SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
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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): December 15, 1999
HOPFED BANCORP, INC.
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(Exact name of Registrant as Specified in Charter)
Delaware 000-23667 61-0229082
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(State or Other Jurisdiction (Commission (I.R.S. Employer
of Incorporation) File Number) Identification No.)
2700 Fort Campbell Boulevard, Hopkinsville, Kentucky 42440
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(Address of Principal Executive Offices)
(502) 885-1171
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Registrant's telephone number, including area code
Not Applicable
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(Former name or former address, if changed since last report)
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Item 5. Other Events
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The Board of Directors of the Registrant approved termination of the HopFed
Bancorp, Inc. Employee Stock Ownership Plan, effective December 31, 1999.
Further information regarding the plan termination is set forth in a press
release dated December 15, 1999, attached 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 December 15, 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, thereunto duly authorized.
HOPFED BANCORP, INC.
DATE: December 15, 1999 By: /s/ Bruce Thomas
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Bruce Thomas
President and Chief Executive Officer
2
HopFed Bancorp, Inc.
Hopkinsville, Kentucky
Contact: Bruce Thomas, President
(270) 885-1171
Date: December 15, 1999
FOR IMMEDIATE RELEASE
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HOPFED BANCORP, INC.
DECLARES DIVIDEND AND
ANNOUNCES ESOP TERMINATION
Hopkinsville, Kentucky - HopFed Bancorp, Inc. (Nasdaq: HFBC) announced
today that the Board of Directors has declared the Company's quarterly dividend.
The cash dividend of $0.075 per share, payable to stockholders of record as of
December 31, 1999, will be paid on January 14, 2000.
Bruce Thomas, President of the Company, stated that the Board of Directors
determined that the payment of the dividend was appropriate in light of the
Company's capital position. He noted that any future dividends will depend upon
the Company's financial condition, earnings, equity structure, capital needs and
regulatory requirements, as well as economic conditions.
The Board of Directors also announced that it has approved termination of
the Company's Employee Stock Ownership Plan (ESOP), effective December 31, 1999.
Mr. Thomas stated that the Board of Directors determined that this was in the
Company's best interests because of the ESOP's annual maintenance expenses. For
the year ending December 31, 1999, the maintenance expenses for the ESOP are
expected to be approximately $437,000, and the Company expects to incur a
one-time ESOP termination expense of approximately $2.5 million. Termination of
the ESOP and distribution to participants of its assets are contingent on
receipt of an Internal Revenue Service determination that the ESOP will be
tax-qualified upon its termination, as well as compliance with other applicable
regulatory requirements.
HopFed Bancorp, Inc. is the holding company for Hopkinsville Federal
Savings Bank, which conducts business through its main office in Hopkinsville,
Kentucky and branch offices in Hopkinsville, Murray, Cadiz and Elkton, Kentucky.
