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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 19, 1997
FIRSTFEDERAL FINANCIAL SERVICES CORP
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(Exact name of registrant as specified in its charter)
Ohio 0-17894 34-1622711
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(State or other (Commission File Number) (IRS Employer
jurisdiction of Identification
incorporation) No.)
135 East Liberty Street, Wooster, Ohio 44691
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(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code:(330) 264-8001
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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 May 19, 1997, FirstFederal Financial Services Corp ("FirstFederal")
issued the press release included as Exhibit 99 to this report and incorporated
by reference herein, announcing the signing of an agreement to acquire seven
branch offices of KeyBank National Association (KeyBank) in north central and
north western Ohio. The acquisition is expected to close during the third
quarter of 1997, and is subject to regulatory approval.
ITEM 7. FINANCIAL STATEMENTS AND EXHIBITS
(c) Exhibits
99 Text of press release, dated May 19, 1997, issued by
FirstFederal Financial Services Corp
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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.
FIRSTFEDERAL FINANCIAL SERVICES CORP
By: /s/ Gary G. Clark
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Gary G. Clark
Chairman and CEO
Date: May 21, 1997
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INDEX TO EXHIBITS
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Sequentially
Numbered Page
Where Attached
Exhibit is Located
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99 Press Release of FirstFederal, dated May 19, 1997 5
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EXHIBIT 99
[FIRST FEDERAL FINANCIAL SERVICES CORP LETTERHEAD]
N E W S R E L E A S E
Gary G. Clark, C.E.O. FOR IMMEDIATE RELEASE
FirstFederal Financial Services Corp
135 East Liberty Street May 19, 1997
Wooster, OH 44691
Phone: (330) 264-8001
FIRSTFEDERAL FINANCIAL SERVICES CORP
ANNOUNCES AGREEMENT TO PURCHASE
SEVEN KEYBANK OFFICES
Wooster, Ohio - - - FirstFederal Financial Services Corp (NASDAQ-FFSW,
FFSWP, FFSWO) today announced that its subsidiary, First Federal Savings and
Loan Association of Wooster, Ohio (First Federal), has signed an agreement to
acquire seven branch offices of KeyBank National Association (KeyBank), which
have approximately $158.0 million in deposits, and are located in the cities of
Bucyrus, Crestline, Cygnet, Galion, Tiffin, Wayne and Willard in north central
and north western Ohio.
Gary G. Clark, Chief Executive Officer of FirstFederal stated that,
"Purchasing these deposits will strengthen our franchise in northern Ohio and
give the Company the opportunity to expand its services into these attractive
markets. This is a western extension of our market area into communities that
are very similar to our current markets," commented Clark.
The branch acquisition, which is subject to regulatory approval, is
expected to close during the third quarter of 1997. The acquisition agreement
provides for a purchase price equal to 12.15% on average deposits measured just
prior to closing. The acquisition will be accounted for under the
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purchase method and will generate approximately $19 million in goodwill which
will be amortized over 10 years. "The addition of these low cost deposits, after
considering the goodwill amortization, will result in a lower overall cost of
funds for the Bank," commented James J. Little, Executive Vice President and
Chief Financial Officer of FirstFederal.
FirstFederal Financial Services Corp is the holding company for two
financial service companies: Mobile Consultants, Inc., a broker and servicer of
manufactured housing finance contracts, which does business in 37 states, and
First Federal Savings and Loan Association of Wooster, a community bank offering
a full-range of financial services through its 20 offices in the north central
Ohio counties of Wayne, Ashland, Medina, Richland and Knox.
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