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SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
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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 23, 1999
FLORIDA BANKS, INC.
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(Exact Name of Registrant as Specified in Charter)
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Florida 0-24683 58-2364573
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(State or Other Jurisdiction (Commission File Number) (IRS Employer or
of Incorporation) Identification No.)
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5210 Belfort Road, Suite 310, Jacksonville, FL 32256
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(Address of Principal Executive Offices) (Zip Code)
(Registrant's Telephone Number, Including Area Code) (904) 332-7772
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Not Applicable
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(Former Name or Former Address; if Changed Since Last Report)
Page 1 of 4 pages.
Exhibit Index at Page 2.
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Item 5. Other Events.
On September 23, 1999, Florida Banks, Inc. announced that its Board of
Directors has authorized a stock repurchase program covering up to 10% of its
outstanding common stock. The press release is attached as an exhibit to this
Form 8-K.
Item 7. Financial Statement and Exhibits.
(c) Exhibits.
Sequential
Exhibit No. Description Page Number
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99 Press Release dated September 23, 1999
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SIGNATURE
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.
September 24, 1999 By: /s/ Charles E. Hughes, Jr.
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Charles E. Hughes, Jr.
President and Chief Executive Officer
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EXHIBIT 99
Company Press Release
Florida Banks, Inc. Announces Stock Repurchase Program
JACKSONVILLE, Fla.--Sept. 23, 1999--Florida Banks, Inc.
(Nasdaq/NM:FLBK - news) today announced that its Board of Directors has
authorized a stock repurchase program covering up to 10% of its outstanding
shares of common stock (currently approximately 585,000 shares). The stock
repurchase plan authorizes the purchase of shares at any price below the
then-current book value per share of the Company's common stock (as of June 30,
1999, the book value per share was $7.13). Stock repurchases under this program
will be made from time to time in open market or privately negotiated
transactions, in compliance with Rule 10b-18 under the Securities and Exchange
Act of 1934, as amended. The actual number of shares purchased, the timing of
purchases and the prices paid will depend on future market conditions.
Repurchased shares will be held in Florida Bank's treasury and will be
available for resale and for general corporate purposes. As of August 31, 1999,
the Company had 5.8 million common shares issued and outstanding.
"At current price levels, we believe Florida Bank's stock is significantly
undervalued and an attractive investment," said Charles E. Hughes, Jr., Florida
Bank's president and chief executive officer. "The repurchase of shares is a
meaningful way to enhance shareholder value and will in no way hamper our plans
to grow the Company in our targeted markets."
Florida Banks, Inc. is a Jacksonville-based holding company for a statewide
community banking system in Florida's largest and fastest-growing markets. The
Company's community banking approach, through its banking subsidiary, Florida
Bank, NA, emphasizes responsive and personalized service to its customers at a
level normally reserved for only the very best customers of large banks. Local
banking affiliates of Florida Banks, Inc. offer a range of traditional banking
products and services to small and medium-sized businesses and professionals.
Florida Banks, Inc. also provides personal banking services for the owners and
executives of those businesses.
Certain statements in this news release contain "forward-looking statements"
within the meaning of the Private Securities Litigation Reform Act of 1995,
such as statements relating to financial results and plans for future business
development activities, and are thus prospective. Such forward-looking
statements are subject to risks, uncertainties and other factors that could
cause actual results to differ materially from future results expressed or
implied by such forward-looking statements. Potential risks and uncertainties
included, but not limited to, general economic conditions, competition,
interest rate sensitivity, exposure to regulatory and legislative changes and
other uncertainties detailed from time to time in the Company's Securities and
Exchange Commission filings.
Contact:
Florida Banks Inc., Jacksonville
Charles E. Hughes, Jr., (904) 332-7777
[email protected]
or
T. Edwin Stinson Jr., (904) 332-7772
[email protected]
