<PAGE>
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
AMENDMENT NO. 1
TO
FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d)
OF THE SECURITIES EXCHANGE ACT OF 1934
July 24, 1998
- -------------------------------------------------------------------------------
(Date of earliest event reported)
CFS Bancorp, Inc.
- -------------------------------------------------------------------------------
(Exact name of registrant as specified in its charter)
Delaware 000-24611 33-2042093
- -------------------------------------------------------------------------------
(State or other jurisdiction (Commission File Number) (IRS Employer
of incorporation) Identification No.)
707 Ridge Road 46321
- -------------------------------------------------------------------------------
(Address of principal executive offices) (ZipCode)
(219) 836-5500
- -------------------------------------------------------------------------------
(Registrant's telephone number, including area code)
Not Applicable
- -------------------------------------------------------------------------------
(Former name, former address and former fiscal year,
if changed since last report)
Page 1 of 12 Pages
Exhibit Index appears on Page 3
<PAGE>
ITEM 7. Financial Statements, Pro Forma Financial Information
and Exhibits
Pursuant to the requirements of Item 7(a)(4) and Item 7(b)(2) of
Form 8-K, CFS Bancorp, Inc. (the "Company") hereby files this Amendment No. 1
to its Current Report on Form 8-K initially filed with the Commission on July
31, 1998 ("Amendment No. 1") with the financial information required by Item
7.
(a) The following audited financial statements of SuburbFed Financial
Corp. ("SFC") are incorporated by reference to the Company's registration
statement on Form S-1 filed with the Securities and Exchange Commission on
March 23, 1998, as amended:
Independent Auditors' Report
Consolidated Statements of Financial Condition as of December 31, 1997
and 1996
Consolidated Statements of Earnings for the Years Ended December 31,
1997, 1996 and 1995
Consolidated Statement of Changes in Stockholders' Equity for the Years
Ended December 31, 1997, 1996 and 1995
Consolidated of Cash Flows for the Years Ended 1997, 1996 and 1995
Notes to Consolidated Financial Statements
The following unaudited, consolidated interim financial statements of
SFC are incorporated by reference to the Quarterly Report on Form 10-Q for
the quarter ended March 31, 1998 filed by SFC with the Securities and
Exchange Commission:
Consolidated Statements of Financial Condition at March 31, 1998
Consolidated Statements of Income (Unaudited) Three Months Ended March 31,
1998 and 1997
Consolidated Statement of Changes in Stockholders' Equity Three Months
Ended March 31, 1998 (Unaudited)
Consolidated Statement of Cash Flows (Unaudited) Three Months Ended
March 31, 1998 and 1997
Notes to Consolidated Financial Statements
(b) The pro forma financial information required by this Item 7(b) is
located on pages 4-11 of this Amendment No.1.
2
<PAGE>
(c) Exhibits:
Exhibit Number Description
2(i) Agreement and Plan of Merger,
dated as of December 29, 1997,
by and between the Company,
Citizens and SFC.*
2(ii) Plan of Conversion, dated as of December
29, 1997, as amended on March 16, 1998
and May 7, 1998, by and between the
Company and Citizens.*
99 Press Release issued by the
Company on July 24, 1998 with
respect to the closing.**
- -----------------------------------
* This exhibit is incorporated by reference to the Company's registration
statement on Form S-1 as filed on March 23, 1998, as amended.
** Previously filed.
3
<PAGE>
PRO FORMA UNAUDITED FINANCIAL INFORMATION
The following unaudited pro forma combined condensed consolidated
balance sheets combine the consolidated historical balance sheets of the
Company and SFC, assuming the merger of SFC with and into the Company (the
"Merger") was consummated as of June 30, 1998, and December 31, 1997,
respectively, on a pooling-of-interests accounting basis, and the following
unaudited pro forma combined condensed consolidated statements of operations
present the combined consolidated statements of operations of the Company and
SFC assuming the Merger was consummated as of the beginning of the indicated
periods. Certain insignificant reclassifications have been reflected in the
pro forma information to conform statement presentations.
As previously reported, the Merger was consummated on July 24, 1998
concurrently with the Company's completion of a mutual-to-stock conversion
("Conversion") of Citizens Financial Services, FSB ("Citizens"), the sale of
the Company's common stock ("Company Common Stock") in an initial public
offering (the "Conversion Shares") and the contribution of Company Common
Stock to the Citizens Savings Foundation (the "Foundation"), a charitable
trust established by the Company and Citizens. Accordingly, the pro forma
unaudited financial information reflects the aforementioned transactions.
Certain subjective estimates have been utilized in determining the
pro forma adjustments applied to the historical results of operations of the
Company and Citizens. Accordingly, the pro forma information presented is not
necessarily indicative of the results of operations or the combined financial
position that would have resulted had the Merger been consummated at December
31, 1997, June 30, 1998 or at the beginning of the periods indicated, nor is
it necessarily indicative of the results of operations in future periods or
the future financial position of the combined entities.
The pro forma information should be read in conjunction with the
historical consolidated financial statements of the Company and SFC,
including the related notes. Reference is made in this regard to the Form S-1
filed by the Company on March 23, 1998, the Form 10-Q filed by SFC for the
quarter ended March 31, 1998 and the Form 10-Q filed by the Company for the
quarter ended June 30, 1998.
4
<PAGE>
Pro Forma Unaudited Consolidated Statement of Financial Condition
June 30, 1998
<TABLE>
<CAPTION>
Citizens Pro Forma Conversion Citizens Financial,
Financial Adjustments As Converted SFC
---------- -------------------- ------------------- --------
<S> <C> <C> <C> <C>
(Dollars in thousands, except per share data)
Assets
Cash........................................ $ 9,468 $ (2,900)(1) $ 6,568 $ 4,151
Interest-bearing deposits................... 72,328 -- 72,328 3,986
Federal funds sold.......................... 78,000 (76,789)(1) 1,211 --
--------- ---------- ---------- --------
Cash and cash equivalents................... 159,796 (79,689) 80,107 8,137
Investment securities held for trade........ -- -- 1,897
Investment securities available for sale.... 23,946 23,946 69,690
Investment securities held to maturity...... 509,348 509,348 67,489
Loans receivable, net....................... 379,100 379,100 293,848
FHLB stock, at cost......................... 3,234 3,234 4,487
Office properties and equipment............. 11,898 11,898 4,983
Accrued interest receivable................. 7,688 7,688 2,693
Real estate owned........................... 904 904 122
Other assets................................ 2,191 1,000(2) 3,191 165
--------- --------- ---------- --------
Total Assets.............................. $1,098,105 $(78,689) $1,019,416 $454,511
--------- --------- ---------- --------
--------- --------- ---------- --------
Liabilities and Stockholders' Equity
Liabilities:
Deposits.................................... $ 710,655 $(28,925)(1) $ 681,730 $323,670
Total borrowings............................ 105,326 105,326 93,601
Advances by borrowers for insurance & taxes. 3,453 3,453 3,208
Subscription proceeds (cash) 204,701 (204,701)(1)
Other liabilities........................... 5,325 5,325 3,362
--------- --------- ---------- --------
Total liabilities......................... 1,029,460 (233,626)(1) 795,834 423,841
--------- --------- ---------- --------
Stockholders' equity:
Common Stock................................ -- 182(3) 182 14
Additional paid-in capital.................. -- 178,180(3) 178,180 8,887
Retained earnings partially restricted...... 67,751 (2,000)(3) 65,751 23,388
ESOP shares................................. -- (14,283)(3) (14,283) (37)
Management Recognition Plan shares.......... -- (7,142)(3) (7,142) --
Treasury stock.............................. -- -- (1,573)
Unrealized gain on available for sale
securities................................ 894 894 (9)
--------- --------- ---------- --------
Total stockholders' equity................ 68,645 154,937 223,582 30,670
--------- --------- ---------- --------
Total liabilities and stockholders'
equity................................ $1,098,105 $(78,689) $1,019,416 $454,511
--------- --------- ---------- --------
--------- --------- ---------- --------
Book value per common share.................... $ -- $ 12.32 $ 6.63(4)
--------- ---------- --------
--------- ---------- --------
</TABLE>
<TABLE>
<CAPTION>
Pro Forma Merger Pro Forma
Adjustments Consolidated
---------------- ------------
<S> <C> <C>
Assets
Cash........................................ $ 10,719
Interest-bearing deposits................... 76,314
Federal funds sold.......................... 1,211
---------------- ------------
Cash and cash equivalents................... 88,244
Investment securities held for trade........ 1,897
Investment securities available for sale.... 93,636
Investment securities held to maturity...... 576,837
Loans receivable, net....................... 672,948
FHLB stock, at cost......................... 7,721
Office properties and equipment............. 16,881
Accrued interest receivable................. 10,381
Real estate owned........................... 1,026
Other assets................................ 4,356
------------
Total Assets.............................. $1,473,927
------------
------------
Liabilities and Stockholders' Equity
Liabilities:
Deposits.................................... $1,005,400
Total borrowings............................ 198,927
Advances by borrowers for insurance & taxes. 6,661
Subscription proceeds (cash)
Other liabilities........................... $ 4,000(5) 12,687
---------------- ------------
Total liabilities......................... 4,000 1,223,675
---------------- ------------
Stockholders' equity:
Common Stock................................ 32(6) 228
Additional paid-in capital.................. (1,605)(6) 185,462
Retained earnings partially restricted...... (4,000)(6) 85,139
ESOP shares................................. (14,320)
Management Recognition Plan shares.......... (7,142)
Treasury stock.............................. 1,573(6) --
Unrealized gain on available for sale
securities................................ 885
---------------- ------------
Total stockholders' equity................ (4,000) 250,252
---------------- ------------
Total liabilities and stockholders'
equity................................ -- $1,473,927
---------------- ------------
---------------- ------------
Book value per common share.................... $ 10.98(4)
------------
------------
</TABLE>
(Footnotes on following page)
5
<PAGE>
- --------------
(1) Reflects gross proceeds of $178.5 million from the sale of Conversion
Shares, minus (i) estimated expenses of the Conversion equal to $3.2
million, (ii) the purchase of $14.3 million of Conversion Shares by the
ESOP funded internally by a loan from the Company and (iii) the
proposed purchase of $7.1 million of the Company Common Stock by the
Company's recognition and retention plan ("RRP") funded internally by
the Company, and (iv) subscription proceeds (cash and deposits) of
$233.6 million.
(2) Adjustment to record the federal tax benefit of the contribution of
300,000 shares of Company Common Stock to the Foundation.
(3) Reflects the adjustments set forth in Notes (1) and (2) and the
issuance of 300,000 shares of Company Common Stock as a contribution
to the Foundation.
(4) Reflects the 3.6:1 Exchange Ratio. Adjusted outstanding shares of SFC
used to calculate book value per common share are 4,627,695. For
purposes of calculating the pro forma consolidated book value per
share, 22,781,445 shares of Common Stock are deemed to be
outstanding based on the issuance of 4,627,695 shares in the
Merger (the "Exchange Shares"), 17,853,750 Conversion Shares and
300,000 shares issued to the Foundation.
(5) Adjustment to record the effects of estimated one-time charges of
approximately $6.0 million, $4.0 million net of tax effect, which are
charged to earnings as incurred. Since the estimated charges are
non-recurring, they have not been reflected in the pro forma
consolidated income statements and related per share calculations.
The estimated non-recurring charges (in thousands) consist of the
following:
<TABLE>
<CAPTION>
<S> <C>
Merger related professional fees $1,000*
Employee severance and contract costs 2,750
Data processing and space-related costs 2,250
-------
6,000
Tax benefit 2,000
-------
Total estimated non-recurring charges $4,000
-------
-------
</TABLE>
* Amount not tax effected as it is not deductible for federal and
state income tax purposes.
(6) Reflects the adjustments set forth in Note (5) above, plus
reclassification necessary to reflect the exchange of each share of SFC
Common Stock previously held for 3.6 shares of Company Common Stock
with a par value of $.01 (assuming no additional exercises of options
to acquire SFC Common Stock) and the retirement of SFC shares
previously held in treasury.
6
<PAGE>
Pro Forma Unaudited Consolidated Statement of Financial Condition
December 31, 1997
<TABLE>
<CAPTION>
Citizens Pro Forma Conversion Citizens Financial,
Financial Adjustments As Converted SFC
--------- -------------------- ------------------- ----------
<S> <C> <C> <C> <C>
(Dollars in thousands, except per share data)
Assets
Cash........................................ $ 8,290 $153,937(1) $162,227 $ 4,266
Interest-bearing deposits................... 3,370 3,370 3,911
Federal funds sold.......................... 1,000 1,000 --
------- --------- ------- --------
Cash and cash equivalents................... 12,660 153,937 166,597 8,177
Investment securities held for trade........ -- - 1,741
Investment securities available for sale.... 24,714 24,714 41,123
Investment securities held to maturity...... 381,752 381,752 81,150
Loans receivable, net....................... 301,934 301,934 293,632
FHLB stock, at cost......................... 2,836 2,836 3,845
Office properties and equipment............. 11,398 11,398 5,044
Accrued interest receivable................. 6,009 6,009 2,598
Real estate held for development and sale... 1,071 1,071 --
Real estate owned........................... 1,160 1,160 135
Other assets................................ 2,516 1,000(2) 3,516 1,017
------- --------- ------- --------
Total Assets.............................. $746,050 $154,937 $900,987 $438,462
------- --------- ------- --------
------- --------- ------- --------
Liabilities and Stockholders' Equity
Liabilities:
Deposits.................................... $669,417 $669,417 $316,656
Total borrowings............................ -- -- 85,044
Advances by borrowers for insurance &
taxes..................................... 2,290 2,290 3,053
Other liabilities........................... 8,654 8,654 4,202
------- ------- ------
Total liabilities......................... 680,361 $ -- 680,361 408,955
------- ------- -------
Stockholders' equity:
Common Stock................................ -- 182(3) 182 14
Additional paid-in capital.................. -- 178,180(3) 178,180 8,605
Retained earnings partially restricted...... 65,296 (2,000)(3) 63,296 22,407
ESOP shares................................. -- (14,283)(3) (14,283) (81)
Management Recognition Plan shares.......... -- (7,142)(3) (7,142) --
Treasury stock.............................. -- -- (1,605)
Unrealized gain on available for sale
securities................................ 393 393 167
------- ---------- ------- --------
Total stockholders' equity................ 65,689 154,937 220,626 29,507
------- ---------- ------- --------
Total liabilities and stockholders'
equity................................ $746,050 $154,937 $900,987 $438,462
------- ---------- ------- --------
------- ---------- ------- --------
Book value per common share.................... $ -- $ 12.15 $ 6.48(4)
------- ------- --------
------- ------- --------
</TABLE>
<TABLE>
<CAPTION>
Pro Forma Merger Pro Forma
Adjustments Consolidated
---------------- ------------
<S> <C> <C>
Assets
Cash........................................ $ 166,493
Interest-bearing deposits................... 7,281
Federal funds sold.......................... 1,000
-------
Cash and cash equivalents................... 174,774
Investment securities held for trade........ 1,741
Investment securities available for sale.... 65,837
Investment securities held to maturity...... 462,902
Loans receivable, net....................... 595,566
FHLB stock, at cost......................... 6,681
Office properties and equipment............. 16,442
Accrued interest receivable................. 8,607
Real estate held for development and sale... 1,071
Real estate owned........................... 1,295
Other assets................................ 4,533
---------
Total Assets.............................. $1,339,449
---------
---------
Liabilities and Stockholders' Equity
Liabilities:
Deposits.................................... $ 986,073
Total borrowings............................ 85,044
Advances by borrowers for insurance &
taxes..................................... 5,343
Other liabilities........................... $ 4,000(5) 16,856
--------- ---------
Total liabilities......................... 4,000 1,093,316
--------- ---------
Stockholders' equity:
Common Stock................................ 32(6) 228
Additional paid-in capital.................. (1,637)(6) 185,148
Retained earnings partially restricted...... (4,000)(6) 81,703
ESOP shares................................. (14,364)
Management Recognition Plan shares.......... (7,142)
Treasury stock.............................. 1,605(6) --
Unrealized gain on available for sale
securities................................ 560
--------- ---------
Total stockholders' equity................ (4,000) 246,133
--------- ---------
Total liabilities and stockholders'
equity................................ -- $1,339,449
--------- ---------
--------- ---------
Book value per common share.................... $ 10.84(4)
---------
---------
</TABLE>
(Footnotes on following page)
7
<PAGE>
- ---------------
(1) Reflects gross proceeds of $178.5 million from the sale of Conversion
Shares, minus (i) estimated expenses of the Conversion equal to $3.2
million, (ii) the purchase of $14.3 million of Conversion Shares by the
ESOP funded internally by a loan from the Company and (iii) the
proposed purchase of $7.1 million of the Company Common Stock by the
RRP funded internally by the Company.
(2) Adjustment to record the federal tax benefit of the contribution of
300,000 shares of Company Common Stock to the Foundation.
(3) Reflects the adjustments set forth in Notes (1) and (2) and the
issuance of 300,000 shares of Company Common Stock as a contribution
to the Foundation.
(4) Reflects the 3.6:1 Exchange Ratio. Adjusted outstanding shares of SFC
used to calculate book value per common share are 4,556,452. For
purposes of calculating the pro forma consolidated book value per
share, 22,710,202 shares of Common Stock are deemed to be
outstanding based on the issuance of 4,556,452 Exchange Shares,
17,853,750 Conversion Shares and 300,000 shares issued to the
Foundation.
(5) Adjustment to record the effects of estimated one-time charges of
approximately $6.0 million, $4.0 million net of tax effect, which are
charged to earnings as incurred. Since the estimated charges are
non-recurring, they have not been reflected in the pro forma
consolidated income statements and related per share calculations.
The estimated non-recurring charges (in thousands) consist of the
following:
<TABLE>
<CAPTION>
<S> <C>
Merger related professional fees $1,000*
Employee severance and contract costs 2,750
Data processing and space-related costs 2,250
-------
6,000
Tax benefit 2,000
-------
Total estimated non-recurring charges $4,000
-------
-------
</TABLE>
* Amount not tax effected as it is not deductible for federal and
state income tax purposes.
(6) Reflects the adjustments set forth in Note (5) above, plus
reclassification necessary to reflect the exchange of each share of SFC
Common Stock previously held for 3.6 shares of the Company's Common
Stock with a par value of $.01 (assuming no additional exercises of
options to acquired SFC Common Stock) and the retirement of SFC shares
previously held in treasury.
8
<PAGE>
Pro Forma Unaudited Consolidated Statements of Income
(Dollars in thousands, except per share data)
<TABLE>
<CAPTION>
Six months ended June 30, 1998
-----------------------------------------------------
Citizens Pro Forma
Financial SFC Consolidated
---------------- ---------------- ----------------
<S> <C> <C> <C>
Interest income.............................. $30,279 $15,346 $45,625
Interest expense............................. 18,708 9,719 28,427
-------- -------- ------
Net interest income before provision
for losses on loans....................... 11,571 5,627 17,198
Provision for losses on loans................ 60 135 195
--------- -------- -------
Net interest income after provision
for losses on loans..................... 11,511 5,492 17,003
Non-interest income.......................... 1,605 1,847 3,452
Non-interest expense......................... 9,142 5,498 14,640
------- ------ ------
Income before income taxes................ 3,974 1,841 5,815
Income taxes................................. 1,519 657 2,176
------- ------- ------
Net income................................ $ 2,455 $ 1,184 $ 3,639
------- ------- ------
------- ------- ------
Diluted earnings per share................... N/A $0.24(1) $0.16(2)
------- ------
------- ------
Basic earnings per share..................... N/A $0.28(1) $0.16(2)
------- ------
------- ------
Year ended December 31, 1997
---------------------------------------------
Citizens Pro Forma
Financial SFC Consolidated
------------- ---------------- ----------------
Interest income.............................. $53,132 $30,120 $83,252
Interest expense............................. 32,377 18,481 50,858
-------- ------- ------
Net interest income before provision
for losses on loans.......................... 20,755 11,639 32,394
Provision for losses on loans................ 1,660 180 1,840
-------- -------- ------
Net interest income after provision
for losses on loans.......................... 19,095 11,459 30,554
Non-interest income.......................... 1,216 3,656 4,872
Non-interest expense......................... 17,321 10,825 28,146
-------- ------- ------
Income before income taxes................ 2,990 4,290 7,280
Income taxes................................. 1,214 1,500 2,714
------- ------ ------
Net income................................ $ 1,776 $ 2,790 $ 4,566
------- ------ ------
------- ------ ------
Diluted earnings per share................... N/A $0.58(1) $0.20(2)
------ ------
------ ------
Basic earnings per share..................... N/A $0.62(1) $0.20(2)
------ ------
------ ------
</TABLE>
(Footnotes on following page)
9
<PAGE>
Pro Forma Unaudited Consolidated Statement of Income
(Dollars in thousands, except per share data)
<TABLE>
<CAPTION>
Year ended December 31, 1996
----------------------------------------------
Citizens Pro Forma
Financial SFC Consolidated
-------------- -------------- ------------
<S> <C> <C> <C>
Interest income.............................. $45,299 $26,457 $71,756
Interest expense............................. 25,802 15,916 41,718
-------- ------- ------
Net interest income before provision for
losses on loans......................... 19,497 10,541 30,038
Provision for losses on loans................ 60 193 253
-------- -------- ------
Net interest income after provision for
losses on loans......................... 19,437 10,348 29,785
Non-interest income.......................... 980 3,281 4,261
Non-interest expense......................... 17,927 12,013 29,940
-------- ------- ------
Income before income taxes................ 2,490 1,616 4,106
Income taxes................................. 996 564 1,560
-------- -------- ------
Net income................................ $ 1,494 $ 1,052 $ 2,546
-------- -------- ------
-------- -------- ------
Diluted earnings per share................... N/A $0.22(1) $0.11(2)
-------- ------
-------- ------
Basic earnings per share..................... N/A $0.23(1) $0.11(2)
-------- ------
-------- ------
Year ended December 31, 1995
----------------------------------------------
Citizens Pro Forma
Financial SFC Consolidated
-------------- -------------- ------------
Interest income.............................. $43,451 $23,548 $66,999
Interest expense............................. 25,374 13,320 38,694
------- ------- -------
Net interest income before provision for
losses on loans........................... 18,077 10,228 28,305
Provision for losses on loans................ 120 77 197
------- -------- -------
Net interest income after provision for losses
on loans.................................. 17,957 10,151 28,108
Non-interest income.......................... 1,164 2,822 3,986
Non-interest expense......................... 13,133 10,084 23,217
------ ------- -------
Income (loss) before income taxes......... 5,988 2,889 8,877
Income taxes................................. 2,311 1,071 3,382
------ ------- -------
Net income................................ $ 3,677 $ 1,818 $ 5,495
------- -------- -------
------- -------- -------
Diluted earnings per share................... N/A $0.37(1) $0.24(2)
-------- -------
-------- -------
Basic earnings per share..................... N/A $0.39(1) $0.24(2)
-------- -------
-------- -------
</TABLE>
(Footnote on following page)
10
<PAGE>
- ----------
(1) SFC historical weighted average number of shares outstanding as
adjusted for the 3.6:1 Exchange Ratio used in the calculation of
earnings per share ("EPS") are as follows:
<TABLE>
<CAPTION>
Historical SFC Historical SFC Adjusted SFC Adjusted SFC
Weighted Weighted Weighted Weighted
Average Shares Average Shares Average Shares Average Shares
Year Ending Outstanding - Outstanding - Outstanding - Outstanding -
December 31, Basic EPS Diluted EPS Basic EPS Diluted EPS
- --------------- ----------------- ----------------- ------------------ ------------------
<S> <C> <C> <C> <C>
1997 1,260,900 1,340,882 4,539,240 4,827,175
1996 1,258,174 1,310,574 4,529,426 4,718,066
1995 1,296,695 1,349,847 4,668,102 4,859,449
Six Months Ended
June 30, 1998 1,270,647 1,394,303 4,574,329 5,019,491
</TABLE>
(2) The weighted average number of shares outstanding used to calculate
pro forma consolidated EPS are as follows:
<TABLE>
<CAPTION>
Pro Forma Weighted Pro Forma Weighted
Year Ending Average Shares Average Shares
December 31, Outstanding - Basic EPS Outstanding - Diluted EPS
- ----------------------------- ----------------------------- -----------------------------
<S> <C> <C>
1997 22,692,990 22,980,925
1996 22,683,176 22,871,816
1995 22,821,852 23,013,199
Six Months Ended
June 30, 1998 22,728,079 23,173,241
</TABLE>
The number of shares in this table has been computed by increasing the
weighted average number of SFC shares outstanding, adjusted for the
3.6:1 Exchange Ratio, as shown in footnote (1) above, by 17,853,750
Conversion Shares and 300,000 shares issued to the Foundation.
11
<PAGE>
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.
CFS BANCORP, INC.
Date: October 7, 1998 By: /s/ Thomas F. Prisby
------------------------------
Thomas F. Prisby
Chairman and
Chief Executive Officer
