SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20552
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of
the Securities Exchange Act of 1934
October 27, 2003
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Date of Report (Date of earliest event reported)
ADVANCE FINANCIAL BANCORP
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(Exact name of Registrant as specified in its Charter)
Delaware 0- 21885 55-0753533
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(State or other jurisdiction (File No.) (IRS Employer
of incorporation) Identification Number)
1015 Commerce Street, Wellsburg, West Virginia 26070
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(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code: (304) 737-3531
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Not Applicable
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(Former name or former address, if changed since last Report)
ADVANCE FINANCIAL BANCORP
INFORMATION TO BE INCLUDED IN REPORT
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ITEM 5. OTHER EVENTS
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On October 27, 2003, the Registrant announced that its Board of
Directors had declared a three-for-two stock split, in the form of a 50% stock
dividend, on the Company's outstanding common stock, payable on November 30,
2003, to stockholders of record as of November 10, 2003.
For further details, reference is made to the Press Release dated
October 27, 2003, which is attached hereto as Exhibit 99 and incorporated herein
by this reference.
ITEM 7. FINANCIAL STATEMENTS, PRO FORMA FINANCIAL INFORMATION
AND EXHIBITS
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Exhibit
Number Description
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99 Press Release dated October 27, 2003
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.
ADVANCE FINANCIAL BANCORP
Date: October 28, 2003 By: /s/ Stephen M. Gagliardi
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Stephen M. Gagliardi
President and Chief Executive Officer
EXHIBIT 99
PRESS RELEASE
FOR IMMEDIATE RELEASE FOR FURTHER INFORMATION CONTACT:
October 27, 2003 Stephen M. Gagliardi
(304) 737-3531
ADVANCE FINANCIAL BANCORP ANNOUNCES STOCK SPLIT
Wellsburg, West Virginia-- Advance Financial Bancorp (Nasdaq SmallCap
Market - AFBC), parent holding company of Advance Financial Savings Bank,
Wellsburg, West Virginia, today announced that the Company's Board of Directors
had declared a stock split in the form of a 50% stock dividend. The stock
dividend is payable on November 30, 2003, to stockholders of record as of
November 10, 2003.
Stephen M. Gagliardi, President of the Company, stated that the Board
of Directors "was very pleased to declare this dividend as another method to
increase shareholder value in the Company and also increase the liquidity of the
stock. As a result of the Board's action today, the outstanding shares of the
Company's common stock will increase by approximately 466,142 shares, from
932,285 shares outstanding to 1,398,427 shares outstanding."
Advance Financial Savings Bank operates from its main office in
Wellsburg, West Virginia and four full-service branch offices in Follansbee,
West Virginia and Wintersville, Bridgeport and Shadyside, Ohio. The Bank's
deposits are insured up to the maximum legal amount by the Federal Deposit
Insurance Corporation (FDIC).
This release may contain forward-looking statements. We caution that
such statements may be subject to a number of uncertainties and actual results
could differ materially and, therefore, readers should not place undue reliance
on any forward-looking statements. Advance Financial Bancorp does not undertake,
and specifically disclaims, any obligation to publicly release the results of
any revisions that may be made to any forward-looking statements to reflect the
occurrence of anticipated or unanticipated events or circumstances after the
date of such statements.