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) December 1, 1997
NSS Bancorp,Inc.
(Exact Name of Registrant as Specified in Charter)
Connecticut 0-22937 06-14885317
(State or Other Jurisdiction (Commision (IRS Employer
of Incorporation) File Number Identification No.)
48 Wall Street, Norwalk, Connecticut 06852
(Address of Principal Executive Offices) (Zip Code)
Registrant's telephone number, including area code 203-838-4545
N/A
(Former Name or Former Address, if Changed Since Last Report)
Item 5. Other Events.
See attached Press Release dated December 1, 1997.
<NSS LOGO>
FOR IMMEDIATE RELEASE Contact:
Monday, December 1, 1997 Robert T. Judson
President & CEO
NSS BANCORP, INC. ANNOUNCES STOCK REPURCHASE PROGRAM
NSS Bancorp, Inc. (NASDAQ: NSSY) announced today that its Board of
Directors has adopted a stock repurchase program. The program authorizes
the company to repurchase up to 15% of its issued and outstanding common
stock at market prices in negotiated and/or open market purchases. The
Company is not obligated to make any purchases but may do so at any time
until March 31, 1998, unless extended by the Board of Directors.
NSS also announced its intention to issue up to $15 million of trust
preferred stock in the near future. Trust preferred stock is a special
form of security which has become popular recently because it combines
desirable features of debt (deductibility of interest payments) and equity
(all or a portion of the trust preferred is credited toward regulatory
capital).
NSS President and Chief Executive Officer, Robert T. Judson, said
"Both of these decisions are part of our long-term strategic plan to
enhance shareholder value as an independent institution, dedicated to our
customers and our communities. We believe our stock represents a good use
of the Bank's funds while providing liquidity and the prospect for
improved per share ratios as stock is repurchased. The trust preferred
stock offering will allow NSS to fund the repurchase on a tax-advantaged
basis. Along with the improvements we have made in our operating
structure, the repurchase and trust preferred stock programs position us
for enhancing shareholder value well into the future."
Judson further announced "the Company's wholly owned subsidiary,
Norwalk Savings Society, is applying to change it name to NSS Bank." In
1849, according to Judson, Norwalk Savings Society was founded as a mutual
savings bank to provide savings bank services to residents of the greater
Norwalk area. Today, because the Bank provides a full menu of consumer and
commercial banking services throughout southern Fairfield County, the
change of name to NSS Bank better represents the future direction of NSS.
The Bank is headquartered in Norwalk, Connecticut, with seven other
Fairfield County branches located in the towns of Norwalk, Wilton,
Westport, Georgetown, Fairfield and Darien.
SIGNATURES
Pursuant to the Securities Exchange Act of 1934, the registrant has duly
caused this report to be signed on its behalf by the undersigned hereunto duly
authorized.
Date: December 9, 1997 NSS Bancorp, Inc.
(Registrant)
By /s/ Robert T. Judson
Robert T. Judson
