0001144204-13-020513.txt : 20130408 0001144204-13-020513.hdr.sgml : 20130408 20130408092955 ACCESSION NUMBER: 0001144204-13-020513 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20130408 ITEM INFORMATION: Other Events ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20130408 DATE AS OF CHANGE: 20130408 FILER: COMPANY DATA: COMPANY CONFORMED NAME: MUTUALFIRST FINANCIAL INC CENTRAL INDEX KEY: 0001094810 STANDARD INDUSTRIAL CLASSIFICATION: STATE COMMERCIAL BANKS [6022] IRS NUMBER: 371392810 STATE OF INCORPORATION: MD FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 000-27905 FILM NUMBER: 13747482 BUSINESS ADDRESS: STREET 1: 110 E CHARLES STREET CITY: MUNCIE STATE: IN ZIP: 47305 BUSINESS PHONE: 7657472800 MAIL ADDRESS: STREET 1: 110 E CHARLES STREET CITY: MUNCIE STATE: IN ZIP: 47305 FORMER COMPANY: FORMER CONFORMED NAME: MFS FINANCIAL INC DATE OF NAME CHANGE: 19990910 8-K 1 v340653_8k.htm FORM 8-K

 

UNITED STATES

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

 

Date of Report (Date of earliest event reported)    April 8, 2013        

 

MUTUALFIRST FINANCIAL, INC.
(Exact name of registrant as specified in its charter)

 

 

Maryland   000-27905   35-2085640

(State or other jurisdiction

of incorporation)

   (Commission File No.)  

(IRS Employer

Identification No.)

 


 

110 E. Charles Street, Muncie, Indiana   47305-2419
(Address of principal executive offices)   (Zip Code)

 

 

Registrant's telephone number, including area code: (765) 747-2800
 

 

 

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:

 

 ¨ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
 ¨ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
 ¨ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
 ¨ 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 April 8, 2013, the Registrant issued a press release announcing that it has redeemed 7,231 shares of the Company’s Senior Non-Cumulative Perpetual Preferred Stock, Series A, which was issued to the Secretary of the Treasury as part of the Registrant’s participation in the Small Business Lending Fund program (the “SBLF Preferred Stock”). The total redemption price of $7.2 million consisted of the $1,000 liquidation value per share plus accrued dividends through April 7, 2013. There are still 21,692 shares of the SBLF Preferred Stock outstanding. Both the Registrant and its subsidiary, MutualBank, remained well-capitalized under applicable regulatory guidelines after this partial redemption of the SBLF Preferred Stock. A copy of the press release is attached as Exhibit 99.1 to this Form 8-K and is incorporated herein by reference.

 

Item 9.01.  Financial Statements and Exhibits

 

(d)Exhibits

 

99.1Press Release dated April 8, 2013

 

 

 
 

 

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.

 

  MUTUALFIRST FINANCIAL, INC.
     
     
Date: By: /s/ David W. Heeter
April 8, 2013   David W. Heeter

 

 

 
 

 

EXHIBIT INDEX

 

 

Exhibit No.   Description
     
99.1   Press Release dated April 8, 2013

 

 

 

 EX-99.1 2 v340653_ex99-1.htm EXHIBIT 99.1

MutualFirst Financial Inc. Announces Partial Redemption of SBLF Preferred Shares

MUNCIE, Ind., April 8, 2013 /PRNewswire/ -- MutualFirst Financial Inc., the holding company of MutualBank, announced today that the Company has redeemed 7,231 shares, or 25%, of the preferred stock that the Company issued to the Secretary of the Treasury ("Secretary") under the Small Business Lending Fund program ("SBLF"). The shares were redeemed at their liquidation value of $1,000 per share plus accrued dividends for a total of $7,238,030.14.

The redemption was approved by the Company's primary regulator and was funded with a dividend from MutualBank. After this partial redemption, the Company and MutualBank continued to have capital significantly in excess of minimum regulatory requirements and at levels necessary to be deemed well-capitalized under applicable regulatory standards.

"We were pleased to have been approved by Treasury to participate in the SBLF," stated David W. Heeter, President and Chief Executive Officer of the Company. Mr. Heeter added, "Our participation in the SBLF was advantageous to the Company, particularly as we emerged from the recession with improved earnings and asset quality in 2012. This redemption does not reflect any change in our commitment to small business lending in our market areas."

"This partial redemption of our SBLF preferred shares is an important part of the Company's long-term capital strategy and will reduce our annual SBLF dividends by $361,500 (based on the current 5% dividend rate), thereby increasing fully diluted EPS by $0.05 per share on an annual basis," stated Chris Cook, Senior Vice President and Chief Financial Officer.

Dividends on the remaining 21,692 shares of SBLF preferred stock are currently 5%. The dividend rate may increase to 7% in 2014. Mr. Heeter stated, "Our board of directors will review the Company's capital levels annually to consider when additional SBLF redemptions are warranted." All future SBLF redemptions are subject to the approval of the Company's primary regulator.

MutualBank, an Indiana-based financial institution, has thirty-one full-service retail financial centers in Delaware, Elkhart, Grant, Kosciusko, Randolph, St. Joseph and Wabash Counties in Indiana. MutualBank also has two Wealth Management and Trust offices located in Carmel and Crawfordsville, Indiana and a loan origination office in New Buffalo, Michigan. MutualBank is a leading residential lender in each of the market areas it serves and provides a full range of financial services including business banking, wealth management and trust services and Internet banking services. The Company's stock is traded on the NASDAQ National Market under the symbol "MFSF" and can be found on the internet at www.bankwithmutual.com.

Statements contained in this release, which are not historical facts, are forward-looking statements, as that term is defined in the Private Securities Reform Act of 1995. Such forward-looking statements are subject to risks and uncertainties, which could cause actual results to differ from those currently anticipated due to a number of factors, which include, but are not limited to factors discussed in documents filed by the Company with the Securities and Exchange Commission from time to time.



CONTACT: David W. Heeter, President and Chief Financial Officer of the Company - +1-765-747-2880; Chris Cook, Senior Vice President, Treasurer and Chief Financial Officer - +1-765-747-2945