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) September 30, 1997
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FIRST COLORADO BANCORP, INC.
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(Exact name of Registrant as specified in its Charter)
Colorado 0-27126 84-1320788
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(State or Other Jurisdiction (Commission (IRS Employer
Jurisdiction of Incorporation) File Number) Identification No.)
215 South Wadsworth Boulevard, Lakewood, Colorado 80226
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(Address of Principal Executive Offices) (Zip Code)
Registrant's telephone number, including area code: (303) 232-2121
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Not Applicable
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(Former Name or Former Address, if Changed Since Last Report)
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FIRST COLORADO BANCORP, INC.
INFORMATION TO BE INCLUDED IN REPORT
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Item 5. Other Events
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The acquisition by First Colorado Bancorp, Inc. ("Registrant") of Delta
Federal Savings, F.S.B., Delta, Colorado ("Delta"), including the merger of
Delta with and into First Federal Bank of Colorado ("FFBC"), a subsidiary of the
Registrant, was completed on September 30, 1997, effective October 1, 1997. The
acquisition agreement had previously been approved by Delta shareholders and the
appropriate regulatory agencies.
Registrant exchanged approximately 1.57 shares of Registrant's common
stock for each share of Delta common stock. The transaction will be accounted
for as a purchase. The transaction was valued at approximately $5.8 million, or
$30.00 per share of Registrant common stock, based upon the market price of the
Registrant's common stock during the 20 trading days prior to the closing date.
A copy of a press release issued September 30, 1997 by the Registrant
is attached hereto as Exhibit 99.1 and is incorporated herein by reference in
its entirety.
Item 7. Financial Statements, Pro Forma Financial
Information and Exhibits
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(c) Exhibits:
99.1 Press Release dated September 30, 1997.
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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.
FIRST COLORADO BANCORP, INC.
Date: September 30, 1997 By: /s/Brian L. Johnson
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Brian L. Johnson
Executive Vice President
EXHIBIT 99.1
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FIRST COLORADO BANCORP, INC. ANNOUNCES
COMPLETION OF ACQUISTION OF DELTA FEDERAL SAVINGS, F.S.B.
Lakewood, Colorado -- September 30, 1997 (NASDAQ NMS: FFBA) -- Mr. Malcolm E.
Collier, Jr., Chairman of First Colorado Bancorp, Inc., Lakewood, Colorado (the
"Company"), the holding company of First Federal Bank of Colorado (the "Bank"),
announced today that the Company completed its acquisition of Delta Federal
Savings, F.S.B., Delta, Colorado ("Delta") at the close of business on September
30, 1997, effective October 1, 1997. Pursuant to the acquisition, Delta was
merged with and into First Federal Bank of Colorado, a subsidiary of the
Company. The Agreement and Plan of Merger was approved earlier this month by
Delta shareholders as well as the appropriate regulatory agencies.
First Federal Bank of Colorado purchased 100% of the outstanding stock of Delta.
Each share of Delta Common Stock was exchanged for Company Common Stock valued
at $30.00. The number of shares of the Company Common Stock exchanged for each
share of Delta Common Stock (approximately 1.57 shares) was determined based
upon the market price of the Company Common Stock during the 20 trading days
prior to the closing date. The transaction was valued at $5.8 million.
Mr. Collier, Chairman of the Company and First Federal Bank of Colorado said,
"The merging of Delta Federal with First Federal strengthens our market presence
in this region for the benefit of our customers and the community generally.
This merger is a natural fit for our Company."
David Humphries, President and Chief Executive Officer of Delta said, "We feel
this merger is a unique opportunity for Delta stockholders and customers. We
chose to associate with First Federal Bank of Colorado because of their
dedication to the communities they serve, their customers, and their employees."
The Company is a unitary savings and loan holding company which owns all of the
outstanding stock of the First Federal Bank of Colorado. The Bank is a
community-oriented, retail savings institution offering traditional deposit and
mortgage loan products. The Bank primarily serves the Colorado counties of
Denver, Adams, Arapahoe, Jefferson, Boulder, Douglas, Mesa, Delta and Montrose
through a network of 27 offices, providing a full range of retail banking
services, with emphasis on one-to-four family residential mortgages. Deposits at
the Bank are insured up to the maximum permissible amount by the Federal Deposit
Insurance Corporation ("FDIC"). The Company's common stock is traded on the
Nasdaq National Market under the symbol "FFBA."
First Colorado Bancorp, Inc. Contact: William Marcoux or Brian Johnson
First Federal Bank of Colorado Shareholder Relations
Lakewood, Colorado (303) 232-2121
Delta Federal Savings, F.S.B. Contact: David Humphries
Delta, Colorado (970) 874-9755
