- -------------------------------------------------------------------------------
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): July 2, 1998
------------------
REPUBLIC SECURITY FINANCIAL CORPORATION
(Exact name of registrant as specified in its charter)
Florida 0-14671 59-2335075
(State or other (Commission File (I.R.S. Employer
jurisdiction of Number) Identification No.)
incorporation)
4400 Congress Avenue
West Palm Beach, Florida 33407
- ---------------------------------------- --------------------
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code: (561) 840-1200
---------------
(not applicable)
(Former name or former address, if changed since last report)
<PAGE>
Item 2. ACQUISITION OR DISPOSITION OF ASSETS
On July 2, 1998, Republic Security Financial Corporation ("RSFC or the
"Company") acquired Unifirst Federal Savings Bank ("Unifirst") in a
stock-for-stock transaction. Unifirst merged into the Company's wholly owned
subsidiary, Republic Security Bank.
At June 30, 1998, Unifirst had assets of $141.9 million, liabilities of
$132.7 million, and shareholder's equity of $9.2 million, with 2 full service
offices in Broward County.
Shareholders received 1.017 shares of the RSFC's common stock for each
share of Unifirst common stock. As a result, RSFC issued approximately 1.2
million shares of its common stock for all the shares of Unifirst common stock.
The acquisition was accounted for as a tax-free pooling of interests.
Non-recurring costs in connection with the merger are estimated to be
approximately $2.2 million, net of taxes.
<PAGE>
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.
REPUBLIC SECURITY FINANCIAL
CORPORATION
By: /s/ Carla H. Pollard
--------------------------
Carla H. Pollard
Vice President/Controller
Dated: July 2, 1998
-------------
