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 Act of 1934
Date of Report (Date of earliest event reported) October 7, 1998
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CAVALRY BANCORP, INC.
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(exact name of registrant as specified in its charter)
Tennessee 0-23605 62-1721072
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(State or other (Commission (I.R.S. Employer
jurisdiction File Number) Identification No.)
of incorporation)
114 West College Street, Murfreesboro, Tennessee 37130
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(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including are code (615) 893-1234
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Not Applicable
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(Former name or former address, if changed since last report)
Item 5. Other Events
Cavalry Bancorp, Inc. announced on October 7, 1998 that it has received
approval from the Office of Thrift Supervision (OTS) to implement a program
to repurchase up to 376,913 shares or approximately 5% of its 7.5 million
shares outstanding.
The press release concerning the announcement of this event is incorporated
herein by reference and is included as Exhibit 99(a) to this Form 8-K.
Item 7. Exhibits
99. Exhibits
(a) Press Release of the Company Dated October 7, 1998
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.
CAVALRY BANCORP, INC.
Date: October 7, 1998 By: /s/Ed C. Loughry, Jr.
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Ed C. Loughry, Jr.
President and Chief Executive
Officer
Date: October 7, 1998 By: /s/Hillard C. Gardner
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Hillard C. Gardner
Senior Vice President and
Chief Financial Officer
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EXHIBIT 99(a) Press Release
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***FOR IMMEDIATE RELEASE***
Contact:
William S. Jones
Senior Vice President
And Chief Administrative Officer
CAVALRY BANCORP, INC. ANNOUNCES
OTS APPROVAL OF STOCK REPURCHASE PROGRAM
Murfreesboro, TN - October 7, 1998 -Cavalry Bancorp Inc. (NASDAQ -CAVB) today
announced that it has received approval from the Office of Thrift Supervision
(OTS) to implement a program to repurchase up to 376,913 shares or
approximately 5 percent of its 7.5 million shares outstanding. At June 30,
1998, Cavalry Bancorp, Inc. had assets of $339.8 million and stockholder's
equity of $100.8 million.
Pursuant to the stock repurchase program and the OTS' approval, shares will
be purchased by Cavalry Bancorp Inc. from time to time, depending upon market
conditions, in open market transactions until such time as 376,913 have been
repurchased.
Ed C. Loughry Jr., President and Chief Executive Officer of Cavalry Bancorp
Inc. commented, "While Cavalry Bancorp Inc. continues to effectively utilize
its capital base to support the expansion of its community oriented banking
franchise, the current valuation of our common stock presents a very sound
long-term investment opportunity for the Company."
Cavalry Bancorp, Inc. is the holding company for Cavalry Banking which
conducts its business primarily in Rutherford, Bedford and Williamson
Counties in Central Tennessee.
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