SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20552
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 22, 1999
SKIBO FINANCIAL CORP.
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(Exact name of Registrant as specified in its Charter)
United States 000-25009 25-1820465
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(State or other jurisdiction (File No.) (IRS Employer
of incorporation) Identification
Number)
242 East Main Street, Carnegie, Pennsylvania 15106
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(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code: (412) 276-2424
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Not Applicable
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(Former name or former address, if changed since last Report)
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SKIBO FINANCIAL CORP.
INFORMATION TO BE INCLUDED IN REPORT
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Item 5. Other Events
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The Registrant announced that it had received the required approvals
necessary to implement a stock repurchase plan to purchase up to 10% of its
outstanding Common Stock. The Registrant will purchase up to 155,247 shares of
its Common Stock. For further details, reference is made to the Press Release
dated September 22, 1999, which is attached hereto as Exhibit 99 and
incorporated herein by this reference.
Item 7. Financial Statements, Pro Forma Financial
Information and Exhibits
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(c) Exhibits.
99 Press Release dated September 22, 1999.
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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.
SKIBO FINANCIAL CORP.
Date: September 23, 1999 By: /s/ Walter G. Kelly
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Walter G. Kelly
President
EXHIBIT 99
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Skibo Financial Corp. Contact: Walter G. Kelly
First Carnegie Deposit President
Carnegie, Pennsylvania (412) 276-2424
For Immediate Release
September 22, 1999
SKIBO FINANCIAL CORP. ANNOUNCES
OTS APPROVAL OF STOCK REPURCHASE PROGRAM
Carnegie, Pennsylvania -- September 22, 1999 -- Walter G. Kelly,
President of Skibo Financial Corp., Carnegie, Pennsylvania (Nasdaq "SKBO"), the
holding company of First Carnegie Deposit, announced today that the Office of
Thrift Supervision has approved its application to repurchase up to 155,247 of
its common stock pursuant to the Company's stock repurchase plan. Pursuant to
the plan, the Company will repurchase up to 10% of its outstanding shares of
common stock held by persons other than Skibo Bancshares, M.H.C., its mutual
holding company.
The repurchases will be made in open-market transactions subject to the
availability of stock and the terms of the repurchase plan. Repurchased shares
will become authorized but unissued shares and will be utilized for general
corporate and other purposes, including the issuances of shares in connection
with the exercise of stock options.
