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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):January 15, 1999
NORTH ARKANSAS BANCSHARES, INC.
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(Exact name of registrant as specified in charter)
Tennessee 0-23525 71-0800742
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(State or other jurisdiction (Commission (I.R.S. Employer
of incorporation) File Number) Identification No.)
200 Olivia Drive, Newport, Arkansas 72112
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(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code:(870) 523-3611
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ITEM 5. OTHER EVENTS
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On January 15, 1999, North Arkanas Bancshares, Inc. (the
"Registrant"), announced that it had received the approval of the
Office of Thrift Supervision to repurchase up to 10% of its
outstanding shares of common stock, approximately 37,030 shares.
The Registrant's press release is attached hereto as Exhibit 99.1
and incorporated by reference herein.
Item 7. Financial Statements, Pro Forma Financial Information
and Exhibits.
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Exhibit 99.1 Press Release dated January 15, 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.
NORTH ARKANSAS BANCSHARES, INC.
BY: /s/ Brad Snider
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Brad Snider
President and Chief
Executive Officer
Date: January 15, 1999
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Contact: Mr. Brad Snider
President
(870) 523-3611
FOR IMMEDIATE RELEASE
Date: January 15, 1999
NORTH ARKANSAS BANCSHARES, INC.
ANNOUNCES STOCK REPURCHASE PROGRAM
North Arkanasas Bancshares, Inc. (OTC Bulletin Board:NARK),
headquartered in Newport, Arkansas, announced today that it had
received the approval of the Office of Thrift Supervision to
repurchase up to 10% of its issued and outstanding shares of
common stock, approximately 37,030 shares. 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 Corporation.
Brad Snider, President of the Corporation, stated that the
Board of Directors has authorized the repurchase program, which
is expected to be completed within one year. Mr. Snider
explained that the Board of Directors considers the Corporation's
common stock to be an attractive investment.
According to Mr. Snider, the repurchases generally would be
effected through open market purchases.
North Arkansas Bancshares, Inc. is the holding company for
Newport Federal Savings Bank, which conducts business through one
banking office in Newport, Arkansas.
