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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 (Date of earliest event reported): April 10, 1995
St. Paul Bancorp, Inc.
(Exact name of registrant as specified in its charter)
Delaware 01-15580 36-3504665
(State or other (Commission (IRS Employer
jurisdiction of File Number) Identification No.)
incorporation)
6700 West North Avenue
Chicago, Illinois 60635
(Address of principal executive office) (Zip Code)
Registrant's telephone number, including area code: (312) 622-5000
Not Applicable
(Former name or former address, if changed since last report)
Page 1 of 4 Pages.
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Item 5. Other Events
On April 10, 1995, St. Paul Bancorp, Inc. (the "Company") announced
that it has submitted an application to the Comptroller of the Currency to
create a new national bank subsidiary. A copy of the press release dated April
10, 1995 is attached as an exhibit.
On April 12, 1995, the Company announced the completion of its stock
repurchase program. From July 12, 1994 through April 5, 1995, the Company
repurchased 964,422 shares of its common stock at an average price of $18.44
per share. St. Paul Bancorp also bought 275,950 shares under an earlier
repurchase program, which ran during the first six months of 1994.
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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.
ST. PAUL BANCORP, INC.
(Registrant)
/s/ Patrick J. Agnew
---------------------------
Patrick J. Agnew
President
Attest:
/s/ Clifford M. Sladnick
- --------------------------------------
Clifford M. Sladnick
Senior Vice President, General Counsel
and Corporate Secretary
Date: April 18, 1995
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[ST. PAUL BANCORP INC. LETTERHEAD]
EXHIBIT I
N E W S
FOR IMMEDIATE RELEASE
April 10, 1995
Contact: Maryellen T. Thielen
(312) 804-2284
ST. PAUL BANCORP SEEKS NATIONAL BANK CHARTER
CHICAGO, April 10, 1995 -- St. Paul Bancorp, Inc. (NASDAQ: SPBC) has
submitted an application to the Comptroller of the Currency to create a new
national bank in Illinois. Deposits at the proposed national bank would be
insured by the Federal Deposit Insurance Corp. (FDIC) through the Bank
Insurance Fund (BIF). The new bank, to be called St. Paul National Bank, will
operate as a subsidiary of St. Paul Bancorp.
St. Paul Bancorp currently operates St. Paul Federal Bank For Savings,
a 52-branch federal savings bank, with deposits insured through the FDIC
through the Savings Association Insurance Fund (SAIF).
"We're seeking a national bank charter so we can continue to offer
retail deposit products at competitive rates," said Joseph C. Scully, chairman
and chief executive officer. "The FDIC currently plans to reduce deposit
insurance premiums for banks but not for thrifts, which would put St. Paul
Federal Bank at a multi-million dollar disadvantage versus its major
competitors. By obtaining a commercial bank charter, we hope to better
position the holding company for a potential convergence between the thrift and
banking industries, safeguarding our shareholders' return on their investment
in our stock."
At this time, St. Paul Bancorp does not plan to expand beyond its
current product line of retail financial products and services, although
commercial lending would be allowed under a national bank charter. The bank
application requires the approval of the Office of the Comptroller of the
Currency, the FDIC and the Federal Reserve Board.
St. Paul Bancorp is the parent of St. Paul Federal Bank For Savings,
Illinois' largest independent savings institution. The company also provides
discount brokerage, insurance, annuity and real estate development services
through other subsidiaries. St. Paul's stock is listed on the NASDAQ National
Market System under the symbol SPBC.
TO RECEIVE THIS NEWS RELEASE AND OTHER INFORMATION ON ST. PAUL BANCORP
VIA FAX OR MAIL, USE YOUR TOUCH-TONE PHONE TO CALL THE COMPANY'S NEWS HOTLINE
AT (312) 889-SPBC (7722).
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