-----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, VpFWSpivl/gQs8aBWbtrJIVjFIMc9kiU5/VQDw41L2T4gZMbINpHz45Qkk4Qrg11 AsA+EIrpy5yjVZ15QS/Hwg== 0001058438-07-000110.txt : 20071121 0001058438-07-000110.hdr.sgml : 20071121 20071121132151 ACCESSION NUMBER: 0001058438-07-000110 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 1 CONFORMED PERIOD OF REPORT: 20071121 ITEM INFORMATION: Other Events FILED AS OF DATE: 20071121 DATE AS OF CHANGE: 20071121 FILER: COMPANY DATA: COMPANY CONFORMED NAME: CFS BANCORP INC CENTRAL INDEX KEY: 0001058438 STANDARD INDUSTRIAL CLASSIFICATION: SAVINGS INSTITUTION, FEDERALLY CHARTERED [6035] IRS NUMBER: 332042093 STATE OF INCORPORATION: IN FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 000-24611 FILM NUMBER: 071262498 BUSINESS ADDRESS: STREET 1: 707 RIDGE ROAD CITY: MUNSTER STATE: IN ZIP: 46321 BUSINESS PHONE: 2198365500 MAIL ADDRESS: STREET 1: 707 RIDGE ROAD CITY: MUNSTER STATE: IN ZIP: 46321 8-K 1 cfsbancorpincform8-k_112107.htm CFS BANCORP, INC. FORM 8-K 11-21-07 cfsbancorpincform8-k_112107.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)  November 16, 2007

CFS BANCORP, INC.
(Exact Name of Registrant as Specified in Its Charter)
 
INDIANA
(State or Other Jurisdiction of Incorporation)

000-24611
35-2042093
(Commission File Number)
(IRS Employer Identification No.)


707 Ridge Road, Munster, Indiana
46321
(Address of Principal Executive Offices)
(Zip Code)

(219) 836-5500
(Registrant’s Telephone Number, Including Area Code)
 
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

CFS Bancorp Inc.’s wholly-owned subsidiary, Citizens Financial Bank (the “Bank”), sold certain loans totaling $12.8 million to three separate third-parties for $8.5 million.  The loans had previously identified impairment reserves totaling $4.0 million which reduced the allowance for losses on loans.  The Bank recorded an additional charge of $225,000 to the allowance for losses on loans related to these sales.  Of the six loans sold, three were non-performing loans totaling $9.1 million.  The sale of the loans reflects the termination of a large loan relationship consisting of five loans ($10.7 million), the largest of which was collateralized by a hotel and had been non-performing since 2004.

ITEM 9.01      Financial Statements and Exhibits

 
(a)
Not applicable.
 
(b)
Not applicable.
 
(c)
Not applicable.








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.

   
CFS BANCORP, INC.
     
     
     
Date: November 21, 2007
By:
/s/ Joyce M. Fabisiak
   
Joyce M. Fabisiak
   
Vice-President
     




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