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): November 17, 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
The Board of Directors of the Registrant approved a special cash
distribution of $4.00 per share, payable on December 17, 1999 to all
shareholders of record as of December 3, 1999. The Registrant believes that 100%
of the distribution will not be considered taxable, but will be applied against
and will reduce the shareholders' adjusted basis in their Registrant common
stock.
Further information regarding the elements of this cash distribution are
set forth in a press release dated November 17, 1999, attached as Exhibit 99.1
and incorporated herein by this reference.
Item 7. Financial Statements, Pro Forma Financial Information and Exhibits
Exhibit 99.1 Press Release dated November 17, 1999.
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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.
HOPFED BANCORP, INC.
DATE: November 17, 1999 By: /s/ Bruce Thomas
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Bruce Thomas
President and Chief Executive Officer
2
PRESS RELEASE
HOPFED BANCORP, INC.
For further information contact Bruce Thomas, President (270) 885-1171
HOPFED BANCORP, INC. ANNOUNCES $4.00 PER SHARE TAX FREE SPECIAL DIVIDEND
Hopkinsville, Ky. November 17, 1999 - The Board of Directors of HopFed Bancorp,
Inc. (Nasdaq: HFBC), the parent company of the Hopkinsville Federal Savings
Bank, announced a $4.00 per share special cash dividend payable on December 17,
1999 to shareholders of record on December 3, 1999. HopFed Bancorp, Inc.
currently has 4,098,162 shares outstanding and will have an aggregate special
dividend payable of approximately $16,393,000.
According to Company president, Bruce Thomas, the special dividend is
expected to be tax free because it represents a return to shareholders of a
portion of the proceeds raised when the Company went public in February, 1998.
He further stated that a nontaxable return of capital would reduce the tax cost
basis of each outstanding share.
The Board of Directors took this action because it believes the current
"equity to asset" ratio of over 27% is excessive and will prove to be a
deterrent to generating acceptable returns on equity over the long term.
President Thomas stated that the Company will remain well capitalized with the
"equity to asset" ratio exceeding 21% after payment of the special dividend.
As of September 30, 1999, HopFed Bancorp, Inc. reported assets of
$218,636,000 and total stockholders' equity of $60,431,000.
Hopkinsville Federal Savings Bank serves the adjacent counties of Calloway,
Christian, Todd and Trigg from its main office located at 2700 Fort Campbell
Boulevard, Hopkinsville, Kentucky 42240, its downtown branch office located at
605 South Virginia Street, Hopkinsville, and from its Cadiz, Murray and Elkton
branch offices located at 352 Main Street, Cadiz, Kentucky 42211, 7th and Main
Street, Murray, Kentucky 42071, and West Main Street, Elkton, Kentucky 42220.
