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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)
July 29, 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 July 29, 1996, the Registrant issued the attached press release
announcing the results of its Annual Meeting and the filing of notice with the
OTS of its intent to repurchase of 4% of its outstanding shares in the open
market to fund its Recognition and Retention Plan.
Item 7. Financial Statements and Exhibits
(a) Exhibits
99. Press release dated July 29, 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: July 29, 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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Sequentially
Numbered Page
Where Attached
Exhibit Exhibits
Number are Located
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99 Press release dated July 29, 1996 5
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CLASSIC BANCSHARES, INC. LETTERHEAD
For Immediate Release For Additional Information contact:
David B. Barbour, President and Chief Executive
Officer
Lisah Frazier, Vice President, Treasurer and
Chief Financial Officer
Telephone: (606) 325-4789
Fax: (606) 324-1307
CLASSIC BANCSHARES, INC.
ANNOUNCES ANNUAL MEETING RESULTS AND
NOTICE OF INTENT TO INITIATE STOCK REPURCHASE PROGRAM
ASHLAND, KENTUCKY, July 29, 1996 - Classic Bancshares, Inc., the holding
company for Ashland Federal Savings Bank (the "Bank"), announced the results of
its first Annual Meeting held July 29, 1996 at the corporate headquarters of
RAM Technologies, Inc. At the Annual Meeting, Robert L. Goodpaster, Robert B.
Keifer, Jr. and David A. Lang were elected directors of the Company for terms
of three years. In addition, the ratification of the 1996 Stock Option and
Incentive Plan and the Recognition and Retention Plan ("RRP") were approved by
stockholders at the Annual Meeting. Stockholders also ratified the appointment
of Smith, Goolsby, Artis and Reams as the Company's accountants for the 1997
fiscal year.
David B. Barbour, President and Chief Executive Officer of the Company,
indicated that he was pleased by the Annual Meeting results which reflect a
vote of confidence in the Company's new management team.
The Company also announced that the Company has provided notice to the
Office of Thrift Supervision (the "OTS") of its intent to repurchase
approximately 4% of the outstanding shares of common stock in the open market
over a six-month period in order to fund the Company's RRP. Subject to
non-objection by the OTS, the shares will be purchased at prevailing market
prices from time to time depending upon market conditions.
Mr. Barbour indicated that the Board of Directors believes the repurchase
program is in the best interest of the Company and its stockholders in view of
the current price level of the Company's common stock and the strong capital
position of the Bank. Mr. Barbour stated that, "We believe that the repurchase
of our shares is an attractive investment opportunity which will benefit the
Company and its stockholders." Subject to non-objection from the OTS, the
repurchased shares will become treasury shares and will be used to fund share
awards made pursuant to the Company's proposed RRP.
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. The Company's stock is
traded on the Nasdaq SmallCap Market under the symbol "CLAS."
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