UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Form 10-K/A
Amendment No. 1
to
Annual Report Pursuant to Section 13 or 15(d) of
The Securities Exchange Act of 1934
For the fiscal year ended December 31, 1995 Commission File Number 0-13030
------------------ -------
TRANS FINANCIAL, INC.
(Exact name of registrant as specified in its charter)
Kentucky 61-1048868
(State or other jurisdiction of (I.R.S. Employer Identification No.)
incorporation or organization)
500 East Main Street, Bowling Green, Kentucky 42101
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code: (502)781-5000
Securities registered pursuant to Section 12(b)of the Act: None
Securities registered pursuant to Section 12(g) of the Act:
Common Stock, no par value per share
(Title of Class)
Preferred Stock Purchase Rights
(Title of Class)
Indicate by check mark if disclosure of delinquent filers pursuant to Item 405
of Regulation S-K is not contained herein, and will not be contained, to the
best of the registrant's knowledge, in definitive proxy or information
statements incorporated by reference in Part III of this Form 10-K or any
amendment to this Form 10-K. _
Indicate by check mark whether the registrant (1) has filed all reports required
to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during
the preceding 12 months (or for such shorter period that the registrant was
required to file such reports), and (2) has been subject to such filing
requirements for the past 90 days. Yes X No _
The aggregate market value of the voting stock held by nonaffiliates of
the registrant on March 1, 1996: $159,883,000.
The number of shares outstanding of the issuer's class of common stock
on March 26, 1996: 11,301,796 shares.
Document Incorporated By Reference
Portions of the registrant's Proxy Statement for the Annual Meeting of
Shareholders to be held on April 22, 1996 are incorporated by reference into
Part III of this report.
The amended Exhibit Index is on page 3. This filing contains 29 pages (including
this facing sheet).
<PAGE>
The registrant's Annual Report on Form 10-K is hereby amended to include as an
exhibit the Annual Report on Form 11-K of the Trans Financial, Inc., Savings
Investment Plan, which was not available at the time of the initial filing of
the registrant's Form 10-K. Item 14 of Part IV is amended to read in its
entirety as follows:
Item 14. Exhibits, Financial Statement Schedules and Reports on Form 8-K
(a) (1) Financial statements filed
The list of consolidated financial statements together with the
report thereon of KPMG Peat Marwick LLP, as set forth in Part II,
Item 8 of this report is report is incorporated herein by reference.
(2) Financial statement schedules
Schedules to the consolidated financial statements are omitted, as
the required information is not applicable.
(3) List of exhibits
The list of exhibits listed on the Exhibit Index on pages 3 and 4 of
this Form 10-K/A is incorporated herein by reference. The management
contracts and compensatory plans or arrangements required to be filed
as exhibits to this Form 10-K/A pursuant to Item 14(c) are noted by
asterisk (*) in the Exhibit Index.
(b) Reports on Form 8-K
No reports on Form 8-K were filed during the fourth quarter of 1995.
(c) Exhibits
The exhibits listed on the Exhibit Index on pages 3 and 4 of this Form
10-K/A are filed as a part of this report.
(d) Financial statement schedules
No financial statement schedules are required to be filed as a part of
this report.
SIGNATURE
Pursuant to the requirements of Section 13 or 15(d) of the Securities
Exchange Act of 1934, the registrant has duly caused this report to be signed on
its behalf by the undersigned, thereunto duly authorized.
Trans Financial, Inc.
(Registrant)
By: /s/ Edward R. Matthews
Edward R. Matthews
Chief Financial Officer
Date: July 15, 1996
<PAGE>
Exhibits
Sequentially
Numbered Pages
3(a) Restated Articles of Incorporation of the registrant are incorporated
by reference to Exhibit 4(a) of the registrant's report on Form 10-Q
for the quarter ended March 31, 1995.
3(b) Articles of Amendment to the Restated Articles of Incorporation
of the registrant are incorporated by reference to Exhibit 4(b)
of the registrant's report on Form 10-Q for the quarter ended
March 31, 1995.
3(c) Restated Bylaws of the registrant are incorporated by reference to
Exhibit 4(b) of the registrant's report on Form 10-K for the year
ended December 31, 1993.
4(a) Rights Agreement dated January 20, 1992 between Manufacturers Hanover
Trust Company and Trans Financial, Inc. is incorporated by reference
to Exhibit 1 to the registrant's report on Form 8-K dated January 24,
1992.
4(b) Form of Indenture (including Form of Subordinated Note) dated as of
September 1, 1993, between the registrant and First Tennessee Bank
National Association as Trustee, relating to the issuance of 7.25%
Subordinated Notes due 2003, is incorporated by reference to Exhibit
4 of Registration Statement on Form S-2 of the registrant (File No.
33-67686).
4(c) Subordinated Note dated as of September 16, 1993, by Trans Financial,
Inc.is incorporated by reference to Exhibit 1 to Registration
Statement on Form S-2 of the registrant (File No. 33-67686).
10(a) Trans Financial, Inc. 1987 Stock Option Plan is incorporated
by reference to Exhibit 4(a) of Registration Statement on Form S-8
of the registrant (File No. 33-43046).*
10(b) Trans Financial, Inc. 1990 Stock Option Plan is incorporated by
reference to Exhibit 10(d) of the registrant's Report on Form 10-K
for the year ended December 31, 1990.*
10(c) Trans Financial, Inc.1992 Stock Option Plan is incorporated by
reference to Exhibit 28 of the registrant's Report on Form 10-Q for
the quarter ended March 31, 1992.*
10(d) Trans Financial, Inc. 1994 Stock Option Plan is incorporated by
reference to the registrant's Proxy Statement dated March 18, 1994,
for the April 25, 1994 Annual Meeting of Shareholders.*
10(e) Employment Agreement between Douglas M. Lester and Trans Financial,
Inc................................................................**
10(f) Description of the registrant's Performance Incentive Plan is
incorporated by reference to Exhibit 10(g) of the registrant's
Report on Form 10-K for the year ended December 31, 1994.*
10(g) Form of Deferred Compensation Agreement between registrant and
certain officers of the registrant is incorporated by reference to
Exhibit 10(g) of the registrant's Report on Form 10-K for the year
ended December 31, 1992.*
10(h) Trans Financial, Inc. Dividend Reinvestment and Stock Purchase Plan
is incorporated by reference to Registration Statement on Form S-3
of the registrant dated May 15, 1991 (File No. 33-40606).
<PAGE>
Sequentially
Numbered Pages
10(i) Warrant dated as of February 13, 1992 between Morgan Keegan &
Company, Inc. and Trans Financial, Inc. incorporated by reference to
Exhibit 10(m)of Registration Statement on Form S-2 of the registrant
(File No. 33-45483).
10(j) Loan Agreement dated as of July 6, 1993 between First Tennessee Bank
National Association and Trans Financial, Inc.is incorporated by
reference to Exhibit 10(p) to the Registration Statement on Form S-2
of the registrant (File No. 33-67686).
10(k) Distribution Agreement dated September 28, 1995 between Registrant,
Trans Financial Bank, N.A. and Donaldson, Lufkin & Jenrette
Securities Corporation is incorporated by reference to Exhibit 10(a)
of the registrant's report on Form 10-Q for the quarter ended
September 30,1995.
10(l) Fiscal and Paying Agency Agreement dated September 28, 1995 between
Trans Financial Bank, N.A. and First Fidelity Bank, N.A. is
incorporated by reference to Exhibit 10(b)of the registrant's report
on Form 10-Q for the quarter ended September 30, 1995.
10(m) 1995 Executive Stock Option Plan is incorporated by reference
to the registrant's Proxy Statement dated March 9, 1995, for
the April 24, 1995, Annual Meeting of Shareholders.*
11 Statement of Computation of Per Share Earnings.....................**
21 List of Subsidiaries of the Registrant.............................**
23 Consent of Independent Auditors....................................**
23(a) Consent of Independent Auditors.....................................5
99 Annual Report on Form 11-K for the Trans Financial, Inc., Savings
Investment Plan................................................. 6-29
* Denotes a management contract or compensatory plan or arrangement of the
registrant required to be filed as an exhibit pursuant to Item 601 (10) (iii)
of Regulation S-K.
** Previously filed.
<PAGE>
Exhibit 23(a)
Consent of Independent Auditors
The Board of Directors
Trans Financial, Inc.:
We consent to incorporation by reference in the Registration Statement No.
33-53960 on Form S-8 of our report dated July 8, 1996, relating to the
statements of net assets available for benefits of the Trans Financial, Inc.
Savings Investment Plan as of December 31, 1995 and 1994 and the related
statements of changes in net assets available for benefits for the years then
ended, which report appears in the December 31, 1995 Annual Report on Form 11-K
of the Trans Financial, Inc. Savings Investment Plan.
/s/ KPMG PEAT MARWICK LLP
KPMG PEAT MARWICK LLP
Louisville, Kentucky
July 15, 1996
<PAGE>
Trans Financial, Inc.
ANNUAL REPORT ON FORM 10-K
For the Year Ended December 31, 1995
Exhibit 99
Annual Report on Form 11-K for the
Trans Financial, Inc., Savings Investment Plan
<PAGE>
UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Form 11-K
Annual Report Pursuant to Section 15(d) of The Securities Exchange Act of 1934
For the fiscal year ended December 31, 1995 Commission File Number 0-13030
----------------- -------
TRANS FINANCIAL, INC., SAVINGS INVESTMENT PLAN
(Exact name of plan)
Trans Financial, Inc.
(Exact name of issuer of securities)
500 East Main Street
Bowling Green, KY 42101
<PAGE>
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the
trustees (or other persons who administer the employee benefit plan) have duly
caused this report to be signed on its behalf by the undersigned hereunto duly
authorized.
Trans Financial, Inc., Savings Investment Plan
(Name of Plan)
By:/s/Roger E.Lundin
Roger E. Lundin
Senior Vice President
and Plan Administrator
Date: July 15, 1996
<PAGE>
TRANS FINANCIAL, INC.
SAVINGS INVESTMENT PLAN
Financial Statements and Schedules
December 31, 1995 and 1994
With Independent Auditors' Report Thereon
<PAGE>
TRANS FINANCIAL, INC.
SAVINGS INVESTMENT PLAN
Index to Financial Statements
and Schedules
Page(s)
Independent Auditors' Report 11
Statements of Net Assets Available for Benefits With Fund Information
as of December 31, 1995 and 1994 13-16
Statements of Changes in Net Assets Available for Benefits With Fund
Information for the years ended December 31, 1995 and 1994 17-20
Notes to Financial Statements 21-27
Schedule(s)
Item 27a - Schedule of Assets Held for Investment Purposes -
December 31, 1995 A
Item 27d - Schedule of Reportable Transactions - Year ended
December 31, 1995 D
Other schedules as required by Items 27(b),(c),(e) and (f) of Form 5500 have
been omitted because they are not applicable.
<PAGE>
Independent Auditors' Report
The Plan Committee
Trans Financial, Inc.,
Savings Investment Plan:
We have audited the accompanying statements of net assets available for benefits
of the Trans Financial, Inc. Savings Investment Plan (formerly Trans Financial
Bancorp Savings Investment Plan) (Plan) as of December 31, 1995 and 1994, and
the related statements of changes in net assets available for benefits for the
years then ended. These financial statements are the responsibility of the
Plan's management. Our responsibility is to express an opinion on these
financial statements based on our audits.
We conducted our audits in accordance with generally accepted auditing
standards. Those standards require that we plan and perform the audit to obtain
reasonable assurance about whether the financial statements are free of material
misstatement. An audit includes examining, on a test basis, evidence supporting
the amounts and disclosures in the financial statements. An audit also includes
assessing the accounting principles used and significant estimates made by
management, as well as evaluating the overall financial statement presentation.
We believe that our audits provide a reasonable basis for our opinion.
In our opinion, the financial statements referred to above present fairly, in
all material respects, the net assets available for benefits of the Plan as of
December 31, 1995 and 1994, and the changes in net assets available for benefits
for the years then ended in conformity with generally accepted accounting
principles.
Our audits were performed for the purpose of forming an opinion on the basic
financial statements taken as a whole. The supplemental schedules of Assets Held
for Investment Purposes and Reportable Transactions are presented for the
purpose of additional analysis and are not a required part of the basic
financial statements but are supplementary information required by the
Department of Labor's Rules and Regulations for Reporting and Disclosure under
the Employee Retirement Income Security Act of 1974. The fund information in the
statement of net assets available for benefits and the statement of changes in
net assets available for benefits is presented for purposes of additional
analysis rather than to present the net assets available for plan benefits and
changes in net assets available for plan benefits of each fund. The supplemental
schedules and fund information have been subjected to the auditing procedures
applied in the audits of the basic financial statements and, in our opinion, are
fairly stated in all material respects in relation to the basic financial
statements taken as a whole.
/s/ KPMG PEAT MARWICK LLP
KPMG PEAT MARWICK LLP
Louisville, Kentucky
July 8, 1996
<PAGE>
(This page intended to be blank)
<PAGE>
TRANS FINANCIAL, INC
SAVINGS INVESTMENT PLAN
Statement of Net Assets Available for Benefits With Fund Information
December 31, 1995
Fund Information
Active Funds
Employer Income
Assets Stock Income Growth Balanced
------ ------- ------ ------ ---------
Investments, at fair value:
Trans Financial, Inc. ...
Common Stock ......... $6,465,102 -- -- --
Mutual funds ............ -- 47,385 219,867 1,268,127
Cash equivalents ........ 3,540 1,040 45,026 48,596
---------- --------- --------- ---------
6,468,642 48,425 264,893 1,316,723
Accrued investment income .... 132 249 2,596 14,919
Contribution receivable from
employees ................. 26,544 434 1,947 17,610
Contribution receivable from
employer .................. 22,971 -- -- --
Interfund receivable (payable) -- -- -- --
Other assets ................. 2,834 -- -- --
---------- --------- --------- ---------
Net assets available for
benefits .................. $6,521,123 49,108 269,436 1,349,252
========== ========= ========= =========
<PAGE>
Fund information
Active Funds Inactive Funds
Aggressive Growth
Growth Growth Clearing Income
------ ------ --------- ------
Investments, at fair value:
Trans Financial, Inc. ...
Common Stock ......... -- -- -- --
Mutual funds ............ 785,552 645,391 -- 357,990
Cash equivalents ........ 133,540 116,440 52,017 --
---------- --------- -------- ---------
919,092 761,831 52,017 357,990
Accrued investment income .... 12,383 9,785 234 --
Contribution receivable from
employees ................. 17,823 18,961 -- --
Contribution receivable from
employer .................. -- -- -- --
Interfund receivable (payable) 39,913 -- (39,913) --
Other assets ................. -- -- -- --
---------- --------- --------- --------
Net assets available for
benefits .................. 989,211 790,577 12,338 357,990
========== ========= ========= =======
Fund Information
Inactive Funds
Money
Fixed Market Bond Growth
------ ------ ------ ------
Investments, at fair value:
Trans Financial, Inc. ...
Common Stock .............................. -- -- -- --
Mutual funds .............................. 1,462,687 24,218 67,786 20,402
1,462,687 24,218 67,786 20,402
Accrued investment income ................. -- -- -- --
Contribution receivable
from employees ............................ -- -- -- --
Contribution receivable
from employer ............................. -- -- -- --
Interfund
receivable (payable) ...................... -- -- -- --
Other assets .............................. -- -- -- --
Net assets available for
benefits ............................... 1,462,687 24,218 67,786 20,402
========= ====== ====== =======
Fund Information
Inactive Funds
Managed Total
------ ------
Investments, at fair value:
Trans Financial, Inc. ...
Common Stock .............................. -- 6,465,102
Mutual funds .............................. 196,806 5,096,211
Cash equivalents .......................... -- 400,199
---------- ----------
196,806 11,961,512
Accrued investment income ................. -- 40,298
Contribution receivable
from employees ............................ -- 83,319
Contribution receivable
from employer ............................. -- 22,971
Interfund
receivable (payable) ...................... -- 0
Other assets .............................. -- 2,834
Net assets available for
benefits ............................... 196,806 12,110,934
========== ==========
<PAGE>
TRANS FINANCIAL, INC
SAVINGS INVESTMENT PLAN
Statement of Net Assets Available for Benefits With Fund Information
December 31, 1994
Fund Information
Active Funds
Employer Income
Assets Stock Income Growth Balanced
------ ----- ------ ------ --------
Investments, at fair value:
Trans Financial, Inc. ....
Common Stock .......... $3,762,408 -- -- --
Mutual funds ............. -- 39,015 176,633 897,693
Cash equivalents ......... 238,594 4,337 3,874 66,297
---------- ------ ------- -------
Total investments 4,001,002 43,352 180,507 963,990
Accrued investment income ..... 938 244 676 3,640
Contribution receivable from
employees .................. 19,389 262 944 7,190
employer ................... 33,412 -- -- --
Other assets .................. 3,646 -- -- --
---------- ------ ------- -------
Net assets available for
benefits ................... $4,058,387 43,858 182,127 974,820
========== ====== ======= =======
Fund Information
Active Funds
Aggressive
Assets Growth Growth
------ -------- ------
Investments, at fair value:
Trans Financial, Inc. ....
Common Stock .......... $ -- --
Mutual funds ............. 542,481 364,178
Cash equivalents ......... 63,797 42,717
-------- -------
Total investments 606,278 406,895
Accrued investment income ..... 1,493 801
Contribution receivable from
employees .................. 8,072 6,464
Contribution receivable from
employer ................... -- --
Other assets .................. -- --
-------- -------
Net assets available for
benefits ................... $615,843 414,160
======== =======
Fund Information
Inactive Funds
Growth Money
Clearing Income Fixed Market Bond
Investments at fair value:
Trans Financial, Inc.
Common stock ................ -- -- -- -- --
Mutual Funds ................ -- 283,056 1,452,182 19,898 55,264
Cash equivalents ............ 25,156 -- -- -- --
------- --------- --------- ------ ------
25,156 283,056 1,452,182 19,898 55,264
Accrued investment income ... 160 -- -- -- --
Contribution receivable from
employee .................... -- -- -- -- --
Contributions receivable from
employer .................... -- -- -- -- --
Other assets ................ -- -- -- -- --
------- --------- --------- ------ ------
Net assets available for
benefits .................... 25,316 283,056 1,452,182 19,898 55,264
======= ========= ========= ====== ======
Fund Information
Inactive Funds
Growth Managed Total
Investments at fair value:
Trans Financial, Inc.
Common stock ................ -- -- 3,762,408
Mutual Funds ................ -- 152,392 3,982,792
Cash equivalents ............ -- -- 444,772
------- --------- ---------
-- 152,392 8,189,972
Accrued investment income ... -- -- 7,952
Contribution receivable from
employee .................... -- -- 42,321
Contributions receivable from
employer .................... -- -- 33,412
Other assets ................ -- -- 3,646
------- --------- ---------
Net assets available for
benefits .................... -- 152,392 8,277,303
======= ========= =========
<PAGE>
<TABLE>
TRANS FINANCIAL, INC
SAVINGS INVESTMENT PLAN
Statement of Changes in Net Assets Available for Benefits With Fund Information
Year ended December 31, 1995
<CAPTION>
Fund Information
Active Funds
Employer Income Aggressive
Assets Stock Income Growth Balanced Growth Growth
------ ----- ------ ------ -------- ------ ------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
Additions:
Dividends of Trans
Financial, Inc. ..........
Common Stock ...................... $ 195,388 -- -- -- -- --
Interest and other
dividends ......................... 6,432 3,067 12,162 72,590 41,156 32,285
Net realized and
unrealized appreciation
(depreciation) in fair
value ............................. 1,430,066 2,504 23,872 145,257 110,863 90,826
Contributions from
employer .......................... 666,730 -- -- -- -- --
Contributions from
employees ......................... 703,028 6,604 32,634 247,218 281,636 297,542
---------- --------- -------- -------- --------- ----------
3,001,644 12,175 68,668 465,065 433,655 420,653
Deductions:
Benefits paid to participants ........ 501,488 825 5,391 100,394 72,091 43,140
---------- --------- -------- -------- -------- ----------
Net increase (decrease) prior to
interfund transfers .................... 2,500,156 11,350 63,277 364,671 361,564 377,513
Interfund transfers ....................... (37,420) (6,100) 24,032 9,761 11,804 (1,096)
---------- --------- -------- -------- --------- ---------
Net increase (decrease) ................... 2,462,736 5,250 87,309 374,432 373,368 376,417
Net assets available for benefits
at beginning of year ................... 4,058,387 43,858 182,127 974,820 615,843 414,160
---------- --------- ------- -------- --------- ----------
Net assets available for benefits
at end of year ......................... $ 6,521,123 49,108 269,436 1,349,252 989,211 790,577
========== ========= ======== ========= ========= ==========
Fund information
Inactive Funds
Growth Money
Clearing Income Fixed Market Bond Growth Managed Total
Additions:
Dividends of Trans
Financial, Inc. .........................
Common stock ............................ -- -- -- -- -- -- -- 195,388
Interest and other
dividends ............................... 2,550 -- -- -- -- -- -- 170,242
Net realized and
unrealizeed appreciation
(depreciation)in fair
value ................................... -- 83,393 84,218 872 9,074 (532) 38,449 2,018,862
Contributions from
employer ................................ -- -- -- -- -- -- -- 666,730
Contributions from
employees ............................... -- -- -- -- -- -- -- 1,568,662
----------- -------- ---------- --------- -------- -------- --------- ----------
2,550 83,393 84,218 872 9,074 (532) 38,449 4,619,884
Deductions:
Benefits paid
to participants ........................ 14,547 2,333 42,383 -- -- -- 3,661 786,253
----------- -------- ---------- --------- -------- -------- --------- ----------
Net increase(decrease) prior to
interfund transfers .................... (11,997) 81,060 41,835 872 9,074 (532) 34,788 3,833,631
Interfund transfers .................... (981) (6,126) (31,330) 3,448 3,448 20,934 9,626 --
----------- -------- ---------- --------- -------- -------- --------- ----------
Net increase(decrease) .................... (12,978) 74,934 10,505 4,320 12,522 20,402 44,414 3,833,631
Net assets available for benefits
at beginning of year ................... 25,316 283,056 1,452,182 19,898 55,264 -- 152,392 8,277,303
----------- -------- ---------- --------- -------- -------- --------- ----------
Net assets available for benefits
at end of year ......................... 12,338 357,990 1,462,687 24,218 67,786 20,402 196,806 12,110,934
=========== ======== ========== ========= ======== ======== ========= ==========
</TABLE>
<PAGE>
TRANS FINANCIAL, INC
SAVINGS INVESTMENT PLAN
Statement of Changes in Net Assets Available for Benefits With Fund Information
Year ended December 31, 1994
Fund Information
Active Funds
Guaranteed
Employer Growth Investment
Assets Stock Equity Bond Contract
------ ----- ------ ---- --------
Additions:
Dividends of Trans Financial,
Inc. Common Stock .......... $ 157,770 -- -- --
Interest and other dividends .. 6,631 -- -- --
Net realized and unrealized
appreciation (depreciation)
in fair value .............. (989,306) -- -- --
Contributions from employer ... 482,772 -- -- --
Contributions from employees .. 281,844 -- -- --
----------- -------- -------- --------
(60,289) -- -- --
Deductions:
Benefits paid to participants . 517,075 18,158 14,843 26,602
----------- -------- -------- --------
Net increase (decrease) prior to
KCB and Interfund transfers ... (577,364) (18,158) (14,843) (26,602)
Transfer from KCB .................. 47,712 -- -- --
Transfer from Pikeville ............ -- -- -- --
Interfund transfers ................ 319,736 (826,929) (319,816) (408,183)
----------- -------- -------- --------
Net increase (decrease) ....... (209,916) (845,087) (334,659) (434,785)
Net assets available for benefits at
beginning of year ............. 4,268,303 845,087 334,659 434,785
----------- -------- -------- --------
Net assets available for benefits
at end of year ................ $ 4,058,387 -- -- --
=========== ======== ======== ========
Fund Information
Active Funds
Income
Assets Income Growth Balanced
------ ------ ------ --------
Additions:
Dividends of Trans Financial,
Inc. Common Stock .......... $ -- -- --
Interest and other dividends .. 2,096 8,896 35,349
Net realized and unrealized
appreciation (depreciation)
in fair value .............. (2,600) (10,799) (33,877)
Contributions from employer ... -- --
Contributions from employees .. 6,978 23,572 164,025
------- -------- --------
6,474 21,669 165,497
Deductions:
Benefits paid to participants . 2,043 24,166 11,865
------- -------- --------
Net increase (decrease) prior to
KCB and Interfund transfers ... 4,431 (2,497) 153,632
Transfer from KCB .................. 7,390 60,452 400,281
Transfer from Pikeville ............ -- -- --
Interfund transfers ................ 32,037 124,172 420,907
------- -------- --------
Net increase (decrease) ....... 43,858 182,127 974,820
Net assets available for benefits at
beginning of year ............. -- -- --
------- -------- --------
Net assets available for benefits
at end of year ................ 43,858 182,127 974,820
======= ======== ========
Fund Information
Inactive Funds
Agressive Growth
Growth Growth Clearing Income
Additions:
Dividends of Trans Financial
Common stock ...................... -- -- -- --
Interest and other dividends ...... 19,915 8,445 1,997 --
Net realized and unrealized
appreciation(depreciation)
in fair value ..................... (20,330) (8,006) -- (7,667)
Contributions from employer ....... -- -- -- 9,484
Contributions from employees ...... 176,992 144,505 -- 475
-------- -------- -------- --------
176,577 144,944 1,997 2,292
Deductions:
Benefits paid to participants ..... 121,794 7,273 223,004 43,960
-------- -------- -------- --------
Net increase (decrease) prior to
KCB and interfund transfers ...... 54,783 137,671 (221,007) (41,668)
Transfer from KCB ................. 124,221 55,252 246,323 --
Transfer from Pikeville ........... -- -- -- 301,473
Interfund transfers ............... 436,839 221,237 -- 23,251
-------- -------- -------- --------
Net increase(decrease) ............. 615,843 414,160 25,316 283,056
Net assets available for benefits at
beginning of year ................. -- -- -- --
-------- -------- -------- --------
Net assets available for benefits at
end of year ....................... 615,843 414,160 25,316 283,056
======== ======== ======== ========
Fund Information
Inactive Funds
Money
Fixed Market Bond Growth
Additions:
Dividends of Trans Financial
Common stock ...................... -- -- -- --
Interest and other dividends ...... -- -- -- --
Net realized and unrealized
appreciation(depreciation)
in fair value ..................... 77,903 755 (3,602) --
Contributions from employer ....... 27,526 2,560 1,749 --
Contributions from employees ...... 1,812 1,470 73 --
---------- ------- ------- -----
107,241 4,785 (1,780) --
Deductions:
Benefits paid to participants ..... 54,686 2,106 7,841 --
---------- ------- ------- -----
Net increase (decrease) prior to
KCB and interfund transfers ...... 52,555 2,679 (9,621) --
Transfer from KCB ................. -- -- -- --
Transfer from Pikeville ........... 1,414,749 17,219 73,014 --
Interfund transfers ............... (15,122) -- (8,129) --
---------- ------- ------- -----
Net increase(decrease) ............. 1,452,182 19,898 55,264 --
Net assets available for benefits at
beginning of year ................. -- -- -- --
---------- ------- ------- -----
Net assets available for benefits at
end of year ....................... 1,452,182 19,898 55,264 --
========== ======= ======= =====
Fund Information
Inactive Funds
Managed Total
Additions:
Dividends of Trans Financial
Common stock ...................... -- 157,770
Interest and other dividends ...... -- 83,329
Net realized and unrealized
appreciation(depreciation)
in fair value ..................... (3,194) (1,000,723)
Contributions from employer ....... 5,446 529,537
Contributions from employees ...... 285 802,031
-------- ---------
2,537 571,944
Deductions:
Benefits paid to participants ..... -- 1,075,416
-------- ----------
Net increase (decrease) prior to
KCB and interfund transfers ...... 2,537 (503,472)
Transfer from KCB ................. -- 941,631
Transfer from Pikeville ........... 149,855 1,956,310
Interfund transfers ............... -- --
-------- ----------
Net increase(decrease) ............. 152,392 2,394,469
Net assets available for benefits at
beginning of year ................. -- 5,882,834
-------- ----------
Net assets available for benefits at
end of year ....................... 152,392 8,277,303
======== =========
<PAGE>
TRANS FINANCIAL, INC
SAVINGS INVESTMENT PLAN
Notes to the Financial Statements
Years Ended December 31, 1995 and 1994
1. Description of the Plan
a. General
The Trans Financial, Inc. Savings Investment Plan (Plan) is a
contributory defined contribution plan which covers substantially
all employees of Trans Financial, Inc. (the Company) and its
subsidiaries whose compensation is not determined by collective
bargaining. The Plan was formerly known as the Trans Financial
Bancorp Savings Plan. The name change reflects the name change of
the Plan's sponsor.
The Plan is subject to the provisions of the Employee Retirement
Income Security Act of 1974 (ERISA).
The Company has the right under the Plan to discontinue all
contributions at any time and terminate the Plan. In the event
that the Plan is terminated, the net assets of the Plan will be
distributed to participants in the amounts of the participants'
account balances valued as of the termination date.
b. Contributions
The Plan is funded through employee contributions. Participants may
elect to contribute from 1% to 10% of their compensation up to a
maximum, as prescribed by the Internal Revenue Code, for any
calendar year. Participants may elect to invest in any of six
available options ("Active Funds") in increments of 25%.
Contributions made by participants are intended to qualify as cash
or deferred arrangements under Section 401(k) of the Internal
Revenue Code.
The Company matches employee contributions up to 4% of the employee's
salary. Employer contributions are invested, to the extent
possible, in the Stock Fund.
<PAGE>
TRANS FINANCIAL, INC.
SAVINGS INVESTMENT PLAN
Notes to the Financial Statements
1. Description of the Plan - Continued
c. Participant Accounts
Each participant's account is credited with employee contributions and
employer contributions and an allocation of plan earnings and
forfeitures of terminated participants' nonvested accounts. The
benefit to which a participant is entitled is the benefit that can
be provided from the participant's account.
d. Vesting and Benefit Payments
All participants are fully vested in employee contributions and
related earnings. Employees have a vested interest in the employer
matching contribution and related earnings in accordance with the
following schedule:
Years Vested
of service percentage
---------- ----------
Less than 2 0%
2 but less than 3 20%
3 but less than 4 40%
4 but less than 5 60%
5 but less than 6 80%
6 or more 100%
Upon termination of service, a participant may elect to receive the
value of his or her account in a lump-sum distribution or periodic
payments over a period not to exceed the life expectancy of the
participant or his or her beneficiary.
The foregoing description of the Plan provides only general
information. Participants should refer to the Plan agreement for a
more complete description of the Plan's provisions. Copies are
available from the Company.
<PAGE>
TRANS FINANCIAL, INC.
SAVINGS INVESTMENT PLAN
Notes to the Financial Statements
1. Description of the Plan - Continued
d. Vesting and Benefit Payments - Continued
On January 1, 1994, the Citizens Bank of Pikeville 401(k) Profit
Sharing Plan and Trust (Pikeville Plan) was merged into this Plan.
The amount of assets transferred to this Plan amounted to
$1,956,310. These assets are maintained separately from other
existing plan assets and are administered by a third party
insurance company. Participants may make election changes among
these funds ("Inactive Funds"), but are not allowed to make
contributions nor to allocate assets to any Active Funds. The
previously issued 1994 financial statements excluded these plan
assets and have been restated to include these assets effective
January 1, 1994.
On July 1, 994, the Kentucky Community Bancorp, Inc.401(k)Plan was
merged into this Plan. The amount of assets transferred to this Plan
amounted to $941,631.
2. Summary of Significant Accounting Policies
The financial statements of the Plan are prepared on the accrual basis.
In preparing the financial statements, management is required to make
estimates and assumptions that affect the reported amounts of assets
at the date of the financial statements, and also the reported amounts
of changes in net assets during the reporting periods. Actual results
could differ from these estimates.
a. Investments
The Plan's investments in the Active Funds are held by a trustee.
Active and Inactive Funds are stated at fair value as reported by
the trustee and third party insurance company, using published
quotations and other data. The Plan was amended effective January
1, 1994 to include the following investment options for the
Active Funds: an Employer Stock Fund, an Income Fund, an Income
Growth Fund, a Balanced Fund, a Growth Fund and an Aggressive
Growth Fund. Purchases and sales of securities are recorded on a
trade-date basis.
b. Payment of Benefits
Benefits are recorded when paid.
TRANS FINANCIAL, INC.
SAVINGS INVESTMENT PLAN
Notes to the Financial Statements
3. Investments
The fair value of individual investments at December 31, 1995 and 1994
are summarized as follows:
December 31
--------------------
1995 1994
---------- -------------
Trans Financial, Inc. Common Stock .....$6,465,102(A) 3,762,408 (A)
Federated Short Intermediate Govt ...... -- 152,384
Federated High Yield ................... 264,107 174,325
Federated Intermediate Govt ............ -- 183,119
Fidelity Investment Grade Bond ......... 284,619 189,062
Fidelity Equity Growth ................. 510,875 352,030
Fidelity Growth & Income ............... 293,029 201,001
Fidelity Blue Chip Growth .............. 420,524 351,353
Federated Index Trust Minicap .......... -- 226,803
Federated GNMA ......................... 128,673 119,020
Fidelity Overseas ...................... 114,781 70,904
U.S. Govt. Sec. Fund 1-3 yrs ........... 226,513 --
U.S. Govt. Sec. Fund 2-5 yrs ........... 271,825 --
Fidelity Cap. Trust Capital Appreciation 451,376 --
Aetna Variable Fund .................... 357,990 283,056
Aetna Fixed Account .................... 1,462,687(A) 1,452,181(A)
Aetna Variable Encore Fund ............. 24,218 19,898
Aetna Income Shares Fund ............... 67,786 55,264
Aetna Investments Advisers Fund ........ 196,806 152,392
TCI Growth Fund ........................ 20,402 --
Cash equivalents ....................... 400,199 444,772(A)
----------- -------------
$11,961,512 8,189,972
=========== =============
(A) This investment individually represents 5% or more of net assets at
year-end.
<PAGE>
TRANS FINANCIAL, INC.
SAVINGS INVESTMENT PLAN
Notes to the Financial Statements
4. Income Tax Status
The Internal Revenue Service has determined and informed the Company by a
letter dated July 11, 1989, that the Plan and related trust are designed
in accordance with applicable sections of the Internal Revenue Code
(IRC). The Plan has been amended since receiving the determination
letter. However, the Plan administrator and the Plan's tax counsel
believe that the Plan is designed and is currently being operated in
compliance with the applicable requirements of the IRC.
5. Reconciliation of Financial Statements to Form 5500
The Department of Labor requires that amounts allocated to accounts of
persons who have elected to withdraw from the plan but have not yet been
paid be reported as a liability on Form 5500. Under generally accepted
accounting principles, these amounts are not accrued as a liability and
are not included in distributions paid.
The following is a reconciliation of net assets available for benefits per
the financial statements to the Form 5500:
December 31,
1995 1994
Net assets available for benefits per the financial
statements ..................................... $ 12,110,934 8,277,303
Net assets from Pikeville Plan previously excluded -- (1,962,792)
from financial statements
Amounts allocated to withdrawing participants ..... (425,876) (144,752)
------------ ----------
Net assets available for benefits per the Form 5500 $ 11,685,058 6,169,759
============ ==========
The following is a reconciliation of benefits paid to participants per the
financial statements to the Form 5500:
Year ended
December 31, 1995
Benefits paid to participants per the financial statements $ 786,253
Add: Amounts allocated to withdrawing participants
at December 31, 1995 425,876
Less: Amounts allocated to withdrawing participants
at December 31, 1994 (144,752)
------------
Benefits paid to participants per the Form 5500 $ 1,067,377
============
<PAGE>
TRANS FINANCIAL, INC.
SAVINGS INVESTMENT PLAN
Notes to the Financial Statements
6. Related Party Transactions
Plan investments include shares of the Company's stock. The Company's trust
department is the trustee as defined by the Plan and therefore, this
transaction qualifies as party-in-interest. Also, administrative
services and related expenses were provided at no charge by the Company.
<PAGE>
Item 27a - Schedule of Assets Held for Investment Purposes
Employer Identification Number: 61-0156617
Plan Year Ending: December 31, 1995
Plan Number: 001
Schedule A
TRANS FINANCIAL, INC.
SAVINGS INVESTMENT PLAN
Number of Current
shares or units Cost value
Trans Financial, Inc. - Common Stock 361,684 $ 5,152,111 6,465,102
Federated High Yield .............. 29,345 250,287 264,107
Fidelity Investment Grade Bond .... 38,566 283,189 284,619
Fidelity Equity Growth ............ 13,480 400,352 510,875
Fidelity Growth & Income .......... 10,833 242,871 293,029
Fidelity Blue Chip Growth ......... 13,667 363,526 420,524
Federated GNMA .................... 11,357 127,004 128,673
Fidelity Overseas ................. 3,948 109,701 114,781
U.S. Govt. Sec. Fund 1-3 yrs ...... 21,717 221,898 226,513
U.S. Govt. Sec. Fund 2-5 yrs ...... 25,428 266,345 271,825
Fidelity Cap. Trust Capital Appreciat 26,900 458,749 451,376
Aetna Variable Fund ............... 15,518 266,930 357,990
Aetna Fixed Account ............... -- 1,456,373 1,462,687
Aetna Variable Encore Fund ........ 1,812 24,101 24,218
Aetna Income Shares Fund .......... 3,870 55,110 67,786
Aetna Investments Advisers Fund ... 11,306 155,164 196,806
TCI Growth Fund ................... 1,568 20,933 20,402
Cash equivalents .................. 400,199 400,199 400,199
----------- ----------
$10,254,843 11,961,512
=========== ==========
<PAGE>
Item 27d - Schedule of Reportable Transactions
Employer Identification Number: 61-0156617
Plan Year Ending: December 31, 1995
Plan Number: 001
Schedule D
<TABLE>
TRANS FINANCIAL, INC.
SAVINGS INVESTMENT PLAN
<CAPTION>
Description Number of Purchase Selling Cost of Current Net Gain
of Asset Transactions Price Price Assets Value or (Loss)
- --------------------- ------------ --------- --------- --------- --------- -------
<S> <C> <C> <C> <C> <C> <C>
Trans Financial, Inc.
Common Stock ..... 25 1,721,678 -- 1,721,678 1,721,678 --
Federated Govt Trust 219 2,702,077 -- 2,702,077 2,702,077 --
Trust Fund ....... 104 -- 2,773,510 2,773,510 2,773,510 --
Fidelity Cap. Trust
Capital .......... 10 425,998 -- 425,998 425,998 --
Appreciation ..... 2 -- 2,150 2,002 2,150 148
There were no single transactions within the plan year in excess of 5% of the
fair value of plan assets as of the beginning of the year.
</TABLE>
