FORM 8-K
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15 (d) OF THE
SECURITIES EXCHANGE ACT OF 1934
Date of Report (Date of earliest event reported): August 30, 2000
Alaska Pacific Bancshares, Inc.
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(Exact name of registrant as specified in its charter)
Alaska 0-26003 92-0167101
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State or other jurisdiction Commission (I.R.S. Employer
of incorporation File Number Identification No.)
2049 Jordan Avenue, Juneau, Alaska 99801
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(Address of principal executive offices) (Zip Code)
Registrant's telephone number (including area code): (907) 789-4844
Not Applicable
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(Former name or former address, if changed since last report)
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Item 5. Other Events
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On August 30, 2000, the Registrant announced that its wholly owned
subsidiary, Alaska Pacific Bank, plans to begin offering full service banking
in Hoonah and Yakutat, Alaska, in December 2000. The announcement coincides
with KeyBank's announcement to close its branches in these two communities,
which Alaska Pacific Bank will reopen. An agreement was entered into by the
Company and KeyBank on August 29, 2000 and is subject to regulatory approval
and other conditions. The transactions are expected to occur by the end of
the year.
For further information, reference is made to the Registrant's press
release dated August 30, 2000, which is attached hereto as Exhibit 99 and
incorporated herein by reference.
Item 7. Financial Statements, Pro Forma Financial Information and Exhibits
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Exhibit
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99 Press Release dated August 30, 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, hereunto duly authorized.
ALASKA PACIFIC BANCSHARES, INC.
DATE: August 31, 2000 By:/s/Craig E. Dahl
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Craig E. Dahl
President and Chief Executive Officer
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Exhibit 99
Press Release Dated August 30, 2000
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ALASKA PACIFIC BANCSHARES, INC. PLANS TO
BEGIN OFFERING FULL SERVICE BANKING IN HOONAH AND YAKUTAT
Juneau, Alaska, August 30, 2000. -- Craig E. Dahl, President and Chief
Executive Officer of Alaska Pacific Bancshares, Inc. (OTCBB: AKPB) and its
wholly owned subsidiary Alaska Pacific Bank, announced today that Alaska
Pacific Bank will begin offering full service banking in the communities of
Hoonah and Yakutat, Alaska, in December 2000.
The Company's announcement coincides with KeyBank's announcement to close
its branches in Hoonah and Yakutat, Alaska, and is in connection with an
agreement entered into by the Company and KeyBank on August 29, 2000. The
agreement provides that Alaska Pacific Bank will reopen the closed branches of
KeyBank in Hoonah and Yakutat, providing former KeyBank customers with
uninterrupted banking services. The agreement is subject to regulatory
approval and other conditions, and the transactions are expected to occur by
the end of the year.
The Company's agreement with KeyBank is beneficial to all parties. The
immediate reopening of these branches as part of Alaska Pacific Bank's branch
network means that KeyBank's customers will be able to access financial
services without interruption and without leaving their communities. For
KeyBank employees, it means not having to face the loss of their jobs. For
Alaska Pacific Bank, it means the addition of two communities to the Bank's
branch network.
Mr. Dahl added, "We are very pleased at this opportunity to expand our
presence in Hoonah and Yakutat, and look forward to welcoming the new
customers and employees from these two communities. The addition of these two
branches will further enhance our role as a community bank providing banking
services to all of Southeast Alaska."
Alaska Pacific Bancshares, Inc. is the holding company for Alaska Pacific
Bank, which converted from the mutual to stock form of organization effective
July 1, 1999. At June 30, 2000, the Company had consolidated total assets of
$130 million and shareholders' equity of $12.5 million. The Bank currently
operates three offices in Juneau, two in Ketchikan, and one office each in
Sitka and Wrangell.
This press release contains forward-looking statements, which are
based on assumptions and describe future plans, strategies and
expectations of the Company. These forward-looking statements are
generally identified by use of the word "believe," "expect," "intend,"
"anticipate," "estimate," "project," or similar words. The Company's
ability to predict results or the actual effect of future plans or
strategies is uncertain. Factors which could have a material adverse
effect on operations include, but are not limited to, changes in
interest rates, general economic conditions, legislative/regulatory
changes, monetary and fiscal policies of the U.S. Government, including
policies of the U.S. Treasury and the Federal Reserve Board, the quality
or composition of the loan or investment portfolios, demand for loan
products, deposit flows, competition, demand for financial services in
our market areas and accounting principles and guidelines. You should
consider these risks and uncertainties in evaluating forward-looking
statements and you should not rely too much on these statements.
* * * * *
Contact:
Roger K. White, 907/790-5135
or
Craig E. Dahl, 907/790-5101
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