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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) April 9, 1998
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FIRST LINCOLN BANCSHARES INC.
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(Exact name of registrant as specified in its charter)
Delaware 1-13847 47-0221753
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(State or other Jurisdiction of (Commission (IRS Employer
incorporation or organization) File Number) Identification No.)
13th and "N" Streets, Lincoln, Nebraska 68508
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(Address of principal executive offices)
(402) 475-0521
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(Issuer'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 April 6, 1998, First Federal Lincoln Bank (the "Bank"), the Company's
principal subsidiary, announced the suspension of its conversion from mutual to
stock form.
A press release announcing the suspension is attached as Exhibit 99.1.
Exhibit 99.1 Press Release dated April 6, 1998.
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: April 9, 1998 By: /s/ Gilbert G. Lundstrom
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Gilbert G. Lundstrom
President and Chief Executive Officer
Dated: April 9, 1998 By: /s/ Eugene B, Witkowicz
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Eugene B. Witkowicz
Executive Vice President, Treasurer
and Chief Financial Officer
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EXHIBIT 99.1 PRESS RELEASE
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NEWS FROM For further information, please call
Gil Lundstrom
President & CEO
FIRST (402)473-6239
FEDERAL
LINCOLN BANK April 6, 1998
FOR IMMEDIATE RELEASE
Home Office: 1235 N Street
Lincoln NE 68508
(402) 475-0521 1-800-288-0722
FIRST FEDERAL LINCOLN SUSPENDS STOCK OFFERING
AND DELAYS SPECIAL MEETING
The Board of Directors of First Federal Lincoln Bank announced today that it
has suspended the conversion of the mutual savings bank to stock ownership.
The Bank has been in the process of converting for several months and due to
unforeseen complications relating to customer subscription rights it became
necessary to suspend the offering. The delay is expected to allow adequate time
to address customer questions and further analyze the conversion process.
Any funds received by the Bank prior to today's announcement for the purchase
of stock will be returned promptly with interest. A new offering process will be
implemented and a new special meeting of members will be scheduled only after
all issues are reviewed and addressed. The stock offering and proxy solicitation
for the special meeting is expected to proceed in the next few months.
"We certainly apologize for any inconvenience this may have caused our
customers," Gil Lundstrom, President and Chief Executive Officer said.
-more-
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At issue are subscription rights of customers at the Iowa stock subsidiary
the Lincoln, Nebraska-based bank owns. The Bank will determined the composition
of the class of eligible account holders before further proceeding with the
stock offering and rescheduling the special meeting.
"The Board felt that it was in the best interest of all concerned to cease
the offering at this time rather than face any possible legal complications that
might jeopardize the entire conversion process," Lundstrom said. "If the plan of
conversion, including composition of the class of eligible account holders,
change materially, we will republish the revised plan of conversion for
comment," Lundstrom added.
Lundstrom stated he expects these issues to be resolved in an expeditious
manner and hopes to introduce a new stock offering later this summer.
First Federal Lincoln Bank is $1.0 billion financial institution with offices
in Nebraska and Kansas and the parent of a $130 million Iowa bank subsidiary.
The Bank announced its intention to convert from mutual to stock ownership in
October 1997.
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