-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, BJa6KSn/kb+ycTPYpLihYBLH45QGYBc0ChKFVSVt0Qpy30QRGlrfe5SgCZRjzauG ZaLcYdOtvj3IFVkn3Wi1Fg== 0000009626-96-000015.txt : 19960620 0000009626-96-000015.hdr.sgml : 19960620 ACCESSION NUMBER: 0000009626-96-000015 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 3 CONFORMED PERIOD OF REPORT: 19960617 ITEM INFORMATION: Other events FILED AS OF DATE: 19960619 SROS: NYSE FILER: COMPANY DATA: COMPANY CONFORMED NAME: BANK OF NEW YORK CO INC CENTRAL INDEX KEY: 0000009626 STANDARD INDUSTRIAL CLASSIFICATION: STATE COMMERCIAL BANKS [6022] IRS NUMBER: 132614959 STATE OF INCORPORATION: NY FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-06152 FILM NUMBER: 96583128 BUSINESS ADDRESS: STREET 1: 48 WALL ST 15TH FL CITY: NEW YORK STATE: NY ZIP: 10296 BUSINESS PHONE: 2124951784 8-K 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): June 17, 1996 THE BANK OF NEW YORK COMPANY, INC. ---------------------------------- (exact name of registrant as specified in its charter) NEW YORK -------- (State or other jurisdiction of incorporation) 1-6152 13-2614959 ------ ---------- (Commission file number) (I.R.S. employer identification number) 48 Wall Street, New York, NY 10286 ---------------------------- ----- (Address of principal executive office) (Zip code) (212) 495 - 1784 - ---------------- (Registrant's telephone number, including area code) 2 ITEM 5. Other Events ------------ 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. 3 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. Dated: June 19, 1996 THE BANK OF NEW YORK COMPANY, INC. (Registrant) By: \s\ Robert E. Keilman --------------------- Name: Robert E. Keilman Title: Comptroller 4 EXHIBIT INDEX - --------------- 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. EX-99 2 EXHIBIT 99(a) THE BANK OF NEW YORK COMPANY, INC. NEWS - ------------------------------------------------------------ 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- 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. ******************** EX-99 3 EXHIBIT 99(b) THE BANK OF NEW YORK COMPANY, INC. NEWS - ------------------------------------------------------------ 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. * * * * * -----END PRIVACY-ENHANCED MESSAGE-----