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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):July 14, 1999
UNITED TENNESSEE BANKSHARES, INC.
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(Exact name of registrant as specified in charter)
TENNESSEE 0-23551 62-1710108
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(State or other jurisdiction (Commission (I.R.S. Employer
of incorporation) File Number) Identification No.)
344 BROADWAY, NEWPORT, TENNESSEE 37821
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(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code: (423)623-6088
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ITEM 5. OTHER EVENTS.
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On July 14, 1999, United Tennessee Bankshares, Inc. (the
"Registrant"), announced that it had received the approval of
the Office of Thrift Supervision to repurchase an additional
5.0% of its outstanding shares of common stock, approximately
65,646 shares. The repurchase program is expected to commence
on or about July 19, 1999.
Stock repurchases generally would be effected through open
market purchases, although the possibility of unsolicited
negotiated transactions or other types of repurchases has not
been ruled out. It is expected that a reduction in the number
of the Registrant's outstanding shares will have the effect of
increasing the Registrant's per share earnings and book value.
Repurchased shares may be acquired directly by the
Registrant and cancelled or, in management's judgment, acquired
by a trust for the Registrant, in which event such acquired
shares would be held as, in effect, treasury shares for the
benefit of the Registrant. This program will be dependent upon
market conditions, and there is no guarantee as to the exact
number of shares to be repurchased by the Registrant.
ITEM 7. FINANCIAL STATEMENTS, PRO FORMA FINANCIAL INFORMATION
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AND EXHIBITS.
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None.
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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 hereunto duly authorized.
UNITED TENNESSEE BANKSHARES, INC.
By: /s/ Richard G. Harwood
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Richard G. Harwood
President and Chief Executive Officer
Date: July 15, 1999
