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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)
January 22, 1997
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 February 25, 1997, the Registrant issued the attached press release
announcing regulatory approval to commence a repurchase of up to 5% of its
outstanding share in the open market.
(a) Exhibits
99. Press release dated February 25, 1997.
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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: February 25, 1997 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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99 Press release dated February 25, 1997
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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 REGULATORY APPROVAL OF STOCK REPURCHASE PROGRAM,
NAME CHANGE OF ITS SUBSIDIARY THRIFT AND INTENT TO BUILD TWO
NEW BRANCH LOCATIONS IN 1997
Ashland, Kentucky, -- February 25, 1997 -- Classic Bancshares, Inc.,
the holding company for Ashland Federal Savings Bank and First National
Bank of Paintsville, announced today regulatory approval to commence a
repurchase of up to 5% of its outstanding share in the open market.
These shares will be repurchased at prevailing market prices from time
to time over a twelve-month period depending upon market conditions. The
reacquired shares will become treasury shares and will be used for
general corporate purposes, including the issuance of shares in
connection with the exercise of stock options.
Additionally, Ashland Federal Savings Bank, a subsidiary of Classic
Bancshares, Inc, announced today that it intends to change its name to
Classic Bank, effective March 28, 1997. David B. Barbour, President and
Chief Executive Officer of Ashland and Classic, stated, "The purpose of
changing our name to Classic Bank is to more accurately align the name
of the bank with our continuing strategy of employing traditional banking
products and personal service levels, rather than the centralized
approach of many of our regional and national competitors operating in
our marketplace. The community's reception to our continued emphasis on
providing local decision-making, flexible products and services, and
particularly, our extended banking hours has been overwhelming. The
change to the "Classic" bank name will be a constant reminder to our
customers and employees that we remain committed to providing a live
voice on every telephone call, a thank you on every transaction and the
flexibility and sensitivity to customers needs afforded by local
management and decision making."
Mr. Barbour further noted "the decision to change our name to Classic
Bank will also coincide with our first branching endeavors outside the
city of Ashland. We plan to begin construction later this year on our
Russell branch at 1000 Diederich Boulevard and our Cedar Knoll branch at
U.S. 60 and Eagle Drive, across from Cedar Knoll Galleria. These full
service locations will include state-of-the-art drive-thru facilities,
drive-up MAC automated teller machines and our full complement of
deposit and loan products. We anticipate the Russell and Cedar Knoll
offices to be open by late 1997, providing community banking services to
our customers, friends and neighbors in Boyd and Greenup counties." Mr.
Barbour further stated that "With the completion and successful opening
of our downtown Ashland drive-thru facility and extended, convenient
banking hours, we are excited about offering these same amenities and
hours to other areas within the marketplace." Barbour added, "The Classic
Bank change will only effect our Ashland Federal subsidiary. The First
National Bank of Paintsville will continue to operate as First National
Bank".
Ashland Federal Savings Bank is a subsidiary of Classic Bancshares,
Inc. (NASDAQ - CLAS). Both Ashland Federal Savings Bank and Classic
Bancshares, Inc. are headquartered in Ashland, Kentucky. Classic
Bancshares, Inc. other subsidiary is the First National Bank of
Paintsville, Kentucky.
