SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 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): May 14, 1996
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H. F. Ahmanson & Company
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(Exact name of registrant as specified in charter)
Delaware 1-8930 95-0479700
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(State or other jurisdiction of (Commission File (IRS Employer
incorporation) Number) Identification No.)
4900 Rivergrade Road, Irwindale, California 91706
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(Address of principal executive offices) (Zip code)
Registrant's telephone number, including area code (818) 960-6311
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Not applicable
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(Former name or former address, if changed since last report)
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ITEM 5. OTHER EVENTS.
On May 14, 1996, H. F. Ahmanson & Company (the "Company"), issued a
press release reporting the completion of a $250 million stock repurchase
program, the authorization of an additional $150 million stock repurchase
program and its intent to redeem its 9.60% Preferred Stock, Series B.
ITEM 7. FINANCIAL STATEMENTS AND EXHIBITS.
(c) Exhibits.
99.1 Press release dated May 14, 1996.
<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 hereunto duly authorized.
Date: May 14, 1996
H. F. AHMANSON & COMPANY
/s/ Tim S. Glassett
By: Tim S. Glassett
First Vice President and
Assistant General Counsel
<PAGE>
EXHIBIT INDEX
EXHIBIT SEQUENTIALLY
NO. DESCRIPTION NUMBERED PAGE
99.1 Press release dated May 14, 1996.
H. F. AHMANSON & COMPANY HOME SAVINGS OF AMERICA NEWS
SAVINGS OF AMERICA
4900 Rivergrade Road
Irwindale, California 91706
(818) 814-7922
FOR IMMEDIATE RELEASE Contacts:
Media: Mary Trigg
818-814-7922
Investor: Steve Swartz
818-814-7986
AHMANSON ANNOUNCES NEW STOCK REPURCHASE PROGRAM
-Additional $150 Million Authorized; Preferred Stock Series B To Be Redeemed-
Irwindale, CA, May 14, 1996 -- H.F. Ahmanson & Company (AHM-NYSE), parent
company of Home Savings of America, today announced that it has completed its
initial $250 million stock repurchase program and will begin a new program to
purchase an additional $150 million of its common stock.
During the initial program, which was announced on Oct. 3, 1995, the
company purchased 10.4 million shares, or 9% of the outstanding common shares,
at an average price per share of $23.98. In addition to its new program to
repurchase common stock, the company announced that on Sept. 3, 1996 it will
redeem its 9.60% Preferred Stock, Series B, at $25.00 per Depositary Share, plus
accrued and unpaid dividends to and including the redemption date. First
Chicago Trust Company of New York, NY, will serve as the redemption agent for
this issue.
Charles R. Rinehart, chairman and chief executive officer of Ahmanson and
Home Savings, said, "In keeping with the company's commitment to shareholder
value, the board of directors authorized a new $150 million stock repurchase
plan. Our cash flow projections for the remainder of the year anticipate
sufficient cash to accomplish the redemption and additional common stock
repurchase. We believe this program is an excellent way to deploy our excess
capital."
"The redemption of the Series B Preferred Stock will contribute
approximately $0.09 to annualized earnings per share," Kevin M. Twomey, chief
financial officer, added. "Although we do not plan to replace the preferred
issue at this time, we may decide to add to our outstanding preferred stock in
the future."
On completion of the initial common stock repurchase program, the company
had 107.8 million common shares outstanding.
H.F. Ahmanson & Company, with $49.8 billion in assets, is the parent
company of Home Savings of America. Home Savings' deposit base is $34.2
billion. It operates 347 financial service centers in four states and 115
mortgage lending offices in nine states.
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Additional information, including monthly financial data, about H.F.
Ahmanson & Company and Home Savings of America can be retrieved free of charge
using the following services:
* Internet: http://www.investquest.com
* Fax-on-Demand: (614) 844-3860
* On-line BBS: (614) 844-3868
