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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) January 13, 2000
EFC BANCORP, INC.
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(Exact name of registrant as specified in its charter)
Delaware 1-13605 36-4193304
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(State or other Juris- (Commission (IRS Employer
diction of incorporation File Number) Identification No.)
or organization)
1695 Larkin Avenue, Elgin, Illinois 60123
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(Address of principal executive offices)
(847) 741-3900
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(Registrant's telephone number, including area code)
Not Applicable
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(Former name or former address, if changed since last report.)
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ITEM 5. OTHER EVENTS.
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On January 13, 2000, EFC Bancorp, Inc. (the "Company"), issued a press
release which announced that it had completed its third stock repurchase
program.
The press release announcing the completion of the stock repurchase
program is attached as Exhibit 99.1.
ITEM 7. FINANCIAL STATEMENTS AND OTHER EXHIBITS.
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Exhibit 99.1 Press Release dated January 13, 2000.
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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 hereunto duly authorized.
Dated: January 13, 2000 By: /s/ Barrett J. O'Connor
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Barrett J. O'Connor
President and Chief Executive Officer
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EXHIBIT 99.1 PRESS RELEASE
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PRESS RELEASE
EFC BANCORP, INC.
ANNOUNCES COMPLETION OF REPURCHASE OF
5% OF OUTSTANDING COMMON STOCK
CONTACT: BARRETT J. O'CONNOR
PRESIDENT AND CHIEF EXECUTIVE OFFICER
EFC BANCORP, INC.
(847) 741-3900
Elgin, Illinois, January 13, 2000, EFC Bancorp, Inc., (AMEX: EFC) the
holding company for Elgin Financial Savings Bank, Elgin, Illinois (the "Bank")
has announced today that it has completed its plan to repurchase 5% of the
Company's outstanding common stock, which was announced on October 1, 1999. The
total shares repurchased were 270,370 and the average price was $10.38 per
share.
The repurchase was the third repurchase program initiated by the Company in
the 20 month period since the Bank converted from mutual to stock form and was
acquired by the Company. The Company's first repurchase program resulted in the
repurchase of 5% of the Company's outstanding common stock. In addition, in June
1999 the Company repurchased 24.1% of its outstanding common stock through a
Modified Dutch Auction Tender offer.
Barrett J. O'Connor, President and Chief Executive Officer of EFC Bancorp,
Inc. stated "The Repurchase Program reflects management's commitment to
aggressively manage EFC Bancorp, Inc.'s excess capital and we believe the
repurchase of the Company's shares is a prudent investment decision, benefitting
both the Company and its shareholders".
EFC Bancorp, Inc. is a thrift holding company headquartered in Elgin,
Illinois with approximately $500 million in total assets. Elgin Financial
Savings Bank, the principal subsidiary of EFC Bancorp, Inc. operates through its
executive branch office in Elgin and through five other full service branches
located in Elgin, West Dundee and Huntley, Illinois. The Bank's deposits are
insured by the Federal Deposit Insurance Corporation.
