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SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of
the Securities and Exchange Act of 1934
Date of Report (Date of earliest event reported): June 28, 1995
FIRST LIBERTY FINANCIAL CORP.
(Exact name of registrant as specified in its charter)
Georgia 1-14417 58-1680650
(State of Incorporation)(Commission File No.)(IRS Employer Identification No.)
201 Second Street
Macon, Georgia 31297
(Address of principal executive offices, including zip code)
(912) 743-0911
(Registrant's telephone number including area code)
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Exhibit Index on Page 3
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ITEM 5. Other Events.
On June 28, 1995, the Registrant issued the attached press
release announcing the Notice of Redemption for its Series A 7.75% Cumulative
Convertible Preferred Stock and its intent to increase the dividend on its
common stock.
Pursuant to the filing 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.
FIRST LIBERTY FINANCIAL CORP.
Richard A. Hills, Jr.
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Richard A. Hills, Jr.
Executive Vice President
and General Counsel
Date: July 11, 1995
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INDEX OF EXHIBITS
Exhibit No. Description Page No.
99 Press Release 4
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FIRST LIBERTY FINANCIAL CORP.
NEWS RELEASE
For information contact:
David L. Hall
Executive Vice President
and Chief Financial Officer
(912) 743-0911
FIRST LIBERTY ANNOUNCES REDEMPTION OF
SERIES A PREFERRED STOCK AND INTENT TO INCREASE
COMMON STOCK DIVIDEND
Macon, Georgia, June 28 -- First Liberty Financial Corp. (Nasdaq:FLFC)
announced that it will redeem all 460,000 shares of its Series A 7.75%
Cumulative Convertible Preferred Stock (Nasdaq:FLFCP) on July 31, 1995. The
redemption price will be $26.20 per share plus accrued and unpaid dividends of
16.1458 cents per share from July 1, 1995 to, but excluding, the redemption
date.
The company said that it had met the condition for redeeming the preferred
stock in that the average market price of its common stock had been at least
135% of the $12.50 conversion price of the preferred stock for a period of
twenty consecutive trading days prior to the date of the notice. The company
also announced that the redemption notice will remind its preferred
stockholders that each share of the preferred stock to be redeemed is
convertible into two shares of its common stock until the close of business on
the redemption date, but not later.
Commenting on the announcement, Robert F. Hatcher, First Liberty's President
and Chief Executive Officer, said, "We've been pleased that the market for our
common stock has responded to favorable developments at First Liberty and
provided the opportunity for redeeming the Series A preferred stock. The
holders of that preferred stock have gotten a good return on it for almost
two-and-a-half years and, if they elect to convert it to common stock rather
than letting it be redeemed for cash, we think they'll be pleased with the
decision. As reported in our earnings release for the March quarter, the
company posted strong results and our team is working hard so that it will
continue to do so."
The company also announced that it had reviewed the level of its common stock
dividend and intends to increase the quarterly dividend from 10 cents per
share to 13 cents per share on the October 1, 1995 payment date to
stockholders of record as of September 15, 1995. The company emphasized that
the increase will not affect the July 1 dividend payment.
First Liberty Financial Corp. is the holding company for First Liberty Bank,
which operates 27 banking offices in Middle, Coastal and South Georgia, a loan
production office in Atlanta, and a mortgage banking subsidiary, Liberty
Mortgage Corporation, which operates throughout Georgia and through
correspondent relationships in several southeastern states.
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