408) 973-1111 None (Former name or former address, if changed since last report) PAGE 1 OF 4 PAGES Exhibit at Page 4 2 Item 5. Other Events On December 10, 1998, the Board of Directors of Saratoga Bancorp announced its intent to repurchase up to 100,000 shares of its outstanding common stock in the open market. The press release detailing this transaction is attached as Exhibit 99. Item 7. Financial Statements and Exhibits (a) Not applicable (b) Not applicable (c) Exhibits (99) Press Release issued on 12/10/98 describing stock repurchase. PAGE 2 OF 4 PAGES 3 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, thereunto duly authorized. SARATOGA BANCORP (Registrant) By: ____________________________ Mary Page Rourke Senior Vice President Treasurer (Principal Financial and Accounting Officer) Date: December 10, 1998 PAGE 3 OF 4 PAGES 4 Exhibit 99 FOR IMMEDIATE RELEASE Saratoga Bancorp (OTC BB: SRTB), parent company for Saratoga National Bank, announces intent to repurchase shares. The Board of Directors of Saratoga Bancorp has authorized the company to purchase up to 100,000 shares of its outstanding common stock in the open market. The transactions will take place periodically, depending on market conditions, until the approved limit is reached. The Company currently has 1,646,647 shares outstanding. Richard L. Mount, Chairman & CEO of Saratoga Bancorp, stated that this decision has been made in view of the company's strong capital position. The Board expects that the repurchase program will allow the company an opportunity to acquire its shares at a time when the market price does not accurately represent the Company's underlying book value. Stock purchased under this program will be restored to the status of authorized but unissued stock of the Company. Saratoga National Bank operates offices in Saratoga, Los Gatos and San Jose. #### December 10, 1998