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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)
AUGUST 31, 1999 (AUGUST 26, 1999)
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: (270) 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 August 26, 1999 Area Bancshares Corporation ("Area") announced that
its Board of Directors approved the repurchase of up to 5% of its
common stock on the open market, through unsolicited negotiated
transactions or other types of repurchases. The total number of shares
repurchased could total 842,830 based on 16,856,596 shares outstanding
as of June 30, 1999.
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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<CAPTION>
Exhibit No. Description
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<S> <C>
99.1 Press release dated August 26, 1999
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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: August 31, 1999 By: /s/ John A. Ray
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John A. Ray
Executive Vice President,
Chief Operating Officer &
Chief Financial Officer
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INDEX TO EXHIBITS
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<CAPTION>
Exhibit Number Exhibit Description Page
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<S> <C> <C>
99.1 Press release dated August 26, 1999 5
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AREA
BANCSHARES
CORPORATION
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MEDIA RELEASE
FOR IMMEDIATE RELEASE
August 26, 1999
AREA BANCSHARES CORPORATION ANNOUNCES 5% SHARE REPURCHASE
Owensboro, Kentucky - August 26, 1999 - Area Bancshares Corporation
(NASDAQ: AREA), announced today that it is commencing a stock repurchase program
to acquire up to 5% of its current outstanding shares of common stock. This will
be dependent upon market conditions and Securities and Exchange Commission
regulations, and there is no guarantee as to the number of shares to be
repurchased.
Thomas R. Brumley, President and C.E.O., stated, "Area's previous stock
repurchase program was successful. The program that began in 1998 has resulted
in the repurchase of 128,212 shares. Due to this success, the Board of Directors
has decided to implement a new 12-month stock repurchase program."
According to Mr. Brumley, the repurchase buyback will be through open
market purchases, although he did not rule out the possibility of unsolicited
negotiated transactions or other types of repurchases.
The common stock of Area is traded on the NASDAQ Stock Market under the
symbol "AREA". Market makers for Area are J.C. Bradford & Co., J.J.B. Hilliard,
W.L. Lyons, Inc., Herzog, Heine, Geduld, Inc., Spear, Leeds & Kellogg, Sherwood
Securities Corp, Stifel Nicolaus & Co., Friedman Billings Ramsey & Co. and
Spear, Leeds & Kellogg Inc. Contact: John A. Ray, COO/CFO of Area Bancshares
Corporation at (270) 688-7753.
END
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