UNITED STATES
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
November 5, 1999
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(Date of earliest event reported)
Commission file number: 333-17227
Vermilion Bancorp, Inc.
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(Exact name of small business issuer as specified in its charter)
Delaware 37-1363755
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(State or other jurisdiction of (IRS Employer Identification
incorporation or organization) Number)
714 North Vermilion Street, Danville, Illinois 61832
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(Address of principal executive offices)
(217) 442-0270
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(Issuer's telephone number)
Not Applicable
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(Former name, former address and former fiscal year, if changed
since last report)
Item 5. Other Events
On November 5, 1999, Vermilion Bancorp, Inc. (the "Company") announced
earnings for the twelve months ended September 30, 1999. For
additional information, reference is made to the Press Realease, November 05,
1999, which is attached hereto as Exhibits 99 and is incorporated herein
by reference.
Item 7. Financial Statements, Pro Forma Financial Information and Exhibits
(a) Financial Statements.
Not Applicable.
(b) Pro Forma Financial Information.
Not Applicable.
(c) Exhibits:
99 Press Release dated November 5, 1999
SIGNATURES
Pursuant to the requirement 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.
Vermilion Bancorp, Inc.
Date: November 5, 1999 By: /s/Merrill Norton
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Merrill G. Norton
President/CEO
Exhibit 99
FOR IMMEDIATE RELEASE
VERMILION BANCORP, INC.
ANNOUNCES PRELIMINARY UNAUDITED 1999
RESULTS
Danville, Illinois - November 5, 1999 - Vermilion Bancorp, Inc. ("VBAS")
(OTC-Electronic Bulletin Board), the parent company of American Savings
Bank of Danville, announces unaudited net income/(loss) for the twelve
months ended September 30, 1999 of ($71,000) or ($.21) per share compared
to net income of $244,000 or $0.66 per share for the twelve months ended
September 30, 1998, a decrease of $315,000 or $0.87 per share. The $71,000
loss includes a $500,000 litigation settlement expense which decreased net
income $325,000 net of taxes. Net income for the twelve months ended
September 30, 1999 excluding the $325,000 net litigation settlement expense
would have been $254,000 or $0.74 per share.
Net interest income after provision for loan losses for the twelve months
ended September 30, 1999 was $1,275,000 compared to $1,177,000 for the
twelve months ended September 30, 1998, an increase of $98,000 or 8.3%.
Other non-interest income for the twelve months ended September 30, 1999
was $111,000 compared to $55,000 for the twelve months ended September 30,
1998, an increase of $56,000 or 101.8%. Non-interest expense was $1,568,000
for the twelve months ended September 30, 1999 compared to $843,000 for the
twelve months ended September 30, 1998, an increase of $725,000 or 86.0%.
The increase was primarily due to a litigation settlement of $500,000 and
a $110,000 increase in salary and employee benefits. The increase in salary
and employee benefit is mainly attributable to the opening of a new branch
facility.
The bank currently operates two facilities in Danville, Illinois.
Contact:
Merrill G. Norton
President & Chief Executive Officer
Vermilion Bancshares, Inc.
217/442-0270
