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UNITED STATES
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): March 31, 1999
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 March 24, 1999, Local Financial Corporation announced the
consolidation of Local Federal Bank and Local America Bank into one statewide
banking entity operating under the name of Local Oklahoma Bank. The name change
became effective March 31, 1999.
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: April 1, 1999 By: /s/Richard L. Park
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Richard L. Park, Chief Financial Officer
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EXHIBIT INDEX
TO
FORM 8-K CURRENT REPORT
DATE OF REPORT: MARCH 31, 1999
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CONSECUTIVE
EXHIBIT NO. DESCRIPTION PAGE NO.
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Exhibit 99 Press Release dated March 24, 1999 4
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EXHIBIT 99
FOR IMMEDIATE RELEASE March 24, 1999
For further information please contact:
Jennifer Huddleston
Local Oklahoma Bank
405-841-2201
LOCAL OKLAHOMA BANK FORMED
BY MERGER OF LOCAL FEDERAL AND LOCAL AMERICA
OKLAHOMA CITY - Local Financial Corporation announced the consolidation of Local
Federal Bank and Local America Bank into one statewide banking entity operating
under the name of Local Oklahoma Bank. Local Federal was established in 1908,
and is one of the state's oldest depository institutions. Local America, a
Tulsa-based bank, has been owned by Local Federal since December 1988. Local
Financial Corporation is the parent company of Local Federal Bank.
"We are proud to focus our efforts on Oklahoma, now our name will reflect that
pride and commitment. Our roots are in serving the people of Oklahoma; we have
not lost sight of that tradition of excellence for a moment," commented Ed
Townsend, Local's Chairman and CEO.
Since Local Federal's purchase in September, 1997 led by the Townsend Investment
Group, the company has been building the state's most experienced banking team.
"We are rapidly evolving into a major full service commercial bank in Oklahoma
and the strategy of hiring experienced loan officers with the ability to move
banking relationships is working well," stated Mr. Townsend. As a result of that
level of expertise, combined with Local's responsive culture to serve customers
both efficiently and effectively, the bank is enjoying wide market acceptance.
Local is focusing on developing core business: commercial and consumer lending,
mortgage banking, transaction accounts, cash management services, and quality
investment products offered through its wholly owned subsidiary, Local
Securities Corporation.
With in-market deposits of $1.7 billion, and a 4.98 percent market share, Local
currently represents the fifth largest deposit franchise in Oklahoma. The name
change is not the result of a change in management, ownership or services
provided and will not cause any customer inconvenience such as need for new
checks. "The only thing that will be changing are the signs out front, and the
added convenience of banking in 50 locations statewide," concluded Mr. Townsend.
