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 (Date of earliest event reported): June 17, 1999
BANKFIRST CORPORATION
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(Exact name of registrant as specified in its charter)
Tennessee 001-14417 58-1790903
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(State or other jurisdiction (Commission (I.R.S. Employer
of incorporation) File Number) Identification No.)
625 Market Street
Knoxville, Tennessee 37902
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(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code (423) 595-1100
(Former name or former address, if changed since last report):
Not applicable
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Item 5. Other Events.
BankFirst Corporation (the "Company") announced on June 17, 1999 that
its Board of Directors has authorized the Company to acquire up to 100,000
shares of its Common Stock, representing up to approximately 0.9% of the
11,375,600 current total common shares outstanding.
The shares will be acquired from time to time in open market transactions,
in block purchases or otherwise, and will be available for general corporate
purposes. The timing, volume and price of purchases will be at the discretion of
management and the Company's Board of Directors, and will also be contingent
upon overall financial and market conditions.
A copy of the press release dated June 17, 1999 regarding the Stock
Repurchase Plan is attached as Exhibit 99.1 hereto, and is hereby incorporated
herein by reference.
Item 7. Financial Statements and Exhibits
(c) Exhibits
99.1 Press release issued June 17, 1999.
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.
BANKFIRST CORPORATION
Date: June 17, 1999 by: /s/ C. David Allen
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C. David Allen
Chief Financial Officer
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EXHIBIT 99.1
BankFirst Corp Announces Stock Repurchase Plan
Knoxville, Tennessee -- (June 17, 1999) -- BankFirst Corporation (Nasdaq: BKFR;
www.bankfirst.net) announced today that its Board of Directors has authorized
the Company to acquire up to 100,000 shares of its Common Stock, representing up
to approximately 0.9% of the total common shares outstanding.
The shares will be acquired from time to time in open market transactions, in
block purchases or otherwise, and will be available for general corporate
purposes. The timing, volume and price of purchases will be at the discretion of
management and the BankFirst Corporation Board, and will also be contingent upon
overall financial and market conditions.
"We believe that our stock is an excellent value at current price levels," said
Fred R. Lawson, president and chief executive officer of BankFirst Corporation.
"The repurchase is only one segment of our overall capital utilization plan.
While repurchasing stock at a price we find very attractive, we are also working
to leverage our capital through the expansion of our business franchise."
"The Board views the decision to implement a stock buy-back as part of our long
term strategy," remarked BankFirst Corporation Chairman James L. Clayton. "We
are committed to increasing value for BankFirst Corporation's shareholders. In
our opinion, this is one of the best uses of the Company's capital at the
present time."
BankFirst Corporation is a financial services holding company headquartered in
Knoxville, Tennessee. Its affiliate banks, BankFirst and First National Bank and
Trust Company, provide a full line of financial services through offices in six
East Tennessee counties. Knoxville-based BankFirst has 24 offices and 41 ATMs in
Knox, Blount, Loudon, Sevier, and Jefferson counties. The First National Bank
and Trust Company, based in Athens, has six offices and six ATMs in McMinn
County. The Company provides trust and brokerage services through BankFirst
Trust Company, with mortgage services provided through Curtis Mortgage Company.
CONTACT: BankFirst Corporation, Knoxville
Media Inquiries: Sharon O. Woods (423) 595-1158
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