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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 30, 2000 (August 29, 2000)
CITIZENS FIRST FINANCIAL CORP.
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(Exact name of registrant as specified in its charter)
Delaware 1-4274 37-1351861
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(State or other (Commission IRD Employer
jurisdiction of File Number) Identification No.)
2101 N. Veteran 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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Exhibit Index appears on Page 2
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Item 5. Other Events
Citizens First Financial Corp., the parent company of Citizens Savings Bank,
issued the attached press release announcing its intention to record a
$2,000,000 provision for loan losses.
The press release announcing the provision for loan losses is attached
as Exhibit 99.1.
Exhibit Index
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Exhibit No. Page
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99.1 Press release dated August 29, 2000 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: August 29, 2000 By: /s/ C. William Landefeld
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C. William Landefeld
President and Chief Executive
Officer
Dated: August 29, 2000 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
CONTACT:
C. William Landefeld
President & Chief Executive Officer
Citizens First Financial Corp.
(309) 661-8700
FOR IMMEDIATE RELEASE
Citizens First Financial Corp. Announces
Intention to Increase Loan Loss Reserves
Bloomington, Illinois, August 29, 2000 -- Citizens First Financial Corp.
(AMEX - CBK) (the "Company"), the parent company of Citizens Savings Bank, today
announced its intention to record a $2,000,000 provision for loan losses
($1,224,000 after-tax) for potential losses related to the Bank's $4.1 million
in loans outstanding to a real estate developer, PAK Builders, as described in
the Company's Form 10-Q filed with the Securities and Exchange Commission on
August 14, 2000. On August 3, 2000, PAK Builders, an Illinois general
partnership, filed for Chapter 7 bankruptcy protection. The establishment of
this $2,000,000 reserve is based on a preliminary analysis and additional
reserves may be required as additional facts become known. The increase in the
provision for loan losses will result in a loss for the third quarter of 2000,
and will have a negative impact on year-to-date earnings.
C. William Landefeld, the Company's President and Chief Executive Officer,
stated that "This special provision for loan losses is a response to what we
believe to be an isolated problem with one developer. We do not consider this
event to be an indication of deteriorating credit quality in the Bank's
commercial loan portfolio generally. Nonetheless, the Company intends to conduct
a thorough review of other loans and lending relationships in the Bank's
portfolio to ensure that this is, in fact, the case."
Citizens Savings Bank is headquartered in Bloomington, Illinois and
operates through five full service branches throughout Central Illinois.
This press release contains certain forward-looking statements, including
certain plans, expectations, goals, and projections, which are subject to
numerous assumptions, risks, and uncertainties. These forward-looking statements
are identified by the use of words such as "believes", "anticipates",
"estimates", "expects", "projects" or similar words. Actual results could differ
materially from those contained or implied by such statements for a variety of
factors including: changes in economic conditions; movements in interest rates;
competitive pressures on product pricing and services; success and timing of
business strategies; and other factors affecting credit quality generally.
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