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): January 10, 2000
UNITED FINANCIAL CORP.
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(Exact name of registrant as specified in its charter)
Minnesota 0-28080 81-0507591
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(State or other jurisdiction (Commission (IRS employer
of incorporation) file number) identification No.)
P.O. Box 2509, 601 First Avenue North, Great Falls, Montana 59403
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(Address of principal executive offices) (zip code)
Registrant's telephone number, include area code: (406) 761-2200
Not Applicable
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(Former name or former address, if changed since last report)
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ITEM 5. OTHER EVENTS.
ACQUISITION
United Financial Corp., a Minnesota corporation (the "Company"), has
acquired additional stock in Valley Bancorp, Inc. ("Valley"), Phoenix, Arizona,
bringing its ownership to 50.6% (or 871,365 shares) of Valley's outstanding
shares. Valley is the parent company of Valley Bank of Arizona ("Valley Bank"),
Phoenix, Arizona. Valley Bank had assets of $55 million as of September 30,
1999.
The additional shares were acquired from Valley's shareholders for
$1,705,573 (paid in cash and debt) and represent approximately 14% of Valley's
outstanding shares. The acquisition of the additional shares was consummated
according to an approval letter from the Federal Reserve Bank, Minneapolis,
dated December 8, 1999. As previously reported to the Federal Reserve Bank, the
Company held approximately 36.3% of Valley's outstanding shares prior to
December 8, 1999. Shares acquired prior to December 8, 1999 were purchased from
various shareholders of Valley at various prices. At January 10, 2000, the
Company's total investment in Valley is $5.8 million. Currently, two officers
and directors of the Company are members of the Board of Directors of Valley.
The Company is accounting for its recent transaction as a purchase
transaction. As previously reported, prior purchases of Valley stock were
accounted for using the equity method. The Company will consolidate its
financial statements with Valley as of January 1, 2000. The Company will issue
the first consolidated financial statements with Valley in its Quarterly Report
on Form 10-Q for the period ending March 31, 2000.
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.
Date: January 21, 2000 UNITED FINANCIAL CORP.
/s/
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Kurt R. Weise
CEO/President
