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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) October 8, 1998
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TIB Financial Corp.
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(Exact name of registrant as specified in its charter)
Florida
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(State or other jurisdiction of incorporation)
0-29132 65-0655973
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(Commission File Number) (IRS Employer Identification No.)
99451 Overseas Highway, Key Largo, Florida 33037
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(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code (305) 451-4660
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(Former name or former address, if changed since last report)
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ITEM 5. Other Events
On October 8,1998, TIB Financial Corp. (the "Registrant")
announced that its Board of Directors has authorized the Registrant to
purchase up to 50,000 shares of the Registrant's common stock from time
to time in the open market.
The press release attached hereto as Exhibit 99.1 contains
information and trend statements that constitute "forward-looking
statements" within the meaning of the Private Securities Litigation
Reform Act of 1995, which involve risks and uncertainties. A number of
important factors could cause the actual results to differ materially
from those in the forward-looking statements. Specifically, the
Registrant's growth projections are subject to certain risks and
assumptions that include, but are not limited to, the Registrant's
ability to expand its operations and generally favorable economic
conditions.
ITEM 7. Financial Statements, Pro Forma Financial Information and
Exhibits
(a) Not applicable
(b) Not applicable
(c) Exhibits
99.1 Press Release dated October 8, 1998
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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.
TIB FINANCIAL CORP.
Registrant
By: /s/ Edward V. Lett
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Edward V. Lett, President
Date: October 20, 1998
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Exhibit 99.1
PRESS RELEASE - October 8, 1998
Contact: Edward V. Lett
President and Chief Executive Officer
Telephone: (305) 451-4660, ext. 117
FOR IMMEDIATE RELEASE
TIB FINANCIAL CORP. ANNOUNCES SHARE REPURCHASE AUTHORIZATION
KEY LARGO, FL. (OCT. 8, 1998) - TIB Financial Corp. (NASDAQ: TIBB),
holding company for TIB Bank of the Keys, today announced that the board of
directors has authorized the company to purchase up to 50,000 shares of the
company's common stock. The shares may be purchased from time to time in the
open market.
In announcing the buyback, Edward V. Lett, President and Chief
Executive Officer of TIB Financial Corp., said, "Our current level of capital
along with our growth projections for both assets and earnings allow for this
investment on behalf of all of our shareholders. The management and optimum
utilization of capital is a high priority for our company. The board of
directors and management believe the proposed repurchase of the company's shares
at current prices is a prudent use of capital."
TIB Bank of the Keys, the company's bank subsidiary, operates nine
offices in the Florida Keys and two offices in south Miami-Dade County. The
company's stock is listed on the Nasdaq National Market under the ticker symbol
TIBB. Copies of TIBB press releases, SEC filings, current price quotes, stock
charts and other valuable information for investors may be found on the websites
http://www.hawkassociates.com and www.tibbank.com.
For further information, contact Edward V. Lett, President and CEO, at
(305)451-4660.
