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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):
June 18, 1996
CFSB BANCORP, INC.
(Exact name of registrant as specified in its charter)
Delaware 0-18609 38-2920051
(State or other jurisdiction (Commission (IRS Employer
of incorporation) File Number) Identification No.)
112 East Allegan Street, Lansing, Michigan 48933
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code:
(517) 371-2911
Not applicable
(Former name or former address, if changed since last report)
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Item 5. Other Events
On June 18, 1996, the registrant's Board of Directors authorized a stock
repurchase program pursuant to which the registrant may repurchase up to
224,000 shares of the registrant's common stock, which represents approximately
5 percent of registrant's outstanding common stock. The timing of the
repurchases and the exact number of shares to be repurchased will be dependent
on future market conditions. For information regarding the repurchase program,
reference is made to the registrant's press release dated June 18, 1996, which
is attached hereto as Exhibit 28.1 and incorporated herein by reference.
Item 7. Financial Statement, Pro Forma Financial Information and Exhibits
Exhibit 28.1 -- Press Release dated June 18, 1996.
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CFSB BANCORP, INC.
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.
CFSB Bancorp, Inc.
(Registrant)
Date: June 18, 1996 By: /s/ Robert H. Becker
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Robert H. Becker
President and
Chief Executive Officer
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Exhibit Index
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Exhibit Number Description
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<S> <C>
28.1 Press Release dated June 18, 1996
</TABLE>
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CONTACT: ROBERT H. BECKER
PRESIDENT & CEO
[CFSB BANCORP LETTERHEAD] 517-374-3588
OR: JOHN W. ABBOTT
EXECUTIVE VICE
PRESIDENT & COO
517-483-4871
NEWS RELEASE
EXHIBIT 28.1
FOR IMMEDIATE RELEASE -- JUNE 18, 1996
CFSB BANCORP, INC. ANNOUNCES
STOCK REPURCHASE PROGRAM
Lansing, Michigan -- CFSB Bancorp, Inc., (NASDAQ-NMS: CFSB) holding company for
Community First Bank, announced today it is commencing a stock repurchase
program to acquire up to 224,000 shares of the Corporation's common stock,
which represents approximately 5 percent of the outstanding common shares. The
program will be dependent upon market conditions and there is no guarantee as
to the exact number of shares to be repurchased by the Corporation.
Robert H. Becker, President and Chief Executive Officer, stated the Board of
Directors has authorized the repurchase program, which is expected to be
completed within 12 months, subject to market conditions. Mr. Becker explained
the Board of Directors considers the Corporation's common stock to be an
attractive investment. In addition, the repurchase program is designed to
offset the future dilution incurred in connection with the administration of
the Corporation's stock option plans and the possible issuance of stock
dividends. It is expected a reduction in the amount of the Corporation's
outstanding stock would have the effect of increasing the Corporation's per
share earnings and represent a continuing benefit to remaining stockholders.
According to Mr. Becker, the repurchases generally would be effected through
open market purchases, although he did not rule out the possibility of
unsolicited negotiated transactions or other types of repurchases.
CFSB Bancorp, Inc., is the holding company for Community First Bank, a federal
savings bank, which specializes in residential mortgage lending and retail
banking services. With headquarters in Lansing, Michigan, the Bank serves
mid-Michigan from 19 office locations and six additional off-site 24-Hour ATM
Banking Centers. Total assets of CFSB Bancorp at March 31, 1996, were $771.7
million and stockholders' equity, all tangible, was $64.0 million.
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