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UNITED STATES
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 report) August 27, 1997
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CITIZENS FIRST FINANCIAL CORP.
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(Exact name of registrant as specified in its charter)
Delaware 1-14274 37-1351861
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(State or other jurisdiction of (Commission (IRS Employer
incorporation or organization) File Number) Identification No.)
2101 N. Veterans Parkway, Bloomington, Illinois 61704
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(Address of principal executive offices)
(309) 661-8700
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(Issuer's telephone number, including area code)
Not applicable
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(Former name or former address, if changed since last report)
Total Pages: 3
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Item 5. Other Events
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On August 27, 1997, Citizens Savings Bank, F.S.B. ("Citizens"), the
wholly owned subsidiary of Citizens First Financial Corp. signed a definitive
agreement with the State Bank of Graymont ("Graymont") regarding the sale by
Citizens to Graymont of certain assets and the deposits of Citizens branch
office located at 314 Crittenden, Chenoa, Illinois. The press release announcing
the sale is attached.
Item 7. Financial Statements and Exhibits
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(a) None
(b) None
(c) Exhibits
Exhibit No. Page
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99.1 Press Release dated August 27, 1997 3
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 hereunto duly authorized.
Dated: September 2, 1997 By:/s/ C. William Landefeld
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C. William Landefeld
President and Chief Executive Officer
Dated: September 2, 1997 By:/s/ Dallas G. Smiley
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Dallas G. Smiley
Senior Vice-President and
Chief Financial Officer
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EXHIBIT 99.1
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CONTACT:
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C. WILLIAM LANDEFELD
PRESIDENT & CHIEF EXECUTIVE OFFICER
CITIZENS SAVINGS BANK F.S.B.
(309) 661-8700
RONALD L. MINNAERT
PRESIDENT
STATE BANK OF GRAYMONT
(815) 743-5951
FOR IMMEDIATE RELEASE
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CITIZENS SAVINGS BANK AND STATE BANK OF GRAYMONT
ANNOUNCE BRANCH SALE AGREEMENT
August 27, 1997 -- Citizens Savings Bank F.S.B., Bloomington, Illinois
("Citizens") and the State Bank of Graymont, Graymont, Illinois ("Graymont")
today announced the signing of a definitive agreement for the sale by Citizens
to Graymont of certain assets and deposits of Citizens office at 314 Crittenden,
Chenoa, Illinois. In addition to purchasing the building, Graymont has agreed to
pay a premium of 8.0% for the acquired deposits. As of July 31, 1997, the Chenoa
office had deposits of approximately $6.5 million. It is anticipated that if the
required regulatory approvals are received the transaction should be completed
in the fourth quarter of 1997.
C. William Landefeld, President and Chief Executive Officer of Citizens
stated, "After evaluation of our long-term marketing plans, it was decided that
a sale to the State Bank of Graymont would benefit both Citizens and the Chenoa
customers." Mr. Landefeld emphasized that there are no plans for the sale of any
of the remaining six Citizens facilities.
Ronald L. Minnaert, President of Graymont, stated "State Bank of Graymont
is excited about the impending transaction. We look foremost to serving the
customers of the Chenoa office while providing another location for our existing
customers. Over the years we have had an opportunity to work with many fine
people from the Chenoa area and look forward to becoming more involved with
their financial needs. The superb employees at the office will be very important
in providing current and future services to customers. The transaction is a
positive step for Graymont Bancorp, Inc. shareholders. Graymont Bancorp, Inc. is
the parent company of the State Bank of Graymont."
State Bank of Graymont is an Illinois banking corporation with its main
office in Graymont, Illinois. As of June 30, 1997, Graymont had total assets of
approximately $43.5 million and total deposits of approximately $37.3 million.
Citizens is a subsidiary of Citizens First Financial Corp. (AMEX: CBK). At
June 30, 1997 Citizens First Financial Corp. had total assets of $271 million
and total deposits of $198.0 million.
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