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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):
August 20, 1996
CFSB BANCORP, INC.
(Exact name of registrant as specified in its charter)
Delaware 0-18609 38-2920051
(State or Other Jurisdiction (Commission (I.R.S. Employer
Incorporation or Organization) 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 August 20, 1996, the registrant's Board of Directors approved a ten percent
common stock dividend. The common stock dividend will be distributed September
12, 1996, to stockholders of record as of August 30, 1996. The common stock
dividend increases the outstanding common stock of the registrant by ten
percent to approximately 4.9 million shares. Stockholders of record will
receive one share of common stock for each ten shares held. For information
regarding the ten percent stock dividend, reference is made to the registrant's
press release dated August 21, 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 August 21, 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: August 21, 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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28.1 Press Release dated
August 21, 1996
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EXHIBIT 28.1
[CFSB BANCORP LETTERHEAD]
CONTACT: ROBERT H. BECKER
PRESIDENT & CEO
517-374-3588
OR: JOHN W. ABBOTT
EXECUTIVE VICE
PRESIDENT & COO
517-483-4871
NEWS RELEASE
FOR IMMEDIATE RELEASE -- AUGUST 21, 1996
CFSB BANCORP, INC. DECLARES
10% STOCK DIVIDEND
Lansing, Michigan -- CFSB Bancorp, Inc., (NASDAQ-NMS: CFSB) holding company for
Community First Bank, announced today the Corporation's Board of Directors
declared a 10 percent stock dividend payable September 12, 1996, to
stockholders of record on August 30, 1996. Stockholders will receive one share
of common stock for each 10 shares they hold on the record date. Certificates
for the additional full shares will be mailed September 12, 1996. Stockholders
entitled to receive fractional shares will receive cash based on the stock's
market price on August 30, 1996. Management anticipates the Corporation's next
regular quarterly cash dividend will be paid on October 11, 1996, and expects
the current dividend rate of $0.12 per share will remain in effect for both the
current and new shares.
As previously announced, the Corporation's Board of Directors, at its June 18,
1996, meeting, approved a stock repurchase program whereby the Corporation may
acquire up to 224,000 shares of the Corporation's common stock, which
represents approximately 5 percent of the outstanding common shares. The
repurchase program was designed to offset the future dilution incurred in
connection with the administration of the Corporation's stock option plans and
the issuance of stock dividends. To date, 65,700 shares have been repurchased
in open market transactions and the Corporation intends to reissue these shares
in conjunction with the 10 percent stock dividend.
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 June 30, 1996, were $791.6
million and stockholders' equity, all tangible, was $65.1 million.
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