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SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Form 8-K
Pursuant to Section 13 or 15(d) of
the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): May 24, 1999
HIGH COUNTRY BANCORP, INC.
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(Exact Name of Small business Issuer as Specified in its Charter)
Colorado 0-23409 84-1438612
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(State or Other (Commission (I.R.S. Employer
Jurisdicction of File Number) Identification No.)
Incorporation or
Organization)
130 West 2nd Street, Salida, Colorado 81201
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(Address of Principal Executive Offices) (Zip Code)
Registrant's telephone number, including area code:(719) 539-2516
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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 May 24, 1999 the registrant announced that it is com
mencing a stock repurchase program to acquire up to 10% of the
Company's outstanding common stock, or approximately 132,250
shares, over a twelve month period. For more information, see
the Company's press release, which is attached hereto as Exhibit
99.1 and is incorporated by reference herein.
ITEM 7. FINANCIAL STATEMENTS, PRO FORMA FINANCIAL
INFORMATION AND EXHIBITS.
Exhibit 99.1 Press Release dated May 24, 1999
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SIGNATURE
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 hereunto duly author-
ized.
High Country Bancorp, Inc.
By: /s/ Larry D. Smith
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Larry D. Smith
President
Date: May 24, 1999
[HIGH COUNTRY BANCORP, INC. LETTERHEAD]
PRESS RELEASE
HIGH COUNTRY BANCORP, INC.
ANNOUNCES STOCK REPURCHASE PROGRAM
Salida, Colorado - - - May 24, 1999; High Country Bancorp,
Inc. (NASDAQ Small Cap: HCBC) announced today that it is com
mencing a stock repurchase program to acquire up to 132,250
shares of the Company's common stock, which represents approxi
mately 10% of the outstanding common stock. The program will be
dependent upon market conditions and there is no guarantee as to
the exact number of shares to be repurchased by the Company, or
as to the timing of such repurchases.
Larry D. Smith, President of the Company, stated that the
Board of Directors has authorized the repurchase program, which
is expected to be completed within the next twelve months. Mr.
Smith explained that the Board of Directors considers the Com
pany's common stock to be an attractive investment. It is
expected that a reduction in the amount of the Company's out
standing stock would have the effect of increasing the Company's
per share earnings and book value. In addition, the repurchase
program is designed to offset the future dilution incurred in
connection with the Company's stock option plan.
According to Mr. Smith, the repurchases generally would be
effected through open market purchases, although he did not rule
out the possibility of unsolicited negotiated transactions or
other types of repurchases.
