-----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, HLvr+V7sTiZU/Q1YaeaVI29wubn53EItlSOk/WFUbZBm4gSeII/jNvB9tV1Dr9YT Orxw+3BAQ4/XJW4ByqZxUQ== 0000950152-04-000343.txt : 20040120 0000950152-04-000343.hdr.sgml : 20040119 20040120165546 ACCESSION NUMBER: 0000950152-04-000343 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 4 CONFORMED PERIOD OF REPORT: 20040120 ITEM INFORMATION: Regulation FD Disclosure FILED AS OF DATE: 20040120 FILER: COMPANY DATA: COMPANY CONFORMED NAME: CHARTER ONE FINANCIAL INC CENTRAL INDEX KEY: 0000819692 STANDARD INDUSTRIAL CLASSIFICATION: NATIONAL COMMERCIAL BANKS [6021] IRS NUMBER: 341567092 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-15495 FILM NUMBER: 04533061 BUSINESS ADDRESS: STREET 1: 1215 SUPERIOR AVE CITY: CLEVELAND STATE: OH ZIP: 44114 BUSINESS PHONE: 2165665300 MAIL ADDRESS: STREET 1: 1215 SUPERIOR AVENUE STREET 2: 1215 SUPERIOR AVENUE CITY: CLEVELAND STATE: OH ZIP: 44114 8-K 1 l05173ae8vk.htm CHARTER ONE FINANCIAL, INC. 8-K Charter One Financial, Inc. 8-K
Table of Contents



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):   January 20, 2004

CHARTER ONE FINANCIAL, INC.

(Exact name of registrant as specified in its charter)
         
Delaware   001-15495   34-1567092
(State or other jurisdiction of incorporation
or organization)
  (Commission File Number)   (I.R.S. Employer
Identification No.)
         
1215 Superior Avenue,
Cleveland, Ohio
      44114
(Address of principal executive offices)       (Zip Code)

(216) 566-5300
(Registrant’s telephone number, including area code)

NOT APPLICABLE
(Former name or former address, if changed since report)



 


ITEM 9. Regulation FD Disclosure
SIGNATURES
Exhibit 99.1 Press Release


Table of Contents

ITEM 9. Regulation FD Disclosure

On January 20, 2004, the Registrant issued a news release regarding its intention to prepay certain Federal Home Loan Bank advances, as well its outlook on 2004 earnings per share. The news release is attached to this Report as Exhibit 99.1, which is incorporated herein by reference.

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.

       
    CHARTER ONE FINANCIAL, INC.
Date: January 20, 2004   By: /s/ Robert J. Vana

Robert J. Vana
Senior Vice President, Chief
Corporate Counsel and Corporate Secretary

  EX-99.1 3 l05173aexv99w1.htm EXHIBIT 99.1 PRESS RELEASE Exhibit 99.1

 

     Exhibit 99.1

(CHARTER ONE LOGO)

News Release

CONTACT: ELLEN BATKIE (800) 262-6301

 

CHARTER ONE TO ACCELERATE HIGH-COST DEBT; PROVIDES 2004 OUTLOOK

CLEVELAND, Ohio, January 20, 2004 — Charter One Financial, Inc. (NYSE:CF), the holding company of Charter One Bank, N.A., today announced that the Board of Directors has elected to prepay certain FHLB advances scheduled to mature in mid-2005 and early 2006. The prepayment penalty, which will be recognized in the first quarter of 2004, should be substantially recovered through increased earnings in less than 18 months. Not only will this result in an improved operating earnings stream for 2004 and 2005, it will also aid in accelerating the reduction of single-family loan and security exposure and related interest rate risk.

“The success of our retail strategy in the year 2003 gives us even greater confidence that our unbridled commitment to retail banking will continue to enhance both franchise and shareholder value,” commented Charles John Koch, Charter One’s Chairman and Chief Executive Officer. “Having recently concluded our 2004 Business Plan process with these achievements fresh in our mind, the 2004 Plan anticipates:

  An additional 125 banking centers opened throughout our footprint

  Anchored by our larger footprint and with continued strong marketing support, a continuation of our superior growth in deposit-related revenues and noninterest-bearing demand deposits

  Non-residential loan portfolio growth to continue at the same robust pace as 2003

  Further reduction in our combined 1-4 family and mortgage-backed securities portfolios.”

In order to fund these initiatives while still providing acceptable earnings visibility, Charter One determined that acceleration of its 2005/early 2006 FHLB advance portfolio was economically viable at this juncture. Accordingly, during the month of January 2004, the Company intends to prepay $2.25 billion in FHLB advances with a weighted average cost of 6.27%, and incur a projected prepayment penalty of $.45 to $.50 per share. Excluding this charge, Charter One anticipates that it will earn $2.90 to $3.00 per share in 2004 which, given the franchise enhancement and balance sheet initiatives outlined above, provides a solid foundation for future earnings growth. The Company will continue to monitor the economic viability of accelerating

 


 

the remaining portion of its high cost FHLB advance position as the year progresses. That position includes $2.80 billion at a weighted average cost of 5.38% scheduled to mature in 2007 and early 2008.

Koch continued, “With the Company’s strong capital position, we also expect to continue our customary practices with respect to stock repurchases and cash dividend increases.”

Company profile — Charter One has $43 billion in total assets, making it one of the 25 largest bank holding companies in the country. The Bank has nearly 600 banking center locations in Ohio, Michigan, New York, Illinois, Massachusetts, Vermont, Indiana, Connecticut and Pennsylvania. The Company’s diverse product set includes: consumer banking, indirect auto finance, commercial leasing, business lending, commercial real estate lending, mortgage banking, and retail investment products. For additional information, including press releases, investor presentations, committee charters, and reports filed with the SEC, investors are directed to Charter One’s web site: www.charterone.com.

The Company has scheduled a conference call to discuss quarterly and annual results, along with the outlook for 2004, for 10:00 a.m. eastern time on Wednesday, January 21, 2004. To participate in the call, dial (888) 428-4479 and ask for the Charter One 4th quarter earnings call. The call is available on a replay basis until January 28, 2004 by dialing (320) 365-3844, access code 714963. Alternatively, the call will be available through Charter One’s website, both on a live and a replay basis.

Forward-Looking Information
This release contains certain estimates of future operating trends for Charter One Financial, Inc., as well as estimates of financial condition and earnings, operating efficiencies, revenue creation, lending origination, loan sale volumes, charge-offs and loan loss provisions. These estimates constitute forward-looking statements (within the meaning of the Private Securities Litigation Reform Act of 1995), which involve significant risks and uncertainties. Actual results may differ materially from the results discussed in these forward-looking statements. Factors that might cause such a difference include, but are not limited to: (1) revenue growth is lower than expected; (2) competitive pressures among depository institutions increase significantly; (3) changes in the interest rate environment reduce interest margins; (4) deterioration in the credit quality of the Company’s loan portfolio requires higher loss provisions; (5) general economic conditions, either nationally or in the states in which the Company does business, are less favorable than expected; (6) legislation or regulatory changes adversely affect the businesses in which the Company is engaged; and (7) ongoing geopolitical conflicts add unexpected stress on the economy or customer base. Other factors that may affect these statements are identified in previous filings with the Securities and Exchange Commission.

####

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