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: October 28, 1996
(Date of earliest event reported)
CITIZENS, INC.
(Exact name of registrant as specified in its charter)
COLORADO
(State or other jurisdiction of
incorporation)
0-16509 84-0755371
(Commission File Number) (IRS Employer
Identification Number)
400 East Anderson Lane
Austin, Texas 78752
(Address of principal (Zip Code)
executive offices)
(512) 837-7100
(Registrant's telephone number)
Item 1. Changes in Control of Registrant
None.
Item 2. Acquisition or Disposition of Assets
None.
Item 3. Bankruptcy or Receivership
None.
Item 4. Certifying Accountants
None.
Item 5. Other Events
On October 28, 1996, Registrant announced that it had signed
definitive written agreements for the acquisition of American
Investment Network, Inc. (American Investment), a Jackson,
Mississippi, based life insurance holding company with $7.5
million in assets, $3.4 million of stockholders' equity, revenues
of $3.2 million and $67 million of life insurance in force.
The American Investment agreement provides that following
the acquisition by Registrant, American Investment shareholders
will receive 1 share of Registrant's Class A Common Stock for
each 7.2 shares of American Investment Common Stock owned.
Registrant expects to issue approximately 700,000 Class A shares
in connection with the transaction, which will be accounted for
as a purchase. The companies will continue to operate in their
respective locations under a combined management team with
consolidation of computer data processing on the Registrant's
system. The agreement is subject to approval by American
Investment's shareholders and regulatory authorities.
Item 6. Resignations of Registrant's Directors
None.
Item 7. Financial Statements and Exhibits
None.
SIGNATURE
Pursuant to the requirement of the Securities Exchange Act
of 1934, the Registrant has duly caused this report to be signed
on Registrant's behalf by the undersigned, duly authorized and
empowered officer of the Registrant.
CITIZENS, INC.
By:/s/ Mark A. Oliver
Mark A. Oliver, FLMI
Vice President
Secretary / Treasurer
Chief Financial Officer
Date: October 28, 1996
