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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)
FEBRUARY 3, 2000 (JANUARY 31, 2000)
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 6 pages.
The exhibit index is located on page 4.
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Item 5. Other Events
On February 2, 2000 Area Bancshares Corporation ("Area") announced that
it completed on January 31, 2000 the acquisition of Peoples Bank of
Murray, Murray, Kentucky; Dees Bank of Hazel, Hazel, Kentucky; Bank of
Lyon County, Eddyville, Kentucky; and Bank of Livingston County,
Tiline, Kentucky. Total assets of these four affiliated banks were
approximately $376 million.
The acquisition, which was originally announced on August 25, 1999,
makes Area the largest Kentucky-based bank holding company, with assets
of approximately $2.7 billion.
Area paid a total of $77,750,000 in cash for these affiliated banking
companies. The transaction will be accounted for using the purchase
method of accounting.
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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99.1 Press release dated February 2, 2000
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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: February 3, 2000 By: /s/ Edward J. Vega
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Edward J. Vega
Senior 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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99.1 Press release dated February 2, 2000 5
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EXHIBIT 99.1
AREA
BANCSHARES
CORPORATION
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MEDIA RELEASE
FOR IMMEDIATE RELEASE
February 2, 2000
CONTACT: MR. TIMOTHY O. SHELBURNE
AREA BANCSHARES CORPORATION
SENIOR VICE PRESIDENT AND
GENERAL COUNSEL
(270) 688-7750
AREA BANCSHARES CORPORATION COMPLETES ACQUISITION OF
PEOPLES BANK, DEES BANK OF HAZEL, BANK OF LIVINGSTON COUNTY
AND BANK OF LYON COUNTY
Owensboro, Kentucky - February 2, 2000 - Area Bancshares Corporation
(NASDAQ:AREA), announced that it completed on January 31, 2000 the acquisition
of Peoples Bank of Murray (Murray, Kentucky), Dees Bank of Hazel (Hazel,
Kentucky), Bank of Livingston County (Tiline, Kentucky) and Bank of Lyon County
(Eddyville, Kentucky). Total assets of these four affiliated banks were
approximately $376 million and were acquired for a purchase price of $77.75
million which was paid in cash.
The acquisition will be accounted for as a purchase transaction and is
expected to have a positive impact on year 2000 earnings. Acquisition-related
expenses, which will be recognized in the first quarter of 2000, are not
anticipated to be significant.
Area also announced the following executive appointments at Peoples
Bank of Murray:
Bob Hargrove, formerly Senior Vice President of Commercial Loans for
Peoples Bank of Murray, has been named President and Chief Executive Officer of
the bank.
Dennis O. Lane, formerly Senior Vice President of Administrative
Services for Peoples Bank of Murray, has been named Executive Vice President of
the bank.
Douglas Conkright, formerly Vice President of Special Assets for Area
Bancshares Corporation, has been named Senior Vice President and Chief Lending
Officer of Peoples Bank of Murray.
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ABC RELEASE
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The acquisition, announced on August 25, 1999, makes Area the largest
Kentucky-based bank holding company, with assets of approximately $2.7 billion.
The company currently has 17 subsidiary banks headquartered in Somerset, Bowling
Green, Paducah, Calhoun, Hopkinsville, Springfield, Harlan, Louisville, Glasgow,
Owensboro, Winchester, Russellville, Murray, Tiline, Hazel, Eddyville and
Lexington, Kentucky. The company operates 75 banking locations and 98 ATMs in 39
cities throughout Kentucky.
To the extent that statements in this report relate to the plans,
objectives, or future performance of Area Bancshares, these statements are
deemed to be forward-looking statements within the meaning of the Private
Securities Litigation Reform Act of 1995. Such statements are based on
management's current expectations and the current economic environment. Area
Bancshares' actual strategies and results in future periods may differ
materially from those currently expected due to various risks and uncertainties.
A discussion of factors affecting Area Bancshares' business and prospects is
contained in the Corporation's periodic filings with the Securities and Exchange
Commission.
(END)
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