Commonwealth Bancorp, Inc. Completes Common Stock Repurchase and Announces New Repurchase Program

Apr 23, 2001, 01:00 ET from Commonwealth Bancorp, Inc.

    NORRISTOWN, Pa., April 23 /PRNewswire Interactive News Release/ --
 Commonwealth Bancorp, Inc. (Nasdaq:   CMSB) announced today that it has
 completed its previously announced program to repurchase 550,000 shares of its
 outstanding common stock.  The repurchased shares will be held as treasury
 stock and will be available for general corporate purposes and/or issuance
 pursuant to the Company's stock benefit plans.
     With the completion of this program, the Company has purchased a total of
 7.2 million of its common shares since the beginning of 1997, representing an
 investment of $127 million.  The repurchases have been an important part of
 the Company's capital management strategy, which is directed towards achieving
 a capital structure appropriate for Commonwealth's businesses, while improving
 return on shareholders' equity.
     The Company also announced today that its Board of Directors has
 authorized a new program to repurchase up to 500,000 shares, or approximately
 5 percent, of its outstanding common stock.  Repurchases under this new
 program are authorized to be made from time to time in open market
 transactions as, in the opinion of management, market conditions warrant.  The
 repurchased shares will be held as treasury stock and will be available for
 general corporate purposes and/or issuance pursuant to the Company's stock
 benefit plans.
     Commonwealth Bancorp, Inc., with consolidated assets of $1.8 billion, is
 the holding company for Commonwealth Bank, which has 60 branches throughout
 southeast Pennsylvania.
 
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SOURCE Commonwealth Bancorp, Inc.
    NORRISTOWN, Pa., April 23 /PRNewswire Interactive News Release/ --
 Commonwealth Bancorp, Inc. (Nasdaq:   CMSB) announced today that it has
 completed its previously announced program to repurchase 550,000 shares of its
 outstanding common stock.  The repurchased shares will be held as treasury
 stock and will be available for general corporate purposes and/or issuance
 pursuant to the Company's stock benefit plans.
     With the completion of this program, the Company has purchased a total of
 7.2 million of its common shares since the beginning of 1997, representing an
 investment of $127 million.  The repurchases have been an important part of
 the Company's capital management strategy, which is directed towards achieving
 a capital structure appropriate for Commonwealth's businesses, while improving
 return on shareholders' equity.
     The Company also announced today that its Board of Directors has
 authorized a new program to repurchase up to 500,000 shares, or approximately
 5 percent, of its outstanding common stock.  Repurchases under this new
 program are authorized to be made from time to time in open market
 transactions as, in the opinion of management, market conditions warrant.  The
 repurchased shares will be held as treasury stock and will be available for
 general corporate purposes and/or issuance pursuant to the Company's stock
 benefit plans.
     Commonwealth Bancorp, Inc., with consolidated assets of $1.8 billion, is
 the holding company for Commonwealth Bank, which has 60 branches throughout
 southeast Pennsylvania.
 
                     MAKE YOUR OPINION COUNT -  Click Here
                http://tbutton.prnewswire.com/prn/11690X72946925
 
 SOURCE  Commonwealth Bancorp, Inc.