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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): September 10, 1998
LOCAL FINANCIAL CORPORATION
(Exact name of registrant as specified in its charter)
Delaware
(State of Incorporation)
001-13949 65-0424192
(Commission File No.) (I.R.S. Employer Identification No.)
3601 N.W. 63rd Street, Oklahoma City, Oklahoma 73116
(Address of principal executive offices) (zip code)
Registrant's telephone number, including area code: 405-841-2298
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ITEM 5. OTHER EVENTS.
On September 10, 1998, Local Financial Corporation ("Local Financial")
announced plans to merge Local America Bank of Tulsa into its parent company,
Local Federal Bank, and operate under one name as Local Federal Bank. The merger
will result in no loss of services or branch closures. The merger is subject to
regulatory approval and will be accounted for under the "pooling of interests"
accounting rules.
The press release issued in connection with this announcement is filed
as an exhibit to this report.
ITEM 7. FINANCIAL STATEMENTS AND EXHIBITS.
(c) Exhibit:
See Exhibit Index following the signature page of this report, which is
incorporated herein by reference.
SIGNATURES
Pursuant to the requirements of the Securities and Exchanges Act of
1934, the registrant has duly caused this report to be signed on its behalf by
the undersigned hereunto duly authorized.
LOCAL FINANCIAL CORPORATION
Date: September 10, 1998 By: /s/Jan A. Norton
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Jan A. Norton, President
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EXHIBIT INDEX
TO
FORM 8-K CURRENT REPORT
DATE OF REPORT: SEPTEMBER 10, 1998
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CONSECUTIVE
EXHIBIT NO. DESCRIPTION PAGE NO.
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Exhibit 99 Press Release dated September 10, 1998 4
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EXHIBIT 99
LOCAL FINANCIAL CORPORATION ANNOUNCES MERGER
Oklahoma City, Oklahoma, September 10, 1998, Local Financial Corporation
(AMEX:(LO)) announced plans to merge Local America Bank of Tulsa into its parent
company Local Federal Bank, and operate under one name as Local Federal Bank.
Local America Bank is currently a federally chartered savings bank which has 17
branch offices located in the Tulsa metropolitan and surrounding area. Local
America had total assets, deposits, and shareholders' equity of approximately
$682 million, $495 million, and $119 million as of July 31, 1998. The merger
will result in no loss of services or branch closures.
Edward A. Townsend, Chairman and CEO, stated the merger will result in
increased statewide banking opportunities for the current customers of both
Local Federal Bank and Local America Bank. Currently Local Federal Bank branches
are prohibited by federal regulations from accepting Local America Bank customer
transactions even though Local America is a subsidiary of Local Federal Bank.
The only change Local America Bank customers will see as a result of the merger
will be the name change from Local America Bank to Local Federal Bank. "The
merger of Local America Bank into its parent company, Local Federal Bank, will
enhance our ability to serve our existing customers as well as our ability to
compete for new customers on a statewide basis with other depository
institutions," stated Mr. Townsend.
In a separate presentation at the Friedman, Billings, Ramsey, & Co. Inc.
Investment Conference in Washington, DC. Mr. Townsend estimated earnings for
Local Financial Corporation to be $18 million for calendar year 1998 or about
$.88 per share. Local Financial Corporation is the $2 billion, Oklahoma-based
holding company of Local Federal Bank.
-End of Press Release-
For any questions please contact Richard L. Park, (405) 841-2298
To the extent that statements in this report relate to the plans,
objectives or future performance of Local Financial Corporation, these
statements are considered to be forward-looking statements within the meaning of
the private Securities Litigation Reform Act of 1995. Such statements are based
on management's current expectations and the current economic environment.
Actual events and results in future periods may differ materially from those
currently expected due to various risks and uncertainties. Additional discussion
of factors affecting Local Financial's business and prospects is contained in
its periodic filings with the Securities and Exchange Commission.
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