<PAGE> 1
UNITED STATES
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: August 22, 2000
SECOND BANCORP INCORPORATED
---------------------------
(Exact name of registrant as specified in its charter)
Ohio 0-15624 34-1547453
--------------------------------------------------------------------------------
(State of incorporation) (Commission (IRS Employer
File Number) Identification No.)
108 Main Avenue S.W., Warren, Ohio 44482-1311
--------------------------------------------------------------------------------
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code: 330-841-0123
ITEM 5. OTHER EVENTS
On August 14, 2000, the Company issued the following press release:
SECOND BANCORP RESTRUCTURES BALANCE SHEET
TO SPUR EARNINGS PERFORMANCE
WARREN, OHIO, AUGUST 14, 2000--SECOND BANCORP INCORPORATED (NASDAQ "SECD")
announced the initiation of a consolidated balance sheet restructuring. The
multi-faceted restructuring, which will be completed during the third quarter,
is intended to (i) improve the Company's net interest margin and liquidity
position through the sale of below-market, fixed rate loans and investments,
(ii) improve the Company's product mix and reduce interest rate sensitivity in
segments of its loan portfolio, and (iii) supplement the Company's loan loss
reserve to align it with more stringent internal guidelines as it relates to
specific loans and to keep pace with robust consumer loan growth. The after-tax
cost of the restructuring which will be taken into earnings during the current
quarter is expected to be in the $7 to $9 million range.
Page 1 of 3
<PAGE> 2
Commenting on the announcement, President and Chief Executive Officer Rick L.
Blossom stated, "The strategic restructuring we are announcing today is the
result of an in-depth, top-to-bottom analysis of the entire organization
conducted during the eight months since my arrival. Its purpose is to decisively
and comprehensively deal with a number of conditions that have persistently
restrained the Company's financial performance. One of the keys to this
important restructuring is the opportunity it presents to shift significant
financial resources into higher yielding short term and variable rate assets.
This shift is intended to produce a consistent, ongoing boost to bottom line
profitability. The Company and its capital footings, loan generating capacity,
credit quality and fee-based business are strong and Second Bancorp's history of
increased dividends each year since its incorporation is intact."
This announcement contains forward-looking statements that involve risk and
uncertainties, including changes in general economic and financial market
conditions and the Company's ability to execute its business plans. Although
management believes the expectations reflected in such forward-looking
statements are reasonable, actual results may differ materially.
Second Bancorp is a $1.63 billion financial holding company providing a full
range of commercial and consumer banking, trust, insurance and investment
products and services to communities in a nine county area of Northeastern and
East-Central Ohio through subsidiary Second National Bank's network of 35 retail
banking centers.
Additional information about Second Bancorp can be found on the World Wide Web
at www.prnewswire.com. Information about products and services offered by Second
National Bank can also be accessed at www.secondnationalbank.com.
CONTACT: Christopher Stanitz, Executive Vice President and Secretary,
330.841.0234 or fax, 330.841.0489.
Page 2 of 3
<PAGE> 3
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.
Second Bancorp Incorporated
Date: August 22, 2000 /s/ David L. Kellerman
------------------------------
David L. Kellerman, Treasurer
Page 3 of 3
