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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) September 2, 1998
Commission file number 0-23975
NIAGARA BANCORP, INC.
(exact name of registrant as specified in its charter)
DELAWARE 16-1545669
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(State or other jurisdiction of incorporation (I.R.S. Employer
or organization) Identification No.)
6950 SOUTH TRANSIT ROAD, P.O. BOX 514, LOCKPORT, NY 14095-0514
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(Address of principal executive offices) (Zip Code)
(716) 625-7500
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(Registrant's telephone number, including area code)
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ITEM 5. Other Events.
Attached hereto as an exhibit is a copy of a press release disclosing Lockport
Savings Bank's agreement to acquire Warren-Hoffman & Associates insurance
agency.
ITEM 7. Financial Statements, Pro Forma Financial Information, and Exhibits
(c) The following exhibit is filed herewith.
EXHIBIT NO. DESCRIPTION:
99.1 Press release dated September 2, 1998, of
Lockport Savings Bank
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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 thereunto duly authorized.
NIAGARA BANCORP, INC.
Date: September 14, 1998 By: /s/ William E. Swan
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William E. Swan
President and Chief Executive Officer
Date: September 14, 1998 By: /s/ Paul J. Kolkmeyer
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Paul J. Kolkmeyer
Executive Vice President and Chief
Financial Officer
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EXHIBIT INDEX
EXHIBIT NO. DESCRIPTION:
99.1 Press release dated September 2, 1998, of Lockport Savings Bank
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EXHIBIT 99.1
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FOR IMMEDIATE RELEASE
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DATE: SEPTEMBER 2, 1998
CONTACT: LESLIE G. BRUGGER
PUBLIC RELATIONS COORDINATOR
625-7528
LOCKPORT SAVINGS BANK ENTERS THE INSURANCE MARKET
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SAVINGS BANK AGREES TO ACQUIRE WARREN-HOFFMAN & ASSOCIATES
In a first for the Western New York area, Lockport Savings Bank announced today
that it has reached an agreement to acquire Warren-Hoffman & Associates Inc.,
the second largest full service insurance agency in Western New York, with
offices in Buffalo, Niagara Falls and Williamsville. The transaction also
includes the acquisition of Warren-Hoffman's affiliate companies: Grand Island
based NOVA Healthcare Administrators, a third party administrator of employee
benefits, as well as the Hollis Boss Agency, Inc. (Grand Island), and the
Foote-Mandaville Agency, Inc. (Newfane), also full service insurance firms.
"Strategically, this is a great new partnership that will strengthen our
presence in the Western New York market," Lockport Savings Bank President and
CEO William E. Swan said. "Combining our bank's resources with Warren-Hoffman's
insurance capabilities will enable us to provide a wide range of competitively
priced financial services enhancing our ability to provide value to our
customers and increase long-term returns to our shareholders."
This is the bank's first acquisition since its stock conversion in April of this
year. The acquisition is expected to increase earnings $0.02 per share in 1999.
The transaction is expected to be closed by January 1999. By agreement of both
parties, financial terms were not disclosed.
Operating as an independent, wholly owned subsidiary, Warren-Hoffman and its
affiliate companies will continue to be under the direction of their current
management teams.
John D. Hoffman, formerly president of Warren-Hoffman, has been named chief
executive officer of the companies and will report directly to Swan. Michael C.
Tylwalk, Jr. has been named president of Warren-Hoffman & Associates which
includes the Hollis Boss and Foote-Mandaville agencies. Larry R. Thompson will
continue in his role as president of NOVA Healthcare. Dan R. Mandaville has been
named vice president of Warren-Hoffman and will continue to manage the
Foote-Mandaville office in Newfane.
Along with these individuals and other principals, the companies' sales
associates and support staff will operate at all of their current locations
under their existing company names.
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Hoffman acknowledged that Warren-Hoffman had been approached previously for
acquisition on a number of occasions. "We watched around the country as others
in our industry have created new affiliations and we've pursued options of our
own. A critical decision for us was melding customer service values, cultures
and business philosophies. With Lockport Savings Bank, we have achieved this
fine balance in addition to creating solid opportunities for our customers and
employees."
Swan and Hoffman commented that one of the new entity's principle short- and
long-term goals is to expand strategically through agency acquisitions.
"We're in a growth mode," said Swan. "Our alliance with Warren-Hoffman and its
affiliates is just the starting point for our future expansion into the
insurance community, particularly with agencies that share our core values. John
Hoffman's leadership and expertise in the industry will guide this expansion."
Warren-Hoffman was established in 1968. The agency and its affiliate companies
have a premium volume of more than $72 million with gross commissions of
$12 million. The companies provide insurance products including personal and
commercial insurances, surety bonds, risk management, employee benefits and
administration and life, disability, and long-term care coverage. Warren-Hoffman
and its affiliate companies employ 175 Western New Yorkers.
Founded in 1870, Lockport Savings Bank has total assets of $1.3 billion and
currently employes over 400 people at 17 branches in Erie, Niagara, Orleans and
Genesee counties. The bank's eighteenth branch is scheduled to open in Orchard
Park in September 1998. The bank is a wholly owned subsidiary of Niagara
Bancorp, Inc. Stock for Niagara Bancorp, Inc. is traded on the NASDAQ National
Market System under the symbol, "NBCP".
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CORPORATE INFORMATION
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Niagara Bancorp, Inc.
6950 South Transit Road
P.O. Box 514
Lockport, NY 14095-0514
Telephone (716)625-7500
Press releases are being distributed by Business Wire and can be found on the
Internet as well as appropriate trade media and financial disclosure circuits.
News and other information about the Corporation are available on the Internet
at the Corporation's website, http://www.niagarabancorp.com. For additional
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investor information about Niagara Bancorp, Inc. please contact:
Ann M. Segarra Paul J. Kolkmeyer
Vice President of Finance Executive Vice President and
and Investor Relations Chief Financial Officer
(716)625-7509 (716)625-7502
Media Relations:
Leslie G. Brugger
Public Relations Coordinator
(716)625-7528
