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

                          JUNE 17, 1997

                 (Date of earliest event reported)
                    
                    Commonwealth Bancorp, Inc.
          
          (Exact name of registrant as specified in its charter)

PENNSYLVANIA                          0-27942                     23-2828883
(State or other jurisdiction   (Commission File Number)        (IRS Employer
of incorporation)                                          Identification No.)

2 WEST LAFAYETTE STREET, NORRISTOWN, PENNSYLVANIA                      19401
(Address of principal executive offices)                            (Zip Code)

                         (610) 251-1600
          (Registrant's telephone number, including area code)

                         NOT APPLICABLE
          (Former name, former address and former fiscal year, 
                    if changed since last report)





                        Page 1 of 5 Pages.
                 Exhibit Index appears on page 2.
<PAGE>
ITEM 5.   OTHER EVENTS

     On   June  17,  1997,  Commonwealth  Bancorp.  Inc.  (the  "Company"),
announced that  the  Company's Board of Directors authorized the repurchase
of up to 0.9 million shares, or approximately 5 percent, of its outstanding
common stock.  The Company  also  announced on June 17, 1997 that the Board
of Directors has declared a cash dividend  of  $0.07  per  share  of common
stock  payable  on July 11, 1997 to shareholders of record at the close  of
business on June  27,  1997.  For additional information, reference is made
to the Press Releases, dated  June  17,  1997, which are attached hereto as
Exhibits 99.1 and 99.2 and are incorporated herein by reference.

ITEM 7.   FINANCIAL STATEMENTS, PRO FORMA FINANCIAL INFORMATION AND EXHIBITS

     (a)  Financial Statements.

          Not Applicable.

     (b)  Pro Forma Financial Information.

          Not Applicable

     (c)  Exhibits:

           99.1     Press Release, dated June 17, 1997
           99.2     Press Release, dated June 17, 1997
<PAGE>

                            
                            
                            
                            
                            
                            
                            
                            
                            
                            
                            
                            
                            
                            
                            
                            
                            
                            
                            
                            
                            
                            
                            
                            
                            
                            
                            
                            
                            
                            
                            
                            
                            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.

                         COMMONWEALTH BANCORP, INC.



Date:  June 18, 1997     By:  /S/ CHARLES M. JOHNSTON
                              Charles M. Johnston
                              Chief Financial Officer
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{"company-data": {"conformed-name": "COMMONWEALTH BANCORP INC", "cik": "0001005126", "assigned-sic": "6035", "state-of-incorporation": "PA", "fiscal-year-end": "1231"}, "filing-values": {"form-type": "8-K", "act": "34", "file-number": "000-27942", "film-number": "97625657"}, "business-address": {"street1": "P O BOX 2100", "street2": "70 VALLEY STREAM PARKWAY", "city": "VALLEY FORGE", "state": "PA", "zip": "19482", "phone": "6102511600"}, "mail-address": {"street1": "P O BOX 2100", "street2": "70 VALLEY STREAM PARKWAY", "city": "VALLEY FORGE", "state": "PA", "zip": "19482"}}
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

                          JUNE 17, 1997

                 (Date of earliest event reported)
                    
                    Commonwealth Bancorp, Inc.
          
          (Exact name of registrant as specified in its charter)

PENNSYLVANIA                          0-27942                     23-2828883
(State or other jurisdiction   (Commission File Number)        (IRS Employer
of incorporation)                                          Identification No.)

2 WEST LAFAYETTE STREET, NORRISTOWN, PENNSYLVANIA                      19401
(Address of principal executive offices)                            (Zip Code)

                         (610) 251-1600
          (Registrant's telephone number, including area code)

                         NOT APPLICABLE
          (Former name, former address and former fiscal year, 
                    if changed since last report)

                        Page 1 of 5 Pages.
                 Exhibit Index appears on page 2.
ITEM 5.   OTHER EVENTS

     On   June  17,  1997,  Commonwealth  Bancorp.  Inc.  (the  "Company"),
announced that  the  Company's Board of Directors authorized the repurchase
of up to 0.9 million shares, or approximately 5 percent, of its outstanding
common stock.  The Company  also  announced on June 17, 1997 that the Board
of Directors has declared a cash dividend  of  $0.07  per  share  of common
stock  payable  on July 11, 1997 to shareholders of record at the close  of
business on June  27,  1997.  For additional information, reference is made
to the Press Releases, dated  June  17,  1997, which are attached hereto as
Exhibits 99.1 and 99.2 and are incorporated herein by reference.

ITEM 7.   FINANCIAL STATEMENTS, PRO FORMA FINANCIAL INFORMATION AND EXHIBITS

     (a)  Financial Statements.

          Not Applicable.

     (b)  Pro Forma Financial Information.

          Not Applicable

     (c)  Exhibits:

           99.1     Press Release, dated June 17, 1997
           99.2     Press Release, dated June 17, 1997
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.

                         COMMONWEALTH BANCORP, INC.

Date:  June 18, 1997     By:  /S/ CHARLES M. JOHNSTON
                              Charles M. Johnston
                              Chief Financial Officer