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)
February 15, 2000
SKIBO FINANCIAL CORP.
---------------------------------------------------------------------------
(Exact name of Registrant as specified in its Charter)
United States 000-25009 25-1820465
--------------------------- -------------- -----------------
(State or other jurisdiction (File No.) (IRS Employer
of incorporation) Identification
Number)
242 East Main Street, Carnegie, Pennsylvania 15106
- -------------------------------------------- ----------
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code: (412) 276-2424
Not Applicable
- --------------------------------------------------------------------------------
(Former name or former address, if changed since last Report)
<PAGE>
SKIBO FINANCIAL CORP.
INFORMATION TO BE INCLUDED IN REPORT
------------------------------------
Item 5. Other Events
------------
The Registrant announced that it had adopted approvals necessary to
implement a stock repurchase plan to purchase up to 10% of its outstanding
Common Stock held by persons other than Skibo Bancshares, M.H.C. The Registrant
will purchase up to 139,702 shares of its Common Stock. The Repurchase plan is
subject to Office of Thrift Supervision approval. An application requesting
permission was filed on February 22, 2000. For further details, reference is
made to the Press Release dated February 15, 2000, which is attached hereto as
Exhibit 99 and incorporated herein by this reference.
Item 7. Financial Statements, Pro Forma Financial
Information and Exhibits
-----------------------------------------
(c) Exhibits.
99 Press Release dated February 15, 2000
<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.
SKIBO FINANCIAL CORP.
Date: February 23, 2000 By:/s/ Walter G. Kelly
-----------------------------------
Walter G. Kelly
President
EXHIBIT 99
<PAGE>
Skibo Financial Corp. Contact: Walter G. Kelly
First Carnegie Deposit President
Carnegie, Pennsylvania (412) 276-2424
For Immediate Release
February 15, 2000
SKIBO FINANCIAL CORP. ANNOUNCES
AUTHORIZATION OF STOCK REPURCHASE PROGRAM
Carnegie, Pennsylvania -- February 15, 2000 -- Walter G. Kelly,
President of Skibo Financial Corp., Carnegie, Pennsylvania (Nasdaq "SKBO"), the
holding company of First Carnegie Deposit, announced today that its Board of
Directors has adopted a stock repurchase plan to repurchase up to 10% of its
1,397,224 outstanding shares of common stock held by persons other than Skibo
Bancshares, M.H.C., its mutual holding company. The Company will file the
necessary regulatory application for authorization to initiate the repurchase
program; however, there can be no assurance that regulatory authorization will
be received. The Company cannot commence this repurchase program without
obtaining regulatory approval.
This repurchase program follows the repurchase of 155,250 shares or
4.5% of the Company's common stock pursuant to its initial repurchase program.
The repurchases, if regulatory approval is received, will be made in
open-market transactions subject to the availability of stock. 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.
