UNITED STATES
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: November 21, 1996
BLACKHAWK BANCORP, INC.
WISCONSIN
0-18599 39-1659424
(Commission File No.) (I.R.S. Employer
Identification No.)
400 Broad Street
Beloit, WI 53511
(608) 364-8911
<PAGE>
ITEM 2. ACQUISITION OR DISPOSITION OF ASSETS
Blackhawk Bancorp, Inc. (the "Company") and Rochelle Bancorp, Inc.
("Rochelle") an Illinois corporation headquartered in Rochelle, Illinois, have
reached an agreement in principal pursuant to which stockholders in Rochelle
will receive $7.52 in cash for each share of Rochelle owned by them, subject to
meeting certain conditions of the agreement. Rochelle currently has 554,875
shares of common stock outstanding and total assets of approximately $48
million. The transaction will be accounted for as a purchase. The cash to be
paid by the Company in the transaction will be generated from reserves.
Rochelle is the parent company of Rochelle Savings and Loan Association , an
Illinois Savings association with offices in Rochelle and Oregon, Illinois.
Also included in the transaction is the purchase of Midland Acceptance
Corporation, a Rochelle financing subsidiary with offices in Rochelle and
Rockford, Illinois and the sale of Midland Financial Corporation, a 50% owned
subsidiary mortgage company of Rochelle, to its other principal stockholder.
The transaction is subject to the execution of a definitive amended merger
agreement, normal regulatory approval and approval by the stockholders of
Rochelle.
The Company's main office is located in Beloit, Wisconsin, and the Company
currently owns all of the outstanding shares of Blackhawk State Bank, which
has total assets of approximately $150 million and four offices in the Beloit
area.
ITEM 7. FINANCIAL STATEMENTS AND EXHIBITS
(a)(b) Financial statements of business acquired and Pro forma financial
information.
It is impracticable to provide any of the required information set forth by
these requirements. Pursuant to the Commission's Rules and Regulations, the
Company anticipates that any required information will be filed within 60
days.
(c) Exhibits
The amended merger agreement will be filed upon execution.
<PAGE>
SIGNATURES
Pursuant to the requirements of the Securities and Exchange Act of 1934, the
Registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
Date: November 21, 1996 /s/ Dennis M. Conerton
Dennis M. Conerton
Chief Executive Officer and
President
