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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)
May 17, 1996
INDIANA FEDERAL CORPORATION
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(Exact name of registrant as specified in its charter)
Delaware 0-17379 35-1735820
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(State or other jurisdiction (Commission File Number) (I.R.S. Employer
or incorporation or Idenitification Number)
organization)
56 Washington Street, Valparaiso, Indiana 46383
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(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code: (219) 462-4131
N/A
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(Former name or former address, if changed since last report)
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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 thereunto duly authorized.
INDIANA FEDERAL CORPORATION
Date: July 12, 1996 By: /s/ George J. Eberhardt
George J. Eberhardt
Executive Vice President
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INDEX TO EXHIBITS
Sequentially
Numbered Page
Where Attached
Exhibits
Exhibit are Located
99.1 Press release announcing Indiana Federal
Corporation's new subsidiary, IFB Investment Services, Inc.
99.2 Press release announcing Indiana Federal
Corporation's realignment of management responsibilities
3
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EXHIBIT 99.1
Timothy M. Scannell
Senior Vice President
(219) 465-6627
May 17, 1996
INDIANA FEDERAL CORPORATION FORMS NEW SUBSIDIARY
OFFERING FULL INVESTMENT BROKERAGE SERVICES
Valparaiso, Indiana - In a move to further expand the spectrum of
financial services it offers its clients, Indiana Federal Corporation (the
"Corporation") announces the formation of IFB Investment Services, Inc., a
subsidiary specializing in financial advise and planning, portfolio
management, stocks, bonds and other investment products. This new
organization will provide locally-based and managed brokerage services which
replaces the Corporation's alliance with out-of-state, third party
broker/dealers.
The concept continues the Corporation's commitment to offering
personalized service to its clients. "Our goal was always to make our
third-party broker relationship transparent to our customers, and we were
successful in that endeavor," said Timothy Scannell, Senior Vice President.
"But in a fast-paced world of technological change, we need to be able to
react quickly to these changes for our clients. Therefore, having control
over the information and the processes gives us the advantage we need to
better serve those people who have entrusted their investments with us."
Scannell also points out that with IFB Investment Services, Inc., the
general public, as well as current Indiana Federal customers, can obtain
professional, objective investment advise, carefully researched investment
recommendations and a wide variety of investment options.
Maintaining continuity for clients was one of the key goals in the
subsidiary's formation. "This is a one-on-one, person-to-person business.
Our customers have built long-standing relationships with our
representatives, so we've kept those key personnel in place," Scannell said.
"Current customers will still be able to sit down with the same registered
representative and get personalized investment advice."
The timing of the IFB Investment Services launch was predicated on
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having the right team in place, according to Donald A. Lesch, Chairman of
Indiana Federal Corporation. "Regardless of the financial service or
product we offer, we succeed by building trust, by performing well and by
serving our customer beyond their expectations," he said. "So it was
imperative that we pull together a team of real professionals who not only
have experience and savvy in the marketplace, but who also know, understand
and are committed to their responsibility to customer service. I think we
have that team, and we're very excited about the potential of this important
segment of our market."
The creation of IFB Investment Services, Inc. is the second major
strategic extension of the Corporation's financial services this year. It
follows Indiana Federal's February 1996 acquisition of one-third ownership
in Forrest Holdings, Inc., a multi-faceted leasing company located in Oak
Brook, Illinois. Lesch emphasizes that more strategic alliances such as
these are in the works.
"In today's dynamic financial world, diversification of products,
services and markets is key to growth," Lesch said. "IFB Investment
Services, Inc. is another piece that fits perfectly into the Corporation's
mission and goal of building shareholder value by creating greater customer
value."
Indiana Federal Corporation shares are traded on the Nasdaq National
Market under the symbol "IFSL."
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EXHIBIT 99.2
Donald A. Lesch
Chairman of the Board/CEO
(219) 465-6607
June 10, 1996
INDIANA FEDERAL CORPORATION ANNOUNCES
REALIGNMENT OF MANAGEMENT RESPONSIBILITIES
Valparaiso, Indiana - In an effort to further enhance its emphasis on
strategic expansion and growth, the Board of Directors of Indiana Federal
Corporation (the "Corporation") and its wholly-owned subsidiary, Indiana
Federal Bank for Savings (the "Bank"), has announced the realignment of
specific management duties for two of its key officers. The changes, which
are effective June 10, 1996, include the appointment of Board Chairman
Donald A. Lesch as Chief Executive Officer of the Corporation and Bank; with
President Peter Candela becoming Chief Operating Officer to the Corporation
and Bank.
Lesch, who has served as Chairman of the Board of the Corporation and
Bank since 1992, will primarily focus on strategic direction and growth
opportunities. Candela, who has been Corporation and Bank President since
1985, will concentrate on the management of support services and
administrative functions.
"These moves are aligned with our growth strategies and formation of
strategic alliances," Lesch said. "In the dynamic financial services
market, it is imperative that we re-engineer ourselves as necessary to the
benefit of our shareholders, our customers and our employees, while
maintaining our focus on our strategic goals. A critical component of that
re-engineering is the placement of key personnel, both management and staff,
to their greatest strengths. These changes accomplish just that."
Lesch pointed out that the Corporation's growth strategies include
diversifying the range of financial products and services it provides by
developing key strategic partnerships and concepts. Examples of these
growth tactics include the Corporation's recent creation of IFB Investment
Services, Inc., a subsidiary specializing in financial advice and planning,
portfolio management, stocks, bonds and other investment products. This
organization, which was launched in April of this year, provides
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locally-based and managed brokerage services which replace the Corporation's
alliance with out-of-state, third party broker/dealers. Another Indiana
Federal strategic partnership is its February 1996 acquisition of one-third
ownership of Forrest Holdings, Inc., a multi-faceted leasing company located
in Oak Brook, Illinois. Lesch emphasizes that more strategic alliances such
as these will continually be looked at.
"While these moves don't radically change the way we've been doing
business, they fine tune the responsibilities of two key individuals in the
Corporation so that we can more efficiently and effectively deploy those
day-to-day management activities to the execution of our growth and
profitability tactics," Lesch said.
Indiana Federal Corporation's wholly-owned subsidiary, Indiana Federal
Bank for Savings, maintains a network of fifteen full-service offices in
Northwest Indiana and loan production offices in Valparaiso, Highland and
Mishawaka, Indiana. Indiana Federal Corporation shares are traded on the
NASDAQ National Market System under the symbol "IFSL".
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