-----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, To3jgWZXErmfEtjkuARFHis6FbI2QWlRRLNm94ufsD4OVNy0DWn8zq+UzTlQBGrw r0xpszO7YXRNe9y9/7DPMw== 0000904280-98-000161.txt : 19980424 0000904280-98-000161.hdr.sgml : 19980424 ACCESSION NUMBER: 0000904280-98-000161 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 19980421 ITEM INFORMATION: ITEM INFORMATION: FILED AS OF DATE: 19980422 SROS: NASD FILER: COMPANY DATA: COMPANY CONFORMED NAME: CFSB BANCORP INC CENTRAL INDEX KEY: 0000859083 STANDARD INDUSTRIAL CLASSIFICATION: SAVINGS INSTITUTION, FEDERALLY CHARTERED [6035] IRS NUMBER: 382920051 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: SEC FILE NUMBER: 000-18609 FILM NUMBER: 98598850 BUSINESS ADDRESS: STREET 1: 112 E ALLEGAN ST CITY: LANSING STATE: MI ZIP: 48933 BUSINESS PHONE: 5174834871 8-K 1 SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 8-K Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 Date of Report (Date of earliest event reported): April 21, 1998 CFSB BANCORP, INC. (Exact name of registrant as specified in its charter) Delaware 0-18609 38-2920051 (State or other jurisdiction (Commission (I.R.S. Employer of incorporation) File Number) Identification No.) 112 East Allegan Street, Lansing, Michigan 48933 (Address of principal executive offices) (Zip Code) Registrant's telephone number, including area code: (517) 371-2911 Not Applicable (Former name or former address, if changed since last report) Item 5. Other Events - --------------------- On April 21, 1998, the registrant's Board of Directors authorized the extension of the 1997 stock repurchase program pursuant to which the registrant may repurchase up to 387,750 shares of the registrant's common stock, which represented approximately 5 percent of registrant's outstanding common stock. The timing of the repurchases and the exact number of shares to be purchased will be dependent on future market conditions. The Board of Directors approved the 1997 repurchase program in April 1997 authorizing the Corporation to repurchase 387,750 shares of common stock. As of April 15, 1998, the Corporation had repurchased 308,590 shares of common stock under the April 1997 program. Extension of the April 1997 program until April 1999 will allow the Corporation an opportunity to repurchase the remaining 79,160 shares of common stock authorized under the stock repurchase program. For information regarding the repurchase program, reference is made to the registrant's press release dated April 22, 1998, which is attached hereto as Exhibit 28.1 and incorporated herein by reference. Item 7. Financial Statement, Pro Forma Financial Information and Exhibits - ----------------------------------------------------------------- Exhibit 99.1 - Press Release dated April 22, 1998. CFSB Bancorp, Inc. 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. CFSB Bancorp, Inc. (Registrant) Date: April 22, 1998 By: /s/ Robert H. Becker ------------------------ Robert H. Becker President and Chief Executive Officer EX-99.1 2 CFSB BANCORP, INC. CONTACT: Robert H. Becker President & CEO 517-374-3588 OR: John W. Abbott Executive Vice President & COO 517-483-4871 FOR IMMEDIATE RELEASE -- APRIL 22, 1998 - --------------------------------------- CFSB BANCORP, INC. EXTENDS STOCK REPURCHASE PROGRAM Lansing, Michigan -- CFSB Bancorp, Inc., (NASDAQ-NMS: CFSB) holding company for Community First Bank, announced today it is extending the stock repurchase program authorized in April 1997 to acquire up to 387,750 shares of the Corporation's common stock, which represents approximately 5 percent of the outstanding common shares. Of the 387,750 shares of common stock authorized for repurchase, 308,590 shares have been repurchased under the program authorized in April 1997. Extending the program until April 1999 will allow the Corporation an opportunity to repurchase the remaining 79,160 shares under the 1997 program. These repurchases will be dependent upon market conditions and there is no guarantee as to the exact number of shares to be repurchased by the Corporation. Robert H. Becker, President and Chief Executive Officer, stated the Board of Directors has authorized extending the repurchase program, which is expected to be completed by April 1999, subject to market conditions. Mr. Becker explained the Board of Directors considers the Corporation's common stock to be an attractive investment. In addition, the repurchase program is designed to offset the future dilution incurred in connection with the administration of the Corporation's stock option plans and the possible issuance of stock dividends. It is expected a reduction in the amount of the Corporation's outstanding stock would have the effect of increasing the Corporation's per share earnings and represent a continuing benefit to remaining stockholders. According to Mr. Becker, the repurchases generally would be effected through open market purchases, although he did not rule out the possibility of unsolicited negotiated transactions or other types of repurchases. Community First Bank specializes in residential mortgage lending and retail banking services. With headquarters in Lansing, Michigan, the Bank serves mid-Michigan from 17 Banking Centers. Total assets of CFSB Bancorp at March 31, 1998 were $846 million and stockholders' equity, all tangible, was $65 million. ### -----END PRIVACY-ENHANCED MESSAGE-----