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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 reported):
November 24, 1997
WESTWOOD HOMESTEAD FINANCIAL CORPORATION
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(Exact name of registrant as specified in its charter)
Indiana 0-21385 31-1463057
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(State or other jurisdiction (Commission (I.R.S. employer
of incorporation) file number) identification no.)
3002 Harrison Avenue, Cincinnati, Ohio 45211-5789
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(Address of principal executive offices) (Zip code)
Registrant's telephone number, including area code:(513)661-5735
Not Applicable
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(Former name or former address, if changed since last report)
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Item 5. OTHER EVENTS
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On November 20, 1997, the Board of Directors of the
Registrant announced that it had approved a special distribution
in the amount of $3.50 per share payable on December 22,1997 to
all shareholders of record as of December 15, 1997. The
Registrant estimates that approximately $3.40 of the
distribution will not be considered taxable, but will be applied
against and will reduce the shareholders adjusted
basis in the Registrant's common stock. The Registrant will
announce to its shareholders the precise percentage of the
distribution to be non-taxable as soon as it arrives at a final
computation following the close of its fiscal year on December
31, 1997.
Further information regarding the elements of this special
distribution are set forth in a press release dated November 20,
1997, attached as Exhibit 99.1 and incorporated herein by
reference.
Item 7. Financial Statements, Pro Forma Financial Information
and Exhibits
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Exhibit 99.1 -- Press Release dated November 20, 1997
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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 hereto duly authorized.
WESTWOOD HOMESTEAD FINANCIAL CORPORATION
Date: November 20, 1997 By: /s/ Michael P. Brennan
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Michael P. Brennan
President
FOR IMMEDIATE RELEASE November 20, 1997
Contact: Michael P. Brennan, President/CEO
Phone: 513-661-5735 Fax: 513-661-9091
WESTWOOD HOMESTEAD FINANCIAL CORPORATION
ANNOUNCES SPECIAL CASH DISTRIBUTION
Westwood Homestead Financial Corporation (Nasdaq WEHO),
headquartered in Cincinnati, Ohio announced today that its Board
of Directors has approved a special distribution of $3.50 per
share.
The special distribution of $3.50 per share will be payable
on December 22, 1997, to all shareholders of record as of
December 15, 1997. The Company estimates that approximately
$3.40 of the distribution will not be considered taxable, but
will be applied against and will reduce the shareholders'
adjusted basis in the Company's common stock. The Company
indicated that it would announce to its shareholders' adjusted
basis in the Company's common stock. The Company indicated that
it would announce to its shareholders the precise amount of the
distribution to be non-taxable as soon as it arrives at a final
computation following the close of its 1997 fiscal year.
Michael P. Brennan, President and Chief Executive Officer
of the Company, stated that "The Board of Directors believes that
this distribution represents an excellent use of the Company's
excess capital that will benefit all of our shareholders."
The Company also announced that it expected to recognize a
charge in the fourth quarter of fiscal 1997 in the amount of
approximately $800,000 or $0.28 per share relating to a balance
sheet realignment involving the sale of $12.6 million of
collateralized mortgage obligations classified by the Company as
available for sale. The Company expects to complete the sale of
these securities in the current quarter assuming the
continuation of favorable interest rate conditions. The
proceeds of this sale will be used to fund mortgage loan growth
in 1998.
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