-----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, CRM7SqF6TeXUm8f4x9C8RtOpKgSdOYvczQocn5p2WvX+MAKzdLZaHsGWgwck9TBF 18n641mnYXrSHftmTiujGg== 0001144204-08-051953.txt : 20080909 0001144204-08-051953.hdr.sgml : 20080909 20080909172641 ACCESSION NUMBER: 0001144204-08-051953 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 1 CONFORMED PERIOD OF REPORT: 20080909 ITEM INFORMATION: Other Events FILED AS OF DATE: 20080909 DATE AS OF CHANGE: 20080909 FILER: COMPANY DATA: COMPANY CONFORMED NAME: NORTH CENTRAL BANCSHARES INC CENTRAL INDEX KEY: 0001005188 STANDARD INDUSTRIAL CLASSIFICATION: SAVINGS INSTITUTION, FEDERALLY CHARTERED [6035] IRS NUMBER: 421449849 STATE OF INCORPORATION: IA FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 000-27672 FILM NUMBER: 081063574 BUSINESS ADDRESS: STREET 1: 825 CENTRAL AVE STREET 2: C/O FIRST FED SAVINGS BANK OF FT DODGE CITY: FORT DODGE STATE: IA ZIP: 50501 BUSINESS PHONE: 5155767531 MAIL ADDRESS: STREET 1: 825 CENTRAL AVENUE CITY: FORT DODGE STATE: IA ZIP: 50501 8-K 1 v125974_8-k.htm
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, DC 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): September 9, 2008

NORTH CENTRAL BANCSHARES, INC.
(Exact name of registrant as specified in its charter)

Iowa
0-27672
42-1449849
(State of incorporation)
Commission File No.
(I.R.S. Employer Identification No.)

825 Central Avenue
Fort Dodge, Iowa 50501
(Address of principal executive offices) (Zip Code)

Registrant’s telephone number, including area code: (515) 576-7531
 
Not applicable
(Former name or former address, if changed since last report.)


Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):
 
o
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
 
o
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
 
o
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
 
o
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
 
 
 
 

Item 8.01 Other Events. 
 
On September 7, 2008, the U.S. Treasury, the Federal Reserve and the Federal Housing Finance Agency (FHFA) announced that the FHFA was putting Fannie Mae and Freddie Mac under conservatorship, eliminating dividend payments on Fannie Mae and Freddie Mac common and preferred stock and giving management control to their regulator, the FHFA. The U.S. government’s actions will adversely impact the value of the investments by North Central Bancshares, Inc. (the “Company”) in perpetual preferred stock of Fannie Mae and Freddie Mac
 
As of June 30, 2008, the Company held five securities of perpetual preferred stock, issued by Fannie Mae and Freddie Mac, with an aggregate fair market value of $4,157,000 (after a non cash other-than-temporary impairment charge of $1,665,000 in the second quarter of 2008). The estimated fair market value of these available-for-sale securities has declined significantly from June 30, 2008. It is unclear when and if the value of the investments will improve. Given the above developments, the Company expects to record a non-cash other-than-temporary impairment charge on these securities for the quarter ending September 30, 2008. The Company also expects that based on its analysis of its deferred federal income tax position on June 30, 2008, it will not receive a tax benefit to materially offset any other-than-temporary impairment loss recorded for the period ending September 30, 2008. The estimated fair market value of these securities as of September 8, 2008 was $479,000. The Company expects to remain “well-capitalized” under regulatory standards.
 

 
 
 
 
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 hereunto duly authorized.
 
 
NORTH CENTRAL BANCSHARES, INC.
 
 
 
 
 
 
Date: September 9, 2008
By:
/s/ David M. Bradley
  
 
 
David M. Bradley
 
 
Chairman, President and Chief Executive Officer




 
 
 
 
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