-----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, F8NSJ6WT306hHrwG1bIFPgJs/faeXXXeFkIZ1pTITYQ9p0qB1UxfHiOvuj8KTFma +hqrsRuJi1v3iAH+756ulQ== 0000950124-97-001056.txt : 19970222 0000950124-97-001056.hdr.sgml : 19970222 ACCESSION NUMBER: 0000950124-97-001056 CONFORMED SUBMISSION TYPE: 11-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 19960831 FILED AS OF DATE: 19970219 SROS: NASD FILER: COMPANY DATA: COMPANY CONFORMED NAME: CITFED BANCORP INC CENTRAL INDEX KEY: 0000872441 STANDARD INDUSTRIAL CLASSIFICATION: SAVINGS INSTITUTION, FEDERALLY CHARTERED [6035] IRS NUMBER: 311332674 STATE OF INCORPORATION: DE FISCAL YEAR END: 0331 FILING VALUES: FORM TYPE: 11-K SEC ACT: 1934 Act SEC FILE NUMBER: 000-19611 FILM NUMBER: 97538593 BUSINESS ADDRESS: STREET 1: ONE CITIZENS FEDERAL CENTRE CITY: DAYTON STATE: OH ZIP: 45402 BUSINESS PHONE: 5132234234 MAIL ADDRESS: STREET 1: ONE CITIZENS FEDERAL CENTRE CITY: DAYTON STATE: OH ZIP: 45402 11-K 1 FORM 11-K 1 SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 11-K (Mark One) [X] ANNUAL REPORT PURSUANT TO SECTION 15 (d) OF THE SECURITIES EXCHANGE ACT OF 1934 [FEE REQUIRED] For the fiscal year ended August 31, 1996 OR [ ] TRANSITION REPORT PURSUANT TO SECTION 15 (D) OF THE SECURITIES EXCHANGE ACT OF 1934 [NO FEE REQUIRED] For the transition period from ______________________to______________________ Commission file number: 0-19611 A. Full title of the plan and the address of the plan, if different from that of the issuer named below: Citizens Federal Bank, F.S.B. and Related Companies Savings and Investment 401(k) Plan B. Name of issuer of the securities held pursuant to the plan and the address of its principal executive office: CitFed Bancorp, Inc. One Citizens Federal Centre Dayton, Ohio 45402 2 REQUIRED INFORMATION The financial statements filed as a part of the annual report of the plan include: 1. Audited statements of net assets available for benefits as filed under the Employee Retirement Income Security Act of 1974, as amended ("ERISA"); 2. Audited statements of changes in net assets available for benefits as filed under ERISA. 3 SAVINGS AND INVESTMENT 401(k) PLAN OF CITIZENS FEDERAL BANK, F.S.B. AND RELATED COMPANIES FINANCIAL STATEMENTS AS OF AUGUST 31, 1996 AND 1995 AND FOR THE THREE YEARS IN THE PERIOD ENDED AUGUST 31, 1996 AND SUPPLEMENTAL SCHEDULES AS OF AUGUST 31, 1996 AND INDEPENDENT AUDITORS' REPORT 4 SAVINGS AND INVESTMENT 401(k) PLAN OF CITIZENS FEDERAL BANK, F.S.B. AND RELATED COMPANIES TABLE OF CONTENTS - --------------------------------------------------------------------------------
PAGE INDEPENDENT AUDITORS' REPORT 1 FINANCIAL STATEMENTS: Statements of Net Assets Available for Benefits Including Supplemental Information by Fund - August 31, 1996 and 1995 2-3 Statements of Changes in Net Assets Available for Benefits Including Supplemental Information by Fund - Years Ended August 31, 1996, 1995 and 1994 4-6 Notes to Financial Statements 7-9 SUPPLEMENTAL SCHEDULES AS OF AND FOR THE YEAR ENDED AUGUST 31, 1996: Item 27a - Schedule of Assets Held for Investment Purposes 10 Item 27d - Schedule of Reportable Transactions - Series in Excess of Five Percent of Net Assets 11
5 [DELOITTE & TOUCHE LLP LETTERHEAD] INDEPENDENT AUDITORS' REPORT To the Trustees and Participants of the Savings and Investment 401(k) Plan of Citizens Federal Bank, F.S.B. and Related Companies: We have audited the accompanying financial statements of the Savings and Investment 401(k) Plan of Citizens Federal Bank, F.S.B. and Related Companies ("Plan") as of August 31, 1996 and 1995 and for each of the three years in the period ended August 31, 1996, listed in the table of contents. These financial statements are the responsibility of the Plan's management. Our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits in accordance with generally accepted auditing standards. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion. In our opinion, such financial statements present fairly, in all material respects, the net assets available for benefits of the Plan as of August 31, 1996 and 1995, and the changes in net assets available for benefits for each of the three years in the period ended August 31, 1996 in conformity with generally accepted accounting principles. Our audits were conducted for the purpose of forming an opinion on the basic financial statements taken as a whole. The supplemental information by fund is presented for the purpose of additional analysis of the financial statements rather than to present information regarding the net assets available for benefits and changes in net assets available for benefits of the individual funds. The supplemental information is the responsibility of the Plan's management. The accompanying supplemental schedules listed in the table of contents are presented for purposes of additional analysis and are not a required part of the basic financial statements, but are supplementary information required by the Department of Labor's Rules and Regulations for Reporting and Disclosure under the Employee Retirement Income Security Act of 1974. These schedules are the responsibility of the Plan's management. Such supplemental information by fund and the supplemental schedules have been subjected to the auditing procedures applied in the audit of the basic 1996 financial statements and, in our opinion, are fairly stated in all material respects when considered in relation to the basic financial statements taken as a whole. Deloitte & Touche LLP January 17, 1997 Dayton, Ohio 6 SAVINGS AND INVESTMENT 401(k) PLAN OF CITIZENS FEDERAL BANK, F.S.B. AND RELATED COMPANIES STATEMENT OF NET ASSETS AVAILABLE FOR BENEFITS AUGUST 31, 1996
SUPPLEMENTAL INFORMATION BY FUND --------------------------------------------------------------------------------- MONEY BALANCED MARKET LOAN STOCK EQUITY FUND FUND FUND FUND FUND Cash and equivalents $ 3,351 $ 89,458 $ $ 43,753 $ 31,075 Investments, at fair value (Notes B and C): Golden Rainbow - A James Advised Mutual Fund 4,108,395 Federated cash plus prime obligations fund 359,222 CitFed Bancorp Inc. common stock 4,082,175 SEI equity mutual funds 2,058,725 SEI bond mutual funds Loans to participants 238,451 Receivables: Employer contributions 4,464 695 3,243 3,027 Participant contributions, including loan repayments 14,440 1,700 10,210 9,617 ---------- --------- ---------- ----------- ---------- NET ASSETS AVAILABLE FOR BENEFITS $4,130,650 $ 451,075 $ 238,451 $ 4,139,381 $2,102,444 ========== ========= ========== =========== ========== See notes to financial statements. SUPPLEMENTAL INFORMATION BY FUND ---------------------------------------------------------------------------------------------- BOND COMBINED FUND FUNDS Cash and equivalents $(16,889) $ 150,748 Investments, at fair value (Notes B and C): Golden Rainbow - A James Advised Mutual Fund 4,108,395 Federated cash plus prime obligations fund 359,222 CitFed Bancorp Inc. common stock 4,082,175 SEI equity mutual funds 2,058,725 SEI bond mutual funds 225,840 225,840 Loans to participants 238,451 Receivables: Employer contributions 383 11,812 Participant contributions, including loan repayments 1,196 37,163 --------- ----------- NET ASSETS AVAILABLE FOR BENEFITS $ 210,530 $11,272,531 ========= =========== See notes to financial statements.
-2- 7 SAVINGS AND INVESTMENT 401(k) PLAN OF CITIZENS FEDERAL BANK, F.S.B. AND RELATED COMPANIES STATEMENT OF NET ASSETS AVAILABLE FOR BENEFITS AUGUST 31, 1995
SUPPLEMENTAL INFORMATION BY FUND ----------------------------------------------------------------------------------- MONEY BALANCED MARKET LOAN STOCK EQUITY FUND FUND FUND FUND FUND Cash $ 856 $ 70,623 $ $ 7,415 $ 10,675 Investments, at fair value (Notes B and C): Golden Rainbow - A James Advised Mutual Fund 4,072,875 SEI cash plus prime obligations fund 427,100 CitFed Bancorp Inc. common stock 3,765,413 SEI equity mutual funds 1,064,898 SEI bond mutual funds Loans to participants 210,041 Receivables: Employer contributions 4,743 2,565 2,868 2,475 Participant contributions, including loan repayments 14,575 7,957 8,997 7,546 Interest 353 5,123 376 1,000 ---------- -------- -------- ---------- ---------- NET ASSETS AVAILABLE FOR BENEFITS $4,093,402 $513,368 $210,041 $3,785,069 $1,086,594 ========== ======== ======== ========== ========== See notes to financial statements. SUPPLEMENTAL INFORMATION BY FUND ---------------------------------------------------------------------------------------- BOND COMBINED FUND FUNDS Cash $ 14,255 $ 103,824 Investments, at fair value (Notes B and C): Golden Rainbow - A James Advised Mutual Fund 4,072,875 SEI cash plus prime obligations fund 427,100 CitFed Bancorp Inc. common stock 3,765,413 SEI equity mutual funds 1,064,898 SEI bond mutual funds 223,870 223,870 Loans to participants 210,041 Receivables: Employer contributions 548 13,199 Participant contributions, including loan repayments 1,534 40,609 Interest 116 6,968 -------- ----------- NET ASSETS AVAILABLE FOR BENEFITS $240,323 $9,928,797 ======== =========== See notes to financial statements.
-3- 8 SAVINGS AND INVESTMENT 401(k) PLAN OF CITIZENS FEDERAL BANK, F.S.B. AND RELATED COMPANIES STATEMENT OF CHANGES IN NET ASSETS AVAILABLE FOR BENEFITS YEAR ENDED AUGUST 31, 1996
SUPPLEMENTAL INFORMATION BY FUND ------------------------------------------------------------------------------- MONEY BALANCED MARKET LOAN STOCK FUND FUND FUND FUND INVESTMENT INCOME: Net appreciation (depreciation) in fair value of investments (Notes B and C) $ 43,401 $ $ $ 9,341 Interest and dividend income 170,597 23,493 31,418 ---------- --------- ---------- ---------- Total investment income 213,998 23,493 40,759 ---------- --------- ---------- ---------- CONTRIBUTIONS (Note A): Participants, including loan repayments 407,507 59,996 (124,161) 300,603 Employer 109,369 20,019 81,362 Rollover 1,686 20,677 100,614 ---------- --------- ---------- ---------- Total contributions 518,562 100,692 (124,161) 482,579 ---------- --------- --------- ---------- TOTAL 732,560 124,185 (124,161) 523,338 LOANS TO PARTICIPANTS (75,377) (14,765) 152,571 (33,359) DISTRIBUTIONS TO PARTICIPANTS (315,566) (23,909) (145,467) ---------- --------- ---------- ---------- NET INCREASE 341,617 85,511 28,410 344,512 FUND TRANSFERS (304,369) (147,804) 9,800 NET ASSETS AVAILABLE FOR BENEFITS: Beginning of year 4,093,402 513,368 210,041 3,785,069 ---------- --------- --------- ---------- End of year $4,130,650 $ 451,075 $ 238,451 $4,139,381 ========== ========= ========= ========== See notes to financial statements. SUPPLEMENTAL INFORMATION BY FUND ---------------------------------------------------------------------------------------- EQUITY BOND COMBINED FUND FUND FUNDS INVESTMENT INCOME: Net appreciation (depreciation) in fair value of investments (Notes B and C) $181,148 $ (3,284) $ 230,606 Interest and dividend income 14,315 13,586 253,409 ---------- --------- ----------- Total investment income 195,463 10,302 484,015 ---------- --------- ----------- CONTRIBUTIONS (Note A): Participants, including loan repayments 279,965 56,703 980,613 Employer 74,943 22,891 308,584 Rollover 11,805 2,403 137,185 ---------- --------- ----------- Total contributions 366,713 81,997 1,426,382 ---------- --------- ----------- TOTAL 562,176 92,299 1,910,397 LOANS TO PARTICIPANTS (14,531) (14,539) DISTRIBUTIONS TO PARTICIPANTS (77,594) (4,127) (566,663) ---------- --------- ----------- NET INCREASE 470,051 73,633 1,343,734 FUND TRANSFERS 545,799 (103,426) NET ASSETS AVAILABLE FOR BENEFITS: Beginning of year 1,086,594 240,323 9,928,797 ---------- --------- ----------- End of year $2,102,444 $ 210,530 $11,272,531 ========== ========= =========== See notes to financial statements.
- 4 - 9 SAVINGS AND INVESTMENT 401(k) PLAN OF CITIZENS FEDERAL BANK, F.S.B. AND RELATED COMPANIES STATEMENT OF CHANGES IN NET ASSETS AVAILABLE FOR BENEFITS YEAR ENDED AUGUST 31, 1995 - --------------------------------------------------------------------------------
SUPPLEMENTAL INFORMATION BY FUND ---------------------------------------------------------------------------------------- MONEY BALANCED MARKET LOAN STOCK EQUITY BOND COMBINED FUND FUND FUND FUND FUND FUND FUNDS INVESTMENT INCOME: Net appreciation in fair value of investments (Notes B and C) $ 339,801 $ 695,317 $ 154,398 $ 4,840 $1,194,356 Interest and dividend income 146,821 $ 24,099 29,351 15,420 12,742 228,433 ---------- -------- ---------- ---------- -------- ---------- Total investment income 486,622 24,099 724,668 169,818 17,582 1,422,789 ---------- -------- ---------- ---------- -------- ---------- CONTRIBUTIONS (Note A): Participants, including loan repayments 397,270 46,487 $(100,988) 233,430 173,404 30,938 780,541 Employer 117,986 16,923 65,705 50,119 10,161 260,894 Rollover 17,814 11,861 39,856 17,915 10,891 98,337 ---------- -------- --------- ---------- ---------- -------- ---------- Total contributions 533,070 75,271 (100,988) 338,991 241,438 51,990 1,139,772 ---------- -------- --------- ---------- ---------- -------- ---------- TOTAL 1,019,692 99,370 (100,988) 1,063,659 411,256 69,572 2,562,561 LOANS TO PARTICIPANTS (67,600) (2,778) 133,814 (31,443) (26,302) (5,691) DISTRIBUTIONS TO PARTICIPANTS (234,221) (69,136) (35,012) (49,861) (16,286) (404,516) OTHER, NET (4,576) (128) 2,199 (1,376) (351) (4,232) ---------- -------- --------- ---------- ---------- -------- ---------- NET INCREASE 713,295 27,328 32,826 999,403 333,717 47,244 2,153,813 FUND TRANSFERS (305,458) 165,475 239,425 (63,551) (35,891) NET ASSETS AVAILABLE FOR BENEFITS: Beginning of year 3,685,565 320,565 177,215 2,546,241 816,428 228,970 7,774,984 ---------- -------- --------- ---------- ---------- -------- ---------- End of year $4,093,402 $513,368 $ 210,041 $3,785,069 $1,086,594 $240,323 $9,928,797 ========== ======== ========= ========== ========== ======== ========== See notes to financial statements.
-5- 10 SAVINGS AND INVESTMENT 401(k) PLAN OF CITIZENS FEDERAL BANK, F.S.B. AND RELATED COMPANIES STATEMENT OF CHANGES IN NET ASSETS AVAILABLE FOR BENEFITS YEAR ENDED AUGUST 31, 1994
SUPPLEMENTAL INFORMATION BY FUND --------------------------------------------------------------------------------------------- FIXED MONEY INCOME BALANCED MARKET LOAN STOCK EQUITY BOND COMBINED FUND FUND FUND FUND FUND FUND FUND FUNDS INVESTMENT INCOME: Net appreciation (depreciation) in fair value of investments (Notes B and C) $ (173,441) $ 414,755 $ (5,956) $ (5,838) $ 229,520 Interest and dividend income $ 21,078 122,720 $ 8,788 11,653 7,409 5,697 177,345 ---------- ---------- -------- ---------- -------- -------- ---------- Total investment income 21,078 (50,721) 8,788 426,408 1,453 (141) 406,865 ---------- ---------- -------- ---------- -------- -------- ---------- CONTRIBUTIONS (Note A): Participants, including loan repayments 39,513 528,561 32,687 $(131,274) 238,745 157,792 33,030 899,054 Employer 11,619 102,321 10,550 41,486 26,815 5,496 198,287 Rollover 10,740 27,439 2,002 10,574 1,401 2,002 54,158 ---------- ---------- -------- ---------- ---------- -------- -------- ---------- Total contributions 61,872 658,321 45,239 (131,274) 290,805 186,008 40,528 1,151,499 ---------- ---------- -------- --------- ---------- -------- -------- ---------- TOTAL 82,950 607,600 54,027 (131,274) 717,213 187,461 40,387 1,558,364 LOANS TO PARTICIPANTS (8,169) (87,950) (2,238) 133,949 (25,373) (9,234) (985) DISTRIBUTIONS TO PARTICIPANTS (33,931) (40,621) (8,933) (48,198) (13,124) (12,864) (157,671) OTHER, NET 4,583 (8,230) (4,321) (913) 48 (8,833) ----------- ---------- -------- ---------- ---------- -------- -------- ---------- NET INCREASE 40,850 483,612 34,626 2,675 639,321 164,190 26,586 1,391,860 FUND TRANSFERS (1,535,738) 252,288 285,939 142,889 652,238 202,384 NET ASSETS AVAILABLE FOR BENEFITS: Beginning of year 1,494,888 2,949,665 174,540 1,764,031 6,383,124 ---------- ---------- --------- --------- ---------- --------- --------- ---------- End of year $ $3,685,565 $320,565 $ 177,215 $2,546,241 $816,428 $228,970 $7,774,984 ========== ========== ======== ========= ========== ======== ======== ========== See notes to financial statements.
-6- 11 SAVINGS AND INVESTMENT 401(k) PLAN OF CITIZENS FEDERAL BANK, F.S.B. AND RELATED COMPANIES NOTES TO FINANCIAL STATEMENTS YEARS ENDED AUGUST 31, 1996, 1995 AND 1994 - -------------------------------------------------------------------------------- A. DESCRIPTION OF PLAN The following brief description of the Savings and Investment 401(k) Plan ("the Plan") of Citizens Federal Bank, F.S.B. and Related Companies ("the Bank"), provides only general information. Participants should refer to the plan agreement for a more complete description of the Plan's provisions. GENERAL - The Plan is a defined-contribution savings plan in which participation is voluntary. Employees who have completed one year of service with the Bank as of the Plan's entry dates (September 1 and March 1) are eligible to participate. Effective September 1, 1996, the Plan was amended to add quarterly entry dates. The Plan is administered by a Committee appointed by the Board of Directors of the Bank. The Plan is subject to the Employee Retirement Income Security Act of 1974 ("ERISA"). CONTRIBUTIONS - Subject to certain limitations, participating employees may contribute from 1% to 8% of their eligible compensation. The Bank contributes 55% of the first 4% of each participant's contributions, excluding certain executives. The Bank may also contribute a percentage of its net income at the discretion of its Board of Directors. INVESTMENT FUNDS - Participants may choose to invest in: Balanced Fund - This fund invests in a combination of stocks and bonds. Its objective is to provide balanced growth and income. Money Market Fund - This fund seeks to provide current income through investments in a portfolio of short-term, money market instruments. Loan Fund - This fund accounts for loans to plan participants. Stock Fund - This fund is invested in the common stock of CitFed Bancorp, Inc., the parent company of Citizens Federal Bank. Equity Fund - This fund seeks to provide long-term growth of capital through a diversified domestic equity strategy. Bond Fund - This fund seeks to preserve capital and provide a moderate level of income by investing in short and intermediate term securities. Fixed Income Fund - This fund, which invested in instruments designed to provide a stated annual return, was discontinued in fiscal 1994. - 7 - 12 PARTICIPANTS' ACCOUNTS - Participants may choose to have contributions invested in the various investment funds in multiples of 10%. Elective contributions of the Bank are allocated annually based on eligible compensation of participants. VESTING AND DISTRIBUTIONS - Employee contributions are fully vested at all times and not subject to forfeiture. Bank contributions are fully vested after six years of participation in the Plan, or upon death, retirement (after age 55) or disability. If employment is terminated before retirement for any reason other than death or disability, the employee's elective contributions and the vested portion of the Bank's contributions are paid. Subject to certain restrictions, participants may withdraw all or part of the vested portion of their accounts without terminating employment. PLAN TERMINATION - Although it has not expressed any intent to do so, the Bank has the right under the Plan to discontinue its contributions at any time and to terminate the Plan subject to the provisions of ERISA. If terminated, participant accounts become fully vested and are distributable at the direction of the Committee in accordance with the provisions of the Plan. ADMINISTRATIVE EXPENSES - Administrative expenses of the Plan for the years ended August 31, 1996, 1995 and 1994 were paid by the Bank. B. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES USE OF ESTIMATES - The preparation of financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. INVESTMENTS - Investments are stated at fair value based upon quoted prices. The net unrealized appreciation or depreciation of investments is included in the change in net assets. The cost of investments sold is determined by the specific-identification method. PAYMENT OF BENEFITS - Benefits are recorded when paid. C. INVESTMENTS Investments at fair value exceeding five percent of the net assets of the plan at August 31, 1996 and 1995 were:
AUGUST 31 ---------------------------- 1996 1995 Golden Rainbow - A James Advised Mutual Fund (235,573 and 219,207 units, respectively) $4,108,395 $4,072,875 CitFed Bancorp Inc. common stock (108,858 and 100,411 shares, respectively) 4,082,175 3,765,413 SEI large cap growth fund (62,436 units) 870,352 SEI large cap value fund (59,849 units) 846,272
-8- 13 D. TAX STATUS The Plan obtained its latest determination letter on March 2, 1992, in which the Internal Revenue Service stated that the Plan, as then designed, was in compliance with the applicable requirements of the Internal Revenue Code. The Plan has been amended since receiving the determination letter. However, the plan administrator believes that the Plan is currently designed and is being operated in compliance with the applicable requirements of the Internal Revenue Code. Therefore, no provision for income taxes is included in the Plan's financial statements. E. DISTRIBUTIONS As of August 31, 1995, amounts allocated to participants who had elected to withdraw from the Plan but had not yet been paid totaled $90,117. There were no participants who had elected to withdraw from the Plan but had not yet been paid at August 31, 1996. * * * * * * - 9 - 14 SAVINGS AND INVESTMENT 401(k) PLAN OF CITIZENS FEDERAL BANK, F.S.B. AND RELATED COMPANIES ITEM 27A - SCHEDULE OF ASSETS HELD FOR INVESTMENT PURPOSES AUGUST 31, 1996 - -------------------------------------------------------------------------------
NUMBER OF SHARES OR FAIR DESCRIPTION UNITS HELD COST VALUE Golden Rainbow - A James Advised Mutual Fund 235,573 $3,850,998 $4,108,395 CitFed Bancorp, Inc. common stock 108,858 2,154,439 4,082,175 Federated prime obligations fund 359,222 359,222 359,222 SEI equity mutual funds: Large cap growth 62,436 733,981 870,352 Small cap growth 8,102 123,666 154,913 Small cap value 14,809 164,533 187,188 Large cap value 59,849 737,351 846,272 SEI bond mutual funds: Corporate daily income portfolio 24,190 47,843 47,895 Intermediate term government fund 8,698 85,975 83,503 Short-term government fund 9,598 95,790 94,442 ---------- ----------- $8,353,798 $10,834,357 ========== =========== Loans to participants, various interest rates $ 238,451 $ 238,451 ========== =========== Cash and equivalents $ 150,748 $ 150,748 ========== ===========
- 10 - 15 SAVINGS AND INVESTMENT 401(k) PLAN OF CITIZENS FEDERAL BANK, F.S.B. AND RELATED COMPANIES ITEM 27d - SCHEDULE OF REPORTABLE TRANSACTIONS - SERIES IN EXCESS OF FIVE PERCENT OF NET ASSETS YEAR ENDED AUGUST 31, 1996 - --------------------------------------------------------------------------------
PURCHASES SALES -------------------------------- ------------------------------------------------------- NUMBER OF NUMBER OF NUMBER OF SHARES NUMBER OF SHARES TRANSACTIONS OR UNITS AMOUNTS TRANSACTIONS OR UNITS PROCEEDS COST (LOSS) THE GOLDEN RAINBOW, A JAMES ADVISED MUTUAL FUND 25 31,412 $593,774 13 432,293 $772,286 $775,284 $(2,998) CITFED BANCORP, INC. COMMON STOCK 27 15,870 559,511 10 9,308 328,203 332,335 (4,132)
- 11 - 16 SIGNATURE The Plan. Pursuant to the requirements of the Securities Exchange Act of 1934, the trustees (or other persons who administer the employee benefit plan) has duly caused this annual report to be signed on its behalf by the undersigned hereunto duly authorized. CITIZENS FEDERAL BANK, F.S.B., AND RELATED COMPANIES SAVINGS AND INVESTMENT 401(k) PLAN Date: February 19, 1997 By: /s/ Clarence E. Bowman ----------------- --------------------------- Clarence E. Bowman Title: Trustee Date: February 19, 1997 By: /s/ Alan B. Schaeffer, Esq. ----------------- --------------------------- Alan B. Schaeffer, Esq. Title: Trustee Date: February 19, 1997 By: /s/ Leon A. Whitney ----------------- --------------------------- Leon A. Whitney Title: Trustee 17 EXHIBIT INDEX Exhibit Number - ------- 23 Consent of Deloitte & Touche, certified public accountants EX-23 2 EXHIBIT 23 1 EXHIBIT 23 INDEPENDENT AUDITORS' CONSENT We consent to the incorporation by reference in Registration Statement No. 33-56550 of CitFed Bancorp, Inc. on Form S-8 of our report dated January 17, 1997 appearing in the Annual Report on Form 11-K of the Citizens Federal Bank, F.S.B. and Related Companies Savings and Investment 401(k) Plan for the year ended August 31, 1996. DELOITTE & TOUCHE LLP February 14, 1997 Dayton, Ohio -----END PRIVACY-ENHANCED MESSAGE-----