<PAGE> 1
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: AUGUST 16, 1999
BANCINSURANCE CORPORATION
(EXACT NAME OF REGISTRANT AS SPECIFIED IN ITS CHARTER)
Ohio 0-8738 31-0790882
- --------------- --------------------- -------------
(STATE OR OTHER (COMMISSION FILE NO.) (IRS EMPLOYER
JURISDICTION OF IDENTIFICATION)
NUMBER)
INCORPORATION OR
ORGANIZATION)
20 East Broad Street
Columbus, Ohio 43215
(614) 228-2800
(ADDRESS, INCLUDING ZIP CODE, AND TELEPHONE NUMBER
INCLUDING AREA CODE OF REGISTRANT'S
PRINCIPAL EXECUTIVE OFFICES)
Not Applicable
(FORMER NAME OR FORMER ADDRESS, IF CHANGED SINCE LAST REPORT)
<PAGE> 2
ITEM 5. OTHER MATTERS.
On August 16, 1999, we announced that our Board of Directors has
authorized a Stock Repurchase Program to repurchase up to 500,000 of our common
stock or approximately 8% of our outstanding shares.
Our press release issued August 16, 1999, regarding the Stock
Repurchase Program is attached as an exhibit to this report and is incorporated
herein by reference.
ITEM 7. FINANCIAL STATEMENTS AND EXHIBITS.
(c) Exhibits.
Exhibit No. Description
99 Press Release of Bancinsurance Corporation issued
August 16, 1999 regarding the Stock Repurchase Program.
-2-
<PAGE> 3
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, we
have duly caused this report to be signed on our behalf by the undersigned
hereunto duly authorized.
BANCINSURANCE CORPORATION
Date: August 16, 1999 By: /s/ Si Sokol
----------------------------
Si Sokol, Chairman and
Chief Executive Officer
-3-
<PAGE> 4
EXHIBIT INDEX
Exhibit No. Description
99 Press Release of Bancinsurance Corporation issued August
16, 1999 regarding the Stock Repurchase Program.
-4-
<PAGE> 1
[BANCINSURANCE CORPORATION LOGO]
FOR IMMEDIATE RELEASE For Additional Information
Contact: John Sokol
President
(614) 228-2800
BANCINSURANCE CORPORATION ANNOUNCES
AUTHORIZATION TO PURCHASE UP TO 500,000 SHARES
COLUMBUS, Ohio (August 16, 1999) Bancinsurance Corporation (NASDAQ: BCIS), a
specialty insurance holding company, today announced that its Board of Directors
has authorized the repurchase for up to 500,000 shares of its common stock or
approximately 8% of its outstanding shares.
The Shares will be repurchased, at times and amounts to be determined by
management, as market conditions warrant in the open market or through
negotiated off-market transactions. Repurchased shares will be placed in
treasury and may subsequently be reissued in connection with acquisitions and/or
the Company's stock option plans. The repurchase program will expire on December
31, 2000. As of June 30, 1999, Bancinsurance Corporation had 6,135,179 common
shares outstanding.
Bancinsurance is a specialty property insurance holding company primarily
engaged in providing niche insurance products and services for financial
institutions. With the exception of historical information, this press release
includes forward-looking statements that involve risks and uncertainties,
including, but not limited to, the Company's emphasis on larger accounts, which
contribute to improved corporate profitability. These statements involve risks
and uncertainties, which have been detailed from time to time in the Company's
Securities and Exchange Commission filings, including the Company's Form 10-K
for the year ended December 31, 1998. Actual results may differ materially from
management's expectations.
