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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
October 30, 1997
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(Date of earliest event reported)
Community Savings Bankshares, Inc.
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(Exact name of registrant as specified in its charter)
United States 000-29460 65-0780334
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(State or Other jurisdiction (Commission file number) (IRS Employer
of incorporation) Identification No.)
660 U.S. Highway One, North Palm Beach, Florida 33408
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(Address of principal executive offices) (Zip Code)
(561) 888-2212
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(Registrant's telephone number, including area code)
Not Applicable
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(Former name, former address and former fiscal year,
if changed since last report)
Page 1 of 5 Pages
Exhibit Index appears on page 2
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Item 5. Other Events.
On October 30, 1997, Community Savings Bankshares, Inc. (the "Company"
or the ("Registrant") announced that the Company's Board of Directors authorized
the repurchase of up to 254,746 shares, or approximately five percent, of the
Company's issued and outstanding shares of common stock. A copy of the press
release, dated October 30, 1997, is attached hereto as Exhibit 99 and is
incorporated herein by reference.
Item 7. Financial Statements, Pro Forma Financial Information and Exhibits.
(a) Not Applicable.
(b) Not Applicable.
(c) Exhibits:
99 Press Release, dated October 30, 1997.
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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 who is duly authorized.
COMMUNITY SAVINGS
BANKSHARES, INC.
Date: October 30, 1997 By: /s/James B. Pittard, Jr.
James B. Pittard, Jr.
President and Chief Executive Officer
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Community Savings
Bankshares, Inc. Press Release
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FOR IMMEDIATE RELEASE: October 30, 1997
Contact: James B. Pittard, Jr., President or Larry J. Baker, Treasurer
COMMUNITY SAVINGS BANKSHARES, INC. TO REPURCHASE 254,746 SHARES OF COMMON STOCK
North Palm Beach, Florida. Community Savings Bankshares, Inc. ("Bankshares")
(Nasdaq-CMSV) announced today that the Company's Board of Directors authorized
the repurchase of up to 254,746 shares, or approximately 5 percent, of the
Company's outstanding common stock.
Repurchases are authorized to be made by the Company from time to time in open-
market transactions during the next 12 months as, in the opinion of management,
market conditions warrant. The repurchased shares will be held as treasury stock
and will be available for general corporate purposes.
James B. Pittard, Jr., President and Chief Executive Officer of the Company,
stated: "The repurchase program reflects management's belief that the current
price of the Company's common stock does not adequately reflect the Company's
long-term business and earnings prospects. The use of our cash must continue to
be balanced with other internal and external investment opportunities while
maximizing the use of existing assets and resources to generate shareholder
value. The Company is fortunate to have the financial flexibility that allows
it to demonstrate its commitment to and confidence in its future prospects."
Community Savings Bankshares, Inc. is the holding company for Community Savings,
F.A., a federal savings and loan association chartered in 1955. Headquartered
in North Palm Beach, Florida, the Association serves customers in Northern Palm
Beach, Martin St. Lucie and Indian River counties from 21 full service offices.
The Company is the majority owned subsidiary of ComFed, M.H.C., a federally
chartered mutual holding company.
The Company's common stock is listed on the Nasdaq Stock Market's National
Market and trades under the symbol "CMSV."
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