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SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
Pursuant to Section 13 or 15(d) of
the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported):
December 9, 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
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)<PAGE>
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Item 5. Other Events
On December 9, 1996, the Registrant's wholly-owned subsidiary,
Community First Bank, received approval from the State of
Michigan's Financial Institutions Bureau to convert from a
federal savings bank to a state savings bank. The conversion
from a federal charter will result in significant savings in
supervisory costs and direct access to a highly qualified,
locally-based financial institutions regulator. Community First
Bank's deposits will continue to be insured by the Federal
Deposit Insurance Corporation. The Bank will also continue to be
operated locally and customers will not experience any changes in
the Bank's operation. For information regarding the charter
conversion, reference is made to the registrant's press release
dated October 16, 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 October 16, 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: December 24, 1996 By: /s/ John W. Abbott
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John W. Abbott
Executive Vice President
and Chief Operating
Officer
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CFSB BANCORP, INC.
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 -- OCTOBER 16, 1996
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COMMUNITY FIRST BANK
SEEKS STATE SAVINGS BANK CHARTER
Lansing, Michigan -- Community First Bank, A Federal Savings
Bank, the wholly-owned subsidiary of CFSB Bancorp, Inc., (NASDAQ-
NMS: CFSB) announced today it has applied to the Michigan
Financial Institutions Bureau to become a state-chartered savings
bank.
President and Chief Executive Officer, Robert H. Becker, stated
"The conversion from our present federal charter will result in
significant savings in supervisory costs and direct access to a
highly qualified, locally-based financial institutions
regulator."
Community First Bank's deposits will continue to be insured by
the Federal Deposit Insurance Corporation. The Bank will also
continue to be operated locally and customers will not experience
any changes in the Bank's operations. When the application is
approved, the conversion should occur near the end of this year.
Total assets of CFSB Bancorp at September 30, 1996, were $812.0
million and stockholders' equity, all tangible, was $62.9
million. The capital of Community First Bank exceeds all
regulatory capital requirements at September 30, 1996, and
qualifies the Bank as a well-capitalized institution.
Community First Bank 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.
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