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 8, 1999
Commission file number 0-23975
NIAGARA BANCORP, INC.
(exact name of registrant as specified in its charter)
Delaware 16-1545669
(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
(Address of principal executive offices) (Zip Code)
(716) 625-7500
(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 that
Lockport Savings Bank completed its acquisition of Warren-Hoffman & Associates
insurance agency.
ITEM 7. Financial Statements, Pro Forma Financial Information, and Exhibits
<PAGE>
(c)abThe following exhibit is filed herewith.
EXHIBIT NO. DESCRIPTION:
99.1 Press release dated January 11, 1999, 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: January 19, 1999 By:/s/ William E. Swan
--------------------------------------------
William E. Swan
President and Chief Executive Officer
Date: January 19, 1999 By:/s/ Paul J. Kolkmeyer
--------------------------------------------
Paul J. Kolkmeyer
Executive Vice President and Chief Financial
Officer
<PAGE>
EXHIBIT INDEX
EXHIBIT NO. DESCRIPTION:
99.1 Press release dated January 11, 1999, of Lockport Savings Bank
Niagara Bancorp, Inc. Completes Acquisition of
Warren-Hoffman & Associates Inc.
Lockport, N.Y., January 11, 1999 - Niagara Bancorp, Inc. (NASDAQ: NBCP), the
holding company of Lockport Savings Bank, announced today that it has completed
its previously announced purchase of Warren-Hoffman & Associates Inc., the
second largest full service insurance agency in Western New York. This is the
bank's first acquisition since its stock conversion in April 1998 and marks its
entrance into the insurance market.
Warren-Hoffman & Associates Inc. and its affiliate companies, with a premium
volume of more than $72 million and 175 employees, will operate as three
wholly-owned subsidiaries of Lockport Savings Bank: Warren-Hoffman & Associates
Inc., Foote-Mandaville Agency, Inc. and NOVA Healthcare Administrators, Inc. The
companies will function under the direction of their current management teams
with John D. Hoffman, former president of Warren-Hoffman, serving as chief
executive officer and reporting directly to Lockport Savings Bank's President
and CEO, William E. Swan. Michael C. Tylwalk, Jr. will serve as president of
Warren-Hoffman and Associates Inc., Larry R. Thompson will continue as president
of NOVA Healthcare and Dan R. Mandaville will serve as vice president of
Warren-Hoffman & Associates Inc. and will continue to manage the
Foote-Mandaville Agency, Inc.
"Our entrance into the insurance market with a well-established company that
shares our business philosophies and customer focus enables us to broaden our
product line while maintaining our commitment to service and value," Swan said.
"In addition, the combination of banking and insurance expertise, delivered
through the bank's distribution system, will further meet the financial needs of
Western New Yorkers by offering them the convenience of a one-stop financial
center."
Warren-Hoffman & Associates was established in 1968. The agency and its
affiliate companies provide personal and commercial insurances, surety bonds,
risk management, employee benefits and administration and life, disability and
long-term care coverage.
"This partnership is a bellwether for New York State, reflecting a trend that
has already successfully begun in other parts of the country," said Hoffman.
"Banking and insurance will inevitably come together. This agreement is
advantageous for Warren-Hoffman in that, early on, we have been able to align
ourselves with a progressive, community-rooted bank that is an excellent
cultural fit for us."
Swan said that he is impressed with the companies' employees and their shared
enthusiasm. "The cooperation and camaraderie that has already developed has been
just terrific," said Swan. "We look forward to much success and a lot of fun
working with a great group of people."
Founded in 1870, Lockport Savings Bank has total assets of 1.4 billion and
employs over 400 people. The bank, with 18 branches and 22 ATM locations, offers
a full range of consumer/commercial checking, savings, loan and mortgage
products, investment alternatives and Savings Bank Life Insurance (SBLI).
Corporate Information
Niagara Bancorp, Inc.
6950 South Transit Road
P.O. Box 514
Lockport, NY 14095-0514
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, . For additional information about Niagara
Bancorp, Inc. please contact:
Investor RelationsMedia Relations
Ann M. Segarra Leslie G. Garrity
Vice President Public Relations Coordinator
Finance and Investor Relations
(716) 625-7509 (716) 625-7528
