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UNITED STATES
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 (DATE OF EARLIEST EVENT
REPORTED) NOVEMBER 10, 1998 (NOVEMBER 2, 1998)
AREA BANCSHARES CORPORATION
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(Exact name of registrant as specified in its charter)
Kentucky 0-26032 61-0902343
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(State or other (Commission File Number) (IRS Employer
jurisdiction of Identification No.)
incorporation)
230 Frederica Street, Owensboro, KY 42301
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(Address of principal executive office) (Zip code)
Registrant's telephone number, including area code: (502) 926-3232
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Not Applicable
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(Former name or former address, if changed since last report)
The Current Report consists of 5 pages.
The exhibit index is located on page 4.
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Item 5. Other Events
On November 2, 1998, Area Bancshares Corporation announced that its
Board of Directors approved the repurchase of up to 100,000 shares of
its common stock on the open market. This repurchase represents .64% of
the 15,643,776 shares that were outstanding as of September 30, 1998.
A copy of the press release is attached hereto as Exhibit 99-1, and is
incorporated herein by reference.
Item 7. Financial Statements and Exhibits
C. Exhibits
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Exhibit No. Description
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<S> <C>
99.1 Press release dated November 2, 1998
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SIGNATURE
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.
Area Bancshares Corporation
DATE: November 10, 1998 By: /s/ John A. Ray
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John A. Ray
Executive Vice President &
Chief Financial Officer
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INDEX TO EXHIBITS
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Exhibit Number Exhibit Description Page
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<S> <C> <C>
99.1 Press release dated November 2, 1998 5
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PRESS RELEASE
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Area Bancshares Corporation - 230 Frederica Street - Owensboro KY 42301
(502) 688-7750 - Fax (502) 686-1519
FOR IMMEDIATE RELEASE
November 2, 1998
AREA BANCSHARES CORPORATION ANNOUNCES MANAGEMENT
REALIGNMENT AND STOCK REPURCHASE
AREA BANCSHARES CORPORATION (NASDAQ: AREA) announces a management
realignment following the resignation of Chief Financial Officer Jack Brown
to pursue other interests:
John A. Ray, President of The Owensboro National Bank, located in Owensboro,
Kentucky, has been elevated to Executive Vice President and Chief Financial
Officer of Area Bancshares Corporation. Mr. Ray has been with Area
Bancshares Corporation or its subsidiaries since 1984.
Darrell Higginbotham, currently President of Alliance Bank, FSB, located in
Somerset, Kentucky, has been named President and CEO of The Owensboro
National Bank to succeed Mr. Ray.
Scott Cvengros, currently Vice President-Loan Administration for Area
Bancshares Corporation, has been named President and CEO of Alliance Bank,
FSB, to succeed Mr. Higginbotham.
John Penn, Executive Vice President of Area Bancshares Corporation, will be
responsible for development and oversight of all nonbanking operations,
including development of insurance and security brokerage lines of business.
He will also supervise the company's Atlanta, Georgia, SBA lending program
and its Lexington, Kentucky, indirect automobile lending program.
Messrs. Higginbotham, Cvengros and Penn joined Area Bancshares Corporation
in September 1997, following the company's acquisition of Cardinal
Bancshares, Inc.
The appointments will become effective by January 1, 1999.
Area Bancshares Corporation also announced that its Board of Directors has
approved the repurchase of up to 100,000 shares of its common stock on the
open market.
Area Bancshares Corporation, a $2.0 billion multi-bank holding company
headquartered in Owensboro, Kentucky, operates eleven banks and one thrift
with 57 banking facilities in 24 cities throughout Kentucky. Through its
subsidiaries, Area offers a broad range of banking and banking-related
services.
CONTACT: Gary R. White of Area Bancshares Corporation at (502) 688-7824.
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