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 28, 2000
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 99.1 is the Registrant's press release dated
January 28, 2000 announcing a 4% stock repurchase program.
ITEM 7. FINANCIAL STATEMENTS, PRO FORMA FINANCIAL INFORMATION AND EXHIBITS
(c) The following exhibit is filed as part of this Report:
99.1 Press Release dated January 28, 2000.
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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: February 4, 2000 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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99.1 Press Release dated January 28, 2000
FIRST NILES FINANCIAL, INC.
ANNOUNCES 4% STOCK REPURCHASE PROGRAM
NILES, OHIO, January 28, 2000 - First Niles Financial, Inc., the holding
company for Home Federal Savings and Loan Association of Niles, announced its
intention today to repurchase up to 4% of its outstanding shares. These shares
will be purchased at prevailing market prices from time to time over a
twelve-month period depending upon market conditions.
William L. Stephens, Chairman of the Board, President and Chief Executive
Officer of the Company, stated that the Board of Directors approved the
repurchase program in view of the current price level of the Company's common
stock, and the strong capital position of Home Federal Savings and Loan
Association of Niles. The repurchased shares will become treasury shares and
will be used to fund the issuance of shares granted under the Company's
Recognition and Retention Plan, as well as for other general corporate purposes,
including the exercise of options.
During the fourth quarter of 1999 the Company completed the repurchase of 5% of
its outstanding shares as initially announced in May, 1999. At December 31,
1999 the Company had 1,729,849 shares outstanding. The Company's stock is
traded on the Nasdaq SmallCap Market under the symbol "FNFI". As of January 27,
2000, the shares traded at approximately $11.13 per share.
FOR MORE INFORMATION CONTACT FOR IMMEDIATE RELEASE
Lawrence Safarek, Vice President Date: January 28, 2000
at (330) 652-2539
