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 19, 1997
BROAD NATIONAL BANCORPORATION
(Exact name of registrant as specified in its charter)
New Jersey 0-16637 22-2395057
(State or other (Commission File Number) (I.R.S. Employer
jurisdiction Identification No.)
of Incorporation)
905 Broad Street, Newark, New Jersey 07102
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code (201) 624-2300
_______________________________________________________
(Former name, former address, if changed since last report)
ITEM 5. OTHER EVENTS.
Broad National Bancorporation (the "Company") issued a press
release on June 24, 1997, a copy of which is attached hereto as
Exhibit 99 and is incorporated herein by reference, announcing
that on June 19, 1997, the Board of Directors of the Company
authorized the purchase, through open market transactions, of up
to $4,000,000 market value of the Company's common stock.
Management was given discretion to determine the number and
pricing of the shares to be purchased, as well as, the timing of
any such purchases. The Company will purchase its shares through
Ryan, Beck & Co. or other broker dealers at prices for the common
stock prevailing from time to time in NASDAQ's National Market.
ITEM 7. FINANCIAL STATEMENTS AND EXHIBITS.
(c) EXHIBITS. The following Exhibits are filed with this
report:
EXHIBIT NO. DESCRIPTION
99 Press Release, issued June 24, 1997.
SIGNATURE
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.
BROAD NATIONAL BANCORPORATION
Date: June 24, 1997 By: /s/ JAMES BOYLE
James Boyle
Treasurer
INDEX TO EXHIBITS
EXHIBIT NO. DESCRIPTION PAGE
99 Press Release, 4
issued April 8, 1997.
Exhibit 99
For Immediate Release
BROAD NATIONAL ANNOUNCES
INTENTION TO REPURCHASE STOCK
NEWARK, N.J. - JUNE 24, 1997 - Broad National Bancorporation
(NASDAQ:BNBC) (the "Company") today announced that on June 19,
1997, the Board of Directors of the Company authorized the
purchase, through open market transactions, of up to $4,000,000
market value of the Company's common stock. Management was given
discretion to determine the number and pricing of the shares to
be purchased, as well as, the timing of any such purchases. The
Company intends to purchase its shares through Ryan, Beck & Co.
or other broker dealers at prices for the common stock prevailing
from time to time in NASDAQ's National Market.
The repurchased shares will be held in treasury and may be
used by the Company for general corporate purposes including
stock-based employee benefit plans and stock dividends. It is
expected that the stock repurchases will be funded by cash
generated through cash on hand, operations and other sources. At
April 30, 1997, the Company had 4,584,688 common shares
outstanding.
Donald M. Karp, Chairman of the Board of Directors, said
"The Company's purchase of common stock will be carried out in a
manner designed to avoid disrupting the market and may,
therefore, occur over an extended period of time." Purchasing
activities may be discontinued and resumed at any time, as market
conditions warrant.
The Company is the parent holding company of Broad National
Bank, a national banking association organized in 1925 under the
laws of the United States with fifteen branches servicing the New
Jersey counties of Essex, Union, Bergen, Hudson and Middlesex.
The Bank is a full-service commercial bank which offers a broad
range of commercial and retail banking services. As of March 31,
1997, the Company had total consolidated assets of $531.6
million, total deposits of $481.9 million and total shareholders'
equity of $38.9 million.
For additional information contact: James Boyle, Senior Vice
President and Treasurer at (201) 596-2760.