FORM 8-K
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
Date of Report: August 19, 1994
(Date of earliest event reported)
NATIONAL CITY BANCSHARES, INC.
(Exact name of registrant as specified in its charter)
INDIANA 0-13585 35-1632155
(State or other (Commission (IRS Employer
jurisdiction of File Number) Identification No.)
incorporation)
227 Main Street, P.O. Box 868, Evansville, Indiana 47705-0868
(Address of principal executive offices)
Registrant's telephone number, including area code: 812-464-9800
Former name or former address, if changed since last report: N/A
Date of Report: August 19, 1994
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Pursuant to Section 13 or Section 15(b) of the Securities and
Exchange Act of 1934, Registrant hereby makes current report
regarding the following event:
ITEM 5. OTHER EVENTS.
On August 19, 1994, the Registrant entered into a
letter of intent with White County Bank, Carmi,
Illinois, which contemplates the purchase of White
County Bank, Carmi, Illinois, by the Registrant. The
letter of intent conditions the transaction upon the
following: (1) completion of due diligence review; (2)
the preparation and execution of a formal definitive
agreement; (3) the approval of all applicable regulatory
authorities; and (4) the approval of the shareholders of
White County Bank.
The closing date of this acquisition is
anticipated to be during the first half of 1995. This
acquisition is to be structured as an affiliation,
involving the exchange of stock accounted for as a
pooling of interests.
White County Bank is a banking corporation
incorporated under the laws of the State of Illinois in
1904. As of June 30, 1994, White County Bank had total
assets of $65,477,000 and equity capital of $6,918,000.
The letter of intent entered into between the
parties initially contemplates a purchase by exchanging
264,000 shares of the Registrant's common stock for all
shares of White County Bank stock. The value of each
Registrant share will be the weighted average high and
low price as reported by the Nasdaq National Market
System for the ten business days immediately preceding
the effective date of the merger. Such share value
shall not be less than $38.00, nor more than $48.00.
Should such share value be outside these parameters,
the purchase price may be renegotiated. Based upon the
closing price of the Registrant's common stock on
August 18, 1994, the transaction is valued at
$11,352,000.
It is not anticipated that the Registrant will
elect to borrow funds in connection with this
acquisition. However, if the Registrant does elect to
borrow, the source of these funds will be the
Registrant's affiliate's correspondent bank.
There currently exists no material relationships
between the Registrant and White County Bank, including
any director, officer, or affiliate relationships
between the Registrant and the two organizations.
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SIGNATURE
Pursuant to the requirements of the Securities and Exchange Act
of 1934, the Registrant has duly caused this report to be signed
on its behalf by the undersigned hereunto duly authorized.
NATIONAL CITY BANCSHARES, INC.
Date: August 19, 1994 /s/ HAROLD A. MANN
Harold A. Mann
Secretary/Treasurer
