UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(b) of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): January 28, 2000
UNION COMMUNITY BANCORP
(Exact name of registrant as specified in its charter)
INDIANA
(State of other jurisdiction of incorporation)
0-23543 35-2025237
(Commission File Number) (IRS Employer Identification No.)
221 East Main Street
Crawfordsville, Indiana 47933
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code: (765)362-2400
Item 5. Other Events.
Pursuant to General Instruction F to Form 8-K, the press release issued
January 28, 2000, concerning the Corporation's stock repurchase program is
attached hereto as Exhibit 1 and incorporated by reference herein.
Item 7. Financial Statements and Exhibits.
(c) Exhibits
Exhibit 99 - Press Release dated January 28, 2000.
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.
/s/ Joseph E. Timmons
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Joseph E. Timmons
President and Chief Executive Officer
Dated: January 31, 2000
EXHIBIT 99
Press Release FOR IMMEDIATE RELEASE
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Contact: Joseph E. Timmons
Phone Number: 765/362-2400
UNION COMMUNITY BANCORP
ANNOUNCES STOCK REPURCHASE PROGRAM
(Crawfordsville, Indiana - January 28, 2000) Union Community Bancorp (the
"Corporation") announced today that the Board of Directors has approved the
repurchase, from time to time, on the open market of up to 10% of the
Corporation's outstanding shares of common stock, without par value ("Common
Stock"), or 260,070 such shares. Such purchases will be made subject to market
conditions in open market or block transactions. Repurchases may begin as early
as February 3, 2000, since the required regulatory clearance has been received.
According to Joseph E. Timmons, President of the Corporation, the Board
believes that the Corporation's shares are currently undervalued by the market
and that open market purchases will have the potential effect of enhancing the
book value per share and the potential for growth in earnings per share of the
Corporation's remaining outstanding shares.
The foregoing discussion contains forward-looking statements within the
meaning of the Private Securities Litigation Reform Act of 1995, which involve a
number of risks and uncertainties. A number of factors could cause results to
differ materially from the objectives and estimates expressed in such
forward-looking statements. These factors include, but are not limited to,
anticipated market prices and prices actually paid by the Corporation for its
shares pursuant to the stock repurchase program announced herein. These factors
should be considered in evaluating any forward-looking statements, and undue
reliance should not be placed on such statements. The Corporation does not
undertake and specifically disclaims any obligation to update any
forward-looking statements to reflect occurrence of anticipated or unanticipated
events or circumstances after the date of such statements.
Union Community Bancorp (NASDAQ NMS Symbol "UCBC"), an Indiana corporation,
is the holding company for Union Federal Savings and Loan Association, a federal
savings association, located in Crawfordsville, Indiana.
