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):
September 18, 1995
Mid-America Bancorp
(Exact name of registrant as specified in its charter)
Kentucky
(State or other jurisdiction of incorporation)
1-10602 61-1012933
(Commission File Number) (I.R.S. Employer
Identification Number)
500 West Broadway, Louisville, Kentucky
40202
(Address of principal executive offices) (Zip
Code)
(502) 589-3351
(Registrant's telephone number, including area code)
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Item 5. Other Events
On September 18, 1995, the Registrant issued the following
press release:
September 18, 1995
FOR IMMEDIATE RELEASE
(Mid-America Bancorp, Louisville, KY, AMEX Symbol: MAB) -
The Company announced today that the management of its principal
banking subsidiary, Mid-America Bank of Louisville & Trust
Company, has classified loans totaling $14.4 million to a
Louisville-based real estate development firm as "impaired" and
put on a non-accrual basis. This increases the impaired loans of
the Company to approximately $17 million (before reduction for
the charge-off indicated below) compared with $3.7 million
reported at June 30, 1995. As of this date, the Company reported
total assets of $1.2 billion, with loans totaling approximately
$696 million.
Each of the loans is secured by real estate, and in accordance
with generally accepted accounting principles, a provision for
loan losses and corresponding charge-off with respect to these
loans will be reflected in the third quarter operating results of
the Company.
While the amount of the third quarter provision will depend, in
part, on the results of detailed real estate appraisals now
underway, management expects, based on information currently
available, that the third quarter provision for loan losses and
the reversal of previously accrued interest attributable to these
loans will likely be between $3 million and $6 million, which
will reduce after tax earnings by between $2 million and $4
million. On a per share basis, this event would amount to a
reduction of between $0.23 and $0.45. If the reduction is in the
upper range of this estimate, it would produce a loss for the
third quarter, but even in this event, the Company will report a
profit for the first nine months. Earnings for the first six
months of 1995 were $6,031,000 or $0.68 per share, versus
$5,535,000 or $0.62 per share for the first six months of 1994.
The recording of this provision for loan losses will have no
effect on the normal dividend policy of the Company.
Bertram W. Klein, Chairman and CEO of the Company, stated: "These
loans represent a seasoned credit facility which, in accordance
with our customary policy, is monitored closely. While recent
events have required classification of these loans, the Bank's
capital continues to grow and remains well above regulatory
guidelines."
* * * * * * *
Questions about this Release should be
directed to Steven Small, Chief Financial
Officer of Mid-America Bancorp, at (502) 562-5878.
<PAGE>
SIGNATURES
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 thereunto duly authorized.
Mid-America Bancorp
(Registrant)
Date: September 18, 1995 By: /s/ Steven Small
Steven Small
Executive Vice President
and
Chief Financial Officer
