<PAGE>
<PAGE>
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):
May 20, 1997
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>
<PAGE>
Item 5. Other Events
- ---------------------
On May 20, 1997, the registrant's Board of Directors
approved a ten percent common stock dividend. The common stock
dividend will be distributed June 16, 1997, to stockholders of
record as of May 30, 1997. The common stock dividend increases
the outstanding common stock of the registrant by ten percent to
approximately 5.1 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 May 20, 1997,
which is attached hereto as Exhibit 99.1 and incorporated by
reference.
Item 7. Financial Statement, Pro Forma Financial Information and
Exhibits
- -----------------------------------------------------------------
Exhibit 99.1 - Press Release dated May 20, 1997.
<PAGE>
<PAGE>
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: May 20, 1997 By: /s/ Robert H. Becker
------------------------
Robert H. Becker
President and
Chief Executive Officer
<PAGE>
CFSB BANCORP, INC.
CONTACT: Robert H. Becker
President & CEO
517-374-3588
OR: John W. Abbott
Executive Vice
President & COO
517-483-4871
FOR IMMEDIATE RELEASE -- MAY 20, 1997
- -------------------------------------
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 June 16, 1997, to stockholders of record on May
30, 1997. Stockholders will receive one share of common stock
for each 10 shares they hold on the record date. Stockholders
entitled to receive fractional shares will receive cash based on
the stock's market price on May 30, 1997. Management anticipates
the Corporation's next regular quarterly cash dividend will be
paid on July 11, 1997, and expects the current dividend rate of
$0.15 per share will remain in effect for both the current and
new shares.
As previously announced, the Corporation's Board of Directors, at
its April 15, 1997, meeting, approved a stock repurchase program
whereby by the Corporation may acquire up to 235,000 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, 47,900 shares have
been repurchased in open market transactions and the Corporation
intends to reissue these shares and 161,600 shares repurchased in
a prior program in conjunction with the 10 percent stock
dividend.
CFSB Bancorp, Inc. is the holding company for Community First
Bank which specializes in residential mortgage lending and retail
banking services. With headquarters in Lansing, Michigan, the
Bank serves mid-Michigan from 17 office locations and six
additional off-site 24-Hour ATM Banking Centers. Total assets of
CFSB Bancorp at March 31, 1997, were $834.3 million and
stockholders' equity, all tangible, was $63.6 million.
###
