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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): May 26, 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 May 26, 1999, Local Financial Corporation issued a press release
announcing an agreement for Local Oklahoma Bank to acquire Guthrie Savings,
Inc., the parent company of Guthrie Federal Savings Bank. The press release
issued in connection with this announcement is filed as an exhibit to this
report and incorporated herein by reference.
ITEM 7. FINANCIAL STATEMENTS AND EXHIBITS.
(c) Exhibit:
See Exhibit Index following the signature page of this report, which
is incorporated herein by reference.
SIGNATURE
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: May 26, 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: MAY 26, 1999
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CONSECUTIVE
EXHIBIT NO. DESCRIPTION PAGE NO.
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Exhibit 99 Press Release dated May 26, 1999 4
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Exhibit 99
FOR IMMEDIATE RELEASE May 26, 1999
For further information please contact:
Richard L. Park, CFO
(405) 841-2298
Bill Cunningham, President
Guthrie Savings, Inc.
Guthrie Federal Savings Bank
(405) 289-2201
AGREEMENT ANNOUNCED FOR LOCAL OKLAHOMA BANK
TO ACQUIRE GUTHRIE FEDERAL SAVINGS BANK
OKLAHOMA CITY--Local Oklahoma Bank and Guthrie Savings, Inc., the
parent company of Guthrie Federal Savings Bank, announced today that they have
entered into a definitive agreement for Local to acquire the Guthrie-based
savings institution.
Each share of Guthrie Savings, Inc. common stock will be purchased for
$22.25 in cash. The transaction is subject to stockholder approval by Guthrie
shareholders and banking regulatory approval. It is anticipated that the
transition will close in the fourth quarter, 1999.
Guthrie Federal Savings Bank, operating under a charter dating to
1906, is a publicly held thrift with total assets of $50 million, deposits of
$35 million and shareholders' equity of $7 million.
Bill Cunningham, president of the Guthrie institution said, "We are
very pleased to become a part of Local Oklahoma. This move will provide our
customers the opportunity to grow with a larger banking entity which offers a
broader range of products and services".
Local Oklahoma Bank's chief executive officer, Ed Townsend, also
expressed enthusiasm over the pending acquisition. "The acquisition will move
Local another step toward its goal of becoming a major participant in
Oklahoma's banking industry. Guthrie Federal Savings Bank is a solid
institution with a long history of involvement in the business and community
life of north
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central Oklahoma. We will continue with that involvement as part of our
company's total commitment to the development of business and banking in this
state."
Headquartered in Oklahoma City, Local Oklahoma Bank operates 50
branches across the state, with concentration in Oklahoma City, Tulsa and
Lawton. Local is the state's fifth largest banking institution with in-market
deposits exceeding $1.6 billion and total assets of $2.1 billion. Originally
chartered as Local Federal Savings and Loan in 1908, the operations of Local
Federal were recently consolidated with those of its Tulsa-based bank, Local
America, under one name, Local Oklahoma Bank. Local Oklahoma Bank now operates
under a National Bank charter.
Guthrie Savings, Inc. stock is traded under the symbol "GTSV" on the
OTC Bulletin Board. Local Oklahoma Bank's parent company, Local Financial
Corporation, trades on the AMEX under the symbol "LO".
END
