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SECURITIES AND EXCHANGE COMMISSION
Washington, DC 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)
August 12, 1996
CLASSIC BANCSHARES, INC.
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(Exact name of Registrant as specified in its Charter)
Delaware 0-27170 61-1289391
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State or other (Commission File No.) (IRS Employer
jurisdiction of Identification
incorporation) Number)
344 Seventeenth Street, Ashland, Kentucky 41101
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(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code:(606) 325-4789
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N/A
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(Former name or former address, if changed since last report)
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Item 5. Other Events
On August 12, 1996, the Registrant issued the attached press release
announcing a stock repurchase program.
Item 7. Financial Statements and Exhibits
(a) Exhibits
99. Press release dated August 12, 1996.
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SIGNATURE
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.
CLASSIC BANCSHARES, INC.
Date: August 15, 1996 By: /s/ David B. Barbour
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David B. Barbour, President
and Chief Executive Officer)
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Index to Exhibits
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Exhibit
Number
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<C> <S>
99 Press release dated August 12, 1996
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FOR IMMEDIATE RELEASE
For Additional Information Contact:
David B. Barbour, President and Chief Executive Officer
Lisah Frazier, Vice President, Treasurer and Chief Financial
Officer
(606) 325-4789
Fax (606) 324-1307
CLASSIC BANCSHARES, INC.
ANNOUNCES STOCK REPURCHASE PROGRAM
Ashland, Kentucky, -- August 12, 1996 -- Classic Bancshares, Inc. (NASDAQ
- - CLAS), the holding company for Ashland Federal Savings Bank (the "Bank"),
announced its intention today to repurchase up to 4% of its outstanding shares
in the open market. These shares will be purchased at prevailing market
prices from time to time over a six-month period depending on market
conditions.
David B. Barbour, President and Chief Executive Officer of the Company,
indicated that the Board of Directors approved the repurchase program in view
of the current price level of the Company's common stock, the strong capital
position of the Bank, and in order to fund its Recognition and Retention Plan.
Mr. Barbour stated, "We believe that the repurchase of our shares represents
an attractive investment opportunity which will benefit the Company and our
stockholders."
The Company was organized in 1995 to act as the holding company of the
Bank. The Bank currently serves the financial needs of communities in its
market area through its office located at 344 Seventeenth Street, Ashland,
Kentucky 41101.
At June 30, 1996, the Company had consolidated total assets of $68.8
million and stockholders' equity of $19.5 million.
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