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) March 26, 1999 (March 18, 1999)
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Harbor Florida Bancshares, Inc.
(Exact Name of Registrant as Specified in Charter)
Delaware 000-22817 65-0813766
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(State or Other (Commission File IRS Employer
Jurisdiction of Incorporation) Number) Identification No.
100 S. Second Street, Fort Pierce, FL 34950
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(Address of Principal Executive Offices)(Zip Code)
Registrant's telephone number, including area code (561) 461-2414
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Not Applicable
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(Former Name or Former Address, if Changed Since Last Report)
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ITEM 5. OTHER EVENTS.
On March 18, 1999, Harbor Florida Bancshares, Inc. ("Bancshares")
announced that its Board of Directors had approved a continuation of its
previously announced stock repurchase program. The new authority permits
Bancshares to acquire up to 2,904,625 additional shares of its common stock,
subject to market conditions. The repurchases shall be made from time to time in
the open market. A copy of the press release announcing the continuation of the
stock repurchase program is attached hereto as Exhibit 99.
ITEM 7. FINANCIAL STATEMENTS, PRO FORMA FINANCIAL INFORMATION AND EXHIBITS.
(a) Financial Statements of Businesses Acquired
Not applicable
(b) Pro Forma Financial Information
Not applicable
(c) Exhibits
(99) Press release dated March 18, 1999
<PAGE>
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 hereto duly authorized.
HARBOR FLORIDA BANCSHARES, INC.
Registrant
Date: March 26, 1999 By: /s/
Don W. Bebber
Senior Vice President/
Chief Financial Officer
HARBOR FLORIDA BANCSHARES, INC. ANNOUNCES
CONTINUANCE OF ITS STOCK REPURCHASE PROGRAM
FOR IMMEDIATE RELEASE: March 18, 1999
Harbor Florida Bancshares, Inc. ("the Company") (NASDAQ-HARB), the holding
company for Harbor Federal Savings Bank, announced today, that the Board of
Directors approved a continuance of the Company's stock repurchase program. The
new authority permits the Company to acquire up to 2,904,625 shares of its
common stock subject to market conditions. This represents approximately 10% of
the outstanding common stock.
The Company has repurchased to date 1,997,530 shares of its common stock and is
in addition to shares that were purchased to fund the 1998 Stock Incentive Plan.
Michael J. Brown, President and C.E.O., stated that the continuing repurchase
program expires on March 18, 2000 and allows for the repurchase of the
additional 2,904,625 shares.
Repurchases are authorized to be made from time to time in open market
transactions as, in the opinion of management, market conditions warrant. The
repurchased shares will be held as treasury stock and will be held for general
corporate purposes and/or issuance pursuant to the Company's benefit plans. The
continuing repurchase plan also allows for the possibility of unsolicited
negotiated transactions or other types of repurchases. No shares will be
purchased from directors or officers of the Company.
Harbor Federal is located in Fort Pierce, Florida and has 27 locations in a six
county area of East Central Florida. Harbor Florida Bancshares, Inc. common
stock trades on the NASDAQ National Market under the symbol HARB.
CONTACT: Michael J. Brown, Sr., President, (561) 460-7000; Don Bebber, CFO,
(561) 460-7009; or Bonnie Forrest, Investor Relations, (561) 460-7046;
http://www.harborfederal.com
