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
April 27, 2000
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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 April 27, 2000, Vermilion Bancorp, Inc. (the "Company") announced
that the Board of Directors has authorized the repurchase of up to 35,707
shares or 10 percent, of the outstanding common stock of the Company. For
additional information, reference is made to the Press Realease, April 27,
2000, 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 April 27, 2000
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.
Vermilion Bancorp, Inc.
Dated: April 27, 2000 By: /s/Merrill G. Norton
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Merrill G. Norton
President/CEO
Exhibit 99
PRESS RELEASE
VERMILION BANCORP, INC. ANNOUNCES THE REPURCHASE OF
UP TO 10% OF THEIR OUTSTANDING SHARES
Danville, Illinois - April 27, 2000 - The Board of Directors of Vermilion
Bancorp, Inc. (Pink Sheets: VBAS) (the "Company") is announcing the
repurchase of up to 35,707 shares or ten percent (10%) of the outstanding
common stock of the Company. Financial information at and for the six months
ended March 31, 2000 is attached to this press release.
Repurchases are authorized to be made from time to time in open-market
transactions during the next six months as, in the opinion of management,
market conditions warrant. The repurchased shares will be held as
treasury stock and will be available for general corporate purposes.
Merrill G. Norton, in announcing the repurchase, stated:"Vermilion
Bancorp, Inc., continues to support the growth of AMERICAN SAVINGS
BANK OF DANVILLE, our wholly-owned subsidiary, with community banking
facilities in Danville, Illinois. The Company's directors think that
current valuation of the common stock makes the repurchase a sound
long-term investment for the Company.
For further information Contact:
Merrill Norton, President
(217) 442-0270
Fax (217) 442-0271
VERMILION BANCORP, INC. AND SUBSIDIARY
CONSOLIDATED BALANCE SHEET
Mar. 31 SEP. 30
2000 1999
(unaudited)
_______ _______
Assets
Cash and due from banks $ 114,839 $ 93,054
Interest-bearing demand deposits 1,244,090 1,082,406
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Cash and cash equivalents 1,358,929 1,175,460
Interest-bearing time deposits 20,000 20,000
Investment securities:
Available for sale 1,472,810 1,493,750
Held to maturity 1,353,671 1,522,407
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Total investment securities 2,826,481 3,016,157
Loans 38,710,241 37,412,955
Allowance for loan losses (164,572) (179,420)
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Net loans 38,545,669 37,233,535
Premises and equipment 1,460,124 1,487,666
Federal Home Loan Bank stock 321,400 321,400
Other Real Estate 103,035 0
Other Assets 415,123 509,063
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Total assets $45,050,761 $43,763,281
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Liabilities
Deposits:
Noninterest-bearing $ 856,601 $ 678,971
Interest-bearing 31,899,626 30,960,093
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Total deposits 32,756,227 31,639,064
Federal Home Loan Bank borrowings 6,400,000 6,400,000
Other liabilities 162,619 135,677
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Total liabilities 39,318,846 38,174,741
Stockholders' Equity
Preferred stock, $0.01 par value
Authorized and unissued-400,000 shares 0 0
Common stock, $0.01par value
Authorized- 1,600,000 shares
Issued and outstanding- 357,075 3,968 3,968
Additional paid-in-capital 3,658,221 3,653,868
Retained earnings 2,912,249 2,795,510
Accumulated comprehensive income (11,624) (2,947)
Less:
Unearned employee stock
ownership plan shares- 21,072 and 22,658 shares (210,715) (226,585)
Unearned incentive plan shares-8,966 and
10,145 shares (114,320) (129,410)
Treasury Stock - 39,675 shares (505,864) (505,864)
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Total stockholders' equity 5,731,915 5,588,540
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Total liabilities and
stockholders' equity $45,050,761 $43,763,281
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VERMILION BANCORP, INC. AND SUBSIDIARY
CONSOLIDATED STATEMENT OF INCOME
(UNAUDITED)
Six Months Ended
March 31,
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2000 1999
____ ____
Interest Income
Loans receivable $1,525,911 $1,438,419
Investment securities 107,024 135,565
Deposits with financial Institutions 28,280 60,262
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Total interest income 1,661,215 1,634,246
Interest Expense
Deposits 784,763 786,670
Federal Home Loan Bank borrowings 171,398 166,358
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Total interest expense 956,161 953,028
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Net Interest Income 705,054 681,218
Provision for losses on loans 60,000 28,000
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Net Interest Income After Provision for Losses on Loans 645,054 653,218
Noninterest Income
Loan fees 43,527 38,465
Other income 14,753 5,516
Gain on sale of securities 0 10,786
Gain on sale of real estate 0 12,281
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Total noninterest income 58,280 67,048
Noninterest Expense
Litigation settlement 0 500,000
Salaries and employee benefits 247,349 238,298
Net occupancy expenses 76,010 58,613
Data processing fees 32,462 30,363
Deposit insurance expense 6,292 8,855
Printing and office supplies 10,392 14,212
Legal and professional fees 37,359 79,869
Advertising and promotion 15,450 14,258
Director and committee fees 39,519 39,383
Other expenses 62,762 70,974
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Total noninterest expense 527,595 1,054,825
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Income Before Income Tax 175,739 (334,559)
Income tax expense 59,000 (136,360)
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Net Income $ 116,739 $(198,199)
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Per Share data:
Basic earnings per share $0.36 $(0.54)
Diluted earnings per share $0.35 $(0.52)
