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)
May 21, 1999
FIRST NILES FINANCIAL, INC.
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(Exact name of Registrant as specified in its Charter)
Delaware 0-24849 34-1870418
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(State or other (Commission File (IRS Employer
jurisdiction of Number) Identification
incorporation) No.)
55 North Main Street, Niles, Ohio 44446
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(Address of principal executive offices) Zip Code)
Registrant's telephone number, including area code: (330) 652-2539
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ITEM 5. OTHER ITEMS
Attached as Exhibit 99 is the Registrant's press release dated May 21,
1999 announcing its intention to repurchase up to 5% of its outstanding
shares in the open market or in privately negotiated transactions over
the next 12 months.
ITEM 7. FINANCIAL STATEMENTS, PRO FORMA FINANCIAL INFORMATION AND EXHIBITS
(c) Exhibits
The exhibit referred to in Item 5 of this Report and listed on the
accompanying Exhibit Index is filed as part of this Report and is
incorporated herein by reference.
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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 thereunto duly authorized.
FIRST NILES FINANCIAL, INC.
Date: May 24, 1999 By: /s/ Lawrence Safarek
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Lawrence Safarek
Vice President and Treasurer
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EXHIBIT INDEX
Exhibit
Number Description
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99 Press Release dated May 21, 1999.
FIRST NILES FINANCIAL, INC.
ANNOUNCES STOCK REPURCHASE PROGRAM
Niles, Ohio, May 21, 1999 - First Niles Financial, Inc. (Nasdaq SmallCap Market:
FNFI), the holding company for Home Federal Savings and Loan Association of
Niles, announced its intention today to repurchase up to 87,720 common shares,
representing 5% of its outstanding shares, in the open market or in privately
negotiated transactions. These shares will be purchased at prevailing market
prices over a twelve-month period depending upon market conditions.
William L. Stephens, Chairman of the Board, President and Chief Executive
Officer of First Niles, indicated that the Board of Directors approved the
repurchase program in view of the current market price of the Company's common
stock, especially in relation to its book value, and the strong capital position
of the Company's subsidiary, Home Federal Savings and Loan Association of Niles.
The Company's book value was $17.00 at March 31, 1999. Mr. Stephens stated that
"We believe that the repurchase of our shares represents an attractive
investment opportunity which will benefit the Company and our stockholders."
As of March 31, 1999, First Niles had consolidated total assets of $85.7 million
and stockholders' equity of $29.8 million. The Company's stock is traded on the
Nasdaq SmallCap Market under the symbol "FNFI".
FOR IMMEDIATE RELEASE For Further Information Contact:
May 21, 1999 Lawrence Safarek, Vice President
First Niles Financial, Inc.
55 N. Main Street
Niles, Ohio 44446
(330) 652-2539
