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


			  JULY 16, 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 10 Pages.
		 Exhibit Index appears on page 2.
<PAGE>
ITEM 5.   OTHER EVENTS

     On July 15, 1997, Commonwealth Bancorp. Inc. (the "Company"), reported
net  income  of $3.7 million for the second quarter of 1997 compared to net
income of $3.2  million  for the second quarter of 1996. For the six months
ended June 30, 1997, net income  was $8.4 million, compared to $5.8 million
for  the  six  months ended June 30,  1996.   For  additional  information,
reference is made  to  the  Press  Release,  dated July 15, 1997, which are
attached hereto as Exhibits 99 and is 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       Press Release, dated July 15, 1997


				  2

<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:  July 16, 1997     By:  /S/ CHARLES M. JOHNSTON

			      Charles M. Johnston
			      Chief Financial Officer



				  3
[{"type": "8-K", "sequence": "1", "description": "FORM 8-K", "secsgml_size_bytes": 2430}]
{"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": "97641553"}, "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

			  JULY 16, 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 10 Pages.
		 Exhibit Index appears on page 2.
ITEM 5.   OTHER EVENTS

     On July 15, 1997, Commonwealth Bancorp. Inc. (the "Company"), reported
net  income  of $3.7 million for the second quarter of 1997 compared to net
income of $3.2  million  for the second quarter of 1996. For the six months
ended June 30, 1997, net income  was $8.4 million, compared to $5.8 million
for  the  six  months ended June 30,  1996.   For  additional  information,
reference is made  to  the  Press  Release,  dated July 15, 1997, which are
attached hereto as Exhibits 99 and is 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       Press Release, dated July 15, 1997

				  2
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:  July 16, 1997     By:  /S/ CHARLES M. JOHNSTON

			      Charles M. Johnston
			      Chief Financial Officer

				  3