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 28, 2000
FLORIDAFIRST BANCORP
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(Exact name of Registrant as specified in its Charter)
United States 000-25693 59-3545582
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(State or other jurisdiction (File No.) (IRS Employer
of incorporation) Identification
Number)
205 East Orange Street, Lakeland, Florida 33801-4611
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(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code: (863) 688-6811
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Not Applicable
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Former name or former address, if changed since last Report)
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FLORIDAFIRST BANCORP
INFORMATION TO BE INCLUDED IN REPORT
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Item 5. Other Events
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The Registrant announced that it had completed its 15% stock repurchase
plan. Furthermore, the Registrant announced a cash dividend of $0.04 per share
and that it would purchase up to 108,154 of its shares in the open market
pursuant to a restricted stock plan. For further details, reference is made to
the Press Release dated March 6, 2000, 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 March 6, 2000.
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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.
FLORIDAFIRST BANCORP
Date: March 6, 2000 By: /s/Kerry P. Charlet
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Kerry P. Charlet
Chief Financial Officer
EXHIBIT 99
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FloridaFirst Bancorp Announces Cash Dividend
and Completion of Stock Repurchase
Lakeland, FL, March 6, 2000 (Nasdaq NMS "FFBK"). Gregory C. Wilkes, President of
FloridaFirst Bancorp (the "Company"), the stock holding company of FloridaFirst
Bank, Lakeland, Florida (the "Bank"), announced the Company's Board of Directors
declared a quarterly cash dividend of $.04 per share. This is the third
quarterly dividend declared by the Company since the issuance of its stock on
April 6, 1999. The cash dividend will be paid to stockholders of record as of
March 15, 2000 on or about April 1, 2000. FloridaFirst Bancorp MHC will waive
the receipt of its cash dividends.
FloridaFirst Bancorp announced that on February 28, 2000 it had completed the
acquisition of 15% of its common stock held by persons other than FloridaFirst
Bancorp MHC pursuant to a repurchase plan approved by the Office of Thrift
Supervision ("OTS"). The 405,578 shares acquired pursuant to the plan were at an
average price of $8.89 per share.
FloridaFirst Bank has also received approval from OTS to acquire up to 4%, or
108,154 of the publicly held shares of FloridaFirst Bancorp for the FloridaFirst
Bank Restricted Stock Plan ("RSP"). Any shares acquired by the RSP will be held
by the RSP Trust until RSP participants are vested in the shares. The vesting
rate is 20% per year. Therefore, 21,631 shares will be earned by the
participants each October for the next five years. The Company will amortize the
cost of such shares over a five-year period.
The Bank is a community-oriented bank offering a full range of banking services
to businesses and individuals. The Bank operates through nine offices located in
Polk and Manatee Counties in Florida. At December 31, 1999 the Company had total
assets and stockholders' equity of $523 million and $59 million, respectively.
The Company's common stock is traded on the Nasdaq National Market under the
symbol "FFBK."
For further information, contact Kerry P. Charlet at (863) 688-6811, Extension
1004.
