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SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
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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): October 28, 1999
Iroquois Bancorp, Inc.
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(Exact name of registrant as specified in charter)
New York 0-18301 16-1351101
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(State or Other Jurisdiction (Commission (IRS Employer
of Incorporation) File Number) Identification No.)
115 Genesee Street, Auburn, New York 13021
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(Address of Principal Executive Offices) (Zip Code)
Registrant's telephone number, including area code 315-252-9521
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N.A.
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(Former Name or Former Address, if Changed Since Last Report)
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ITEM 5. OTHER EVENTS
On October 21, 1999, Iroquois Bancorp, Inc., a New York corporation
(the "Registrant"), issued a press release to announce that its Board of
Directors authorized the Registrant to repurchase up to an aggregate of 120,000
shares of its common stock, par value $1.00 per share. The full text of such
press release is attached hereto as Exhibit 99.1.
ITEM 7. FINANCIAL STATEMENTS, PRO FORMA FINANCIAL INFORMATION AND EXHIBITS.
(c) Exhibits.
Exhibit No. Description
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99.1 Press Release, dated October 28, 1999
of the Registrant
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934,
as amended, the Registrant has duly caused this report to be signed on its
behalf by the undersigned hereunto duly authorized.
IROQUOIS BANCORP, INC.
By: /s/Marianne R. O'Connor
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Name: Marianne R. O'Connor
Title: Treasurer & CFO
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Exhibit 99.1
Contact: Marianne R. O'Connor
Treasurer & Chief Financial Officer
315-252-9521
Iroquois Bancorp Announces Intent to Repurchase Shares
AUBURN, N.Y. -- Oct. 28, 1999 -- Iroquois Bancorp, Inc. (Nasdaq: IROQ)
today announced that it intends to repurchase up to 5% of its outstanding common
shares as part of its strategy to increase shareholder value through effective
capital management.
The Board of Directors today approved the plan, which may begin as
early as next month. The purchases will be subject to market conditions and are
expected to be completed within the next 12 months. The buyback represents
approximately 120,000 of the 2,426,880 shares of common stock the Company
currently has outstanding.
Richard D. Callahan, President and Chief Executive Officer of Iroquois
Bancorp, noted that the decision to initiate a repurchase plan is consistent
with the current stock valuation environment within the community banking
industry, but is particularly appropriate for Iroquois at this time.
"We have continued to perform steadily and reduce costs, particularly
in the area of nonperforming loans," Callahan said. "Nonetheless, we have seen
our price-to-earnings and price-to-book value ratios remain at a significant
discount to those of other full-service community banks throughout this period.
We believe Iroquois' valuation discrepancy will eventually be corrected, and
hope that an investment in the form of a stock repurchase sends a message to
both current and potential shareholders that we believe strongly in our future."
Iroquois Bancorp, Inc. is a bank holding company for Cayuga Bank of
Auburn, N.Y. and The Homestead Savings (FA) of Utica, NY. Through its two
subsidiaries, Iroquois offers community banking services at eleven full-service
banking offices in central New York.
FORWARD LOOKING STATEMENTS
This press release contains "forward looking statements" within the meaning of
the Private Securities Litigation reform act of 1995. Such statements involve
known and unknown risks, uncertainties and other factors that could cause the
actual results of the Company to differ materially from the results expressed or
implied by such statements, including general economic and business conditions,
legislative and regulatory changes, monetary and fiscal policies of the federal
government, changes in interest rates and the cost of funds, competitor
responses to the Company's products and services, the overall market acceptance
of such products and services and other factors disclosed in the Company's
periodic reports filed with the Securities and Exchange Commission.
