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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): July 9, 1999
FIRST LANCASTER BANCSHARES, INC.
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(Exact name of registrant as specified in charter)
DELAWARE 0-20899 61-1297318
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(State or other jurisdiction (Commission (I.R.S. Employer
of incorporation) File Number) Identification No.)
208 LEXINGTON STREET, LANCASTER, KENTUCKY 40444-1131
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(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code: (606)792-3368
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ITEM 5. OTHER EVENTS.
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On July 9, 1999, the Board of Directors of the Registrant
announced that it was commencing a stock repurchase program to
acquire up to 45,544 shares of its common stock, representing
approximately 5% of the outstanding common stock. Additionally,
the Registrant announced its semi-annual cash dividend of $.30
per share to be paid on July 30, 1999, to shareholders of record
as of July 16, 1999.
Further information regarding the stock repurchase and the
cash dividend is set forth in a press release dated July 9,
1999, attached as Exhibit 99.1 and incorporated herein by
reference.
ITEM 7. FINANCIAL STATEMENTS, PRO FORMA FINANCIAL INFORMATION
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AND EXHIBITS.
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The following exhibits are being filed as part of this
Current Report on Form 8-K:
Number Description
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99.1 Press Release issued July 9, 1999
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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 hereunto duly authorized.
FIRST LANCASTER BANCSHARES, INC.
By: /s/ Virginia R. S. Stump
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Virginia R. S. Stump
President and Chief Executive Officer
Date: July 16, 1999
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Contact: Mr. Tony A. Merida
Vice-President
(606) 792-3368
FOR IMMEDIATE RELEASE
Date: July 9, 1999
Lancaster, Kentucky
First Lancaster Bancshares, Inc. announced today that it
will commence a stock repurchase program to acquire 45,544
shares of the Corporation's common stock, which represents
approximately 5% of the Corporation's outstanding common stock.
The program will be dependent upon market conditions and there
is no guarantee as to the exact number of shares to be
repurchased by the Corporation.
Virginia R.S. Stump, President of the Corporation, stated
that the Board of Directors has authorized the repurchase
program, which is expected to be completed within twelve (12)
months. Ms. Stump explained the Board of Directors considers
the Corporation's common stock to be an attractive investment.
It is expected that a reduction in the amount of Corporation's
outstanding common stock would have the effect of increasing the
Corporation's per share earnings and return on equity.
According to Ms. Stump, the repurchases generally would be
effected through open market purchases, although she did not
rule out the possibility of unsolicited negotiated transactions
or other types of repurchases. The repurchased shares would be
held in Treasury for general corporate purposes.
First Lancaster Bancshares, Inc. also announced a $.30 per
share dividend to be paid on July 30, 1999, to stockholders of
record on July 16, 1999. This dividend is in accordance with
the Corporation's dividend policy established by the Board of
Directors in 1997 to pay semi-annual cash dividends dependent
upon the Corporation's financial condition, earnings, equity,
structure, capital needs, regulatory requirements and economic
conditions.
