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 28, 1997
AFSALA BANCORP, INC.
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(Exact name of Registrant as specified in its Charter)
Delaware 0-21113 14-1793890
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(State or other jurisdiction (SEC File No.) (IRS Employer
of incorporation) Identification
Number)
161 Church Street, Amsterdam, New York 12010
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(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code: (518) 842-5700
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Not Applicable
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(Former name or former address, if changed since last Report)
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AFSALA BANCORP, INC.
INFORMATION TO BE INCLUDED IN REPORT
Item 5. Other Events
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On June 23, 1997, the Registrant announced that it had received the
necessary regulatory and Board approval to initiate a repurchase of 5% or 72,737
shares of its outstanding common stock in the open market pursuant to a stock
repurchase program. The Registrant announced that the repurchases would be made
from time to time, subject to the availability of stock.
On November 28, 1997, the Registrant announced that it had concluded
the repurchase of 66,310 shares totalling approximately 4.6% of its outstanding
common stock in the open market pursuant to a stock repurchase program announced
by the Registrant on June 23, 1997. The Registrant also announced on such date
that it had received the necessary regulatory and Board approval to initiate a
repurchase of 5% or 69,422 shares of its outstanding common stock in the open
market. The Registrant announced that the repurchases would be made from time to
time, subject to the availability and price of the Company's stock.
For further details, reference is made to the Press Release dated
Novmeber 28, 1997, which is attached hereto as Exhibit 99.1 and incorporated
herein by this reference.
Item 7. Financial Statements, Pro Forma Financial Information
and Exhibits
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Exhibit 99.1 -- Press Release dated November 28, 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, thereunto duly authorized.
AFSALA BANCORP, INC.
Date: November 28, 1997 By: /s/John M. Lisicki
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John M. Lisicki
President and Chief
Executive Officer
EXHIBIT 99.1
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[AFSALA BANCORP, INC. LETTERHEAD]
FOR IMMEDIATE RELEASE FOR FURTHER INFORMATION CONTACT:
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November 28, 1997 John M. Lisicki
President and Chief Executive Officer
(518) 842-5700
AFSALA BANCORP, INC. ANNOUNCES COMPLETION OF STOCK REPURCHASE
AND COMMENCEMENT OF ADDITIONAL REPURCHASE
Amsterdam, New York -- AFSALA Bancorp, Inc. (Nasdaq National
Market-AFED), the parent holding company of Amsterdam Federal Bank, today
announced that it had completed the repurchase of 66,310 shares of the Company's
outstanding shares of common stock. The company currently has 1,388,440 shares
of common stock outstanding.
The Company also announced today that it has received the necessary
regulatory and Board approval to initiate a repurchase of up to 5% or 69,422
shares of the Company's common stock to be purchased in the open market. Mr.
John M. Lisicki, President and Chief Executive Officer of the Company, indicated
that the repurchase plan could mitigate some of the potentially dilutive effects
of the Company's stock benefit plans and would also be available for general
corporate use. The repurchases will be made from time to time in open-market
transactions, subject to the availability and price of the Company's stock.
The Company became the holding company for the Bank on September 30,
1996, following its initial public offering at the time of the conversion of the
Bank from the mutual to stock form of ownership.
Amsterdam Federal Bank is a federally-chartered savings bank which
conducts its business in Fulton, Montgomery and Otsego Counties, New York, from
four locations in Amsterdam, Gloversville and Oneonta. The Bank's deposits are
insured up to the maximum legal amount by the Federal Deposit Insurance
Corporation (FDIC). The Company's common stock is traded on the NASDAQ Stock
Market/National Market System under the symbol "AFED."
