SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 10-Q
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d)
[ X ] OF THE SECURITIES EXCHANGE ACT OF 1934 FOR THE
QUARTERLY PERIOD ENDED MARCH 31, 1997
OR
[ ] TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d)
OF THE SECURITIES EXCHANGE ACT OF 1934 FOR THE
TRANSITION PERIOD FROM ________________ TO
_________________.
Commission file number: 333-22481
POUGHKEEPSIE FINANCIAL CORP.
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(Exact name of registrant as specified in its charter)
Delaware 16-1518711
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(State of incorporation (I.R.S. Employer
or organization) Identification No.)
249 Main Mall
Poughkeepsie, New York 12601
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(Address of principal executive offices) (Zip Code)
(914) 431-6200
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(Registrant's telephone number, including area code)
Indicate by checkmark whether Registrant (a) has filed all reports required to
be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during
the preceding 12 months (or for such shorter period that the Registrant was
required to file such report(s) and (b) has been subject to such filing
requirements for at least 90 days.
YES [ ] NO [X]
Number of shares of Common Stock outstanding as of May 8, 1997: None
The Registrant was formed by Poughkeepsie Savings Bank, FSB in connection with
the proposed reorganization of the Bank as a subsidiary of the Registrant. This
Quarterly Report on Form 10-Q is being filed pursuant to Section 15(d) of the
Securities Exchange Act of 1934.
APPENDIX A
POUGHKEEPSIE FINANCIAL CORP.
STATEMENT OF FINANCIAL CONDITION
(UNAUDITED)
March 31, 1997
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ASSETS:
Total Assets (Note 1) $0
==
LIABILITIES AND STOCKHOLDER'S EQUITY:
Stockholder's Equity:
Preferred Stock, $0.01 par
value, Authorized-2,000,000
shares; Issued and
Outstanding - None $0
Common Stock, $0.01 par
value, Authorized -
40,000,000 shares; Issued and
Outstanding - None 0
Additional Paid in Capital $0
--
Total Stockholder's Equity $0
==
Total Liabilities and
Stockholder's Equity $0
==
POUGHKEEPSIE FINANCIAL CORP.
STATEMENT OF INCOME
(UNAUDITED)
For the period January 1, 1997 to March 31, 1997
Net Income $0
==
POUGHKEEPSIE FINANCIAL CORP.
STATEMENT OF STOCKHOLDER'S EQUITY
(Unaudited)
For the period January 1, 1997 to March 31, 1997
Additional
Common Stock Paid in Capital Total
------------ --------------- -----
Balance at
January 1, 1997 $0 $0 $0
Balance at
March 31, 1997 $0 $0 $0
== == ==
POUGHKEEPSIE FINANCIAL CORP.
STATEMENT OF CASH FLOWS
(Unaudited)
For the period January 1, 1997 to March 31, 1997
Funds were provided by:
Financing Activities:
Funds provided by financing activities $0
==
Funds were used for:
Total funds used $0
==
POUGHKEEPSIE FINANCIAL CORP.
NOTES TO FINANCIAL STATEMENTS
NOTE 1
Incorporation and Organization
Poughkeepsie Financial Corp. (the "Company") was incorporated on January
16, 1997 by Poughkeepsie Savings Bank, FSB (the "Bank") in connection with a
proposed reorganization of the Bank as a subsidiary of the Company.
The Company has not conducted any operations since its incorporation.
PART I FINANCIAL INFORMATION
Item 1: Financial Statements.
See Appendix A attached hereto.
Item 2: Management's Discussion and Analysis
Poughkeepsie Financial Corp. (the "Registrant" or the "Company") was
incorporated on January 16, 1997 by Poughkeepsie Savings Bank, FSB (the "Bank")
in connection with the proposed reorganization of the Bank as a subsidiary of
the Company. The Company was organized by the Bank to accomplish the
reorganization pursuant to which the Company would become the Bank's holding
company. Upon consummation of the reorganization, the Company will become the
owner of all of the issued and outstanding shares of the common stock of the
Bank, and the shares of the Company will be exchanged for shares of outstanding
shares of common stock of the Bank. The Company has not conducted any operations
since its incorporation.
PART II OTHER INFORMATION
Item 1: Legal Proceedings
Not applicable.
Items 2 - 6:
Not applicable.
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.
POUGHKEEPSIE FINANCIAL CORP.
Date: May 13, 1997 By: /s/ Joseph B. Tockarshewsky
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Joseph B. Tockarshewsky, Chairman
of the Board, President and Chief
Executive Officer
(Principal Executive Officer)
By: /s/ Robert J. Hughes
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Robert J. Hughes
Executive Vice President and
Chief Financial Officer