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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): April 15, 1997
CFSB Bancorp, Inc.
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(Exact name of registrant as specified in its charter)
Delaware 0-18609 38-2920051
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(State or other (Commission File No.) (I.R.S. Employer
jurisdiction of Identification No.)
incorporation)
112 East Allegan Street, Lansing, Michigan 48933
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(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code: (517)371-2911
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Not Applicable
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(Former name or former address, if changed since last report)
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Item 5. Other Events
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On April 15, 1997 the registrant's Board of Directors authorized a stock
repurchase program pursuant to which the registrant may repurchase up to 235,000
shares of the registrant's common stock, representing approximately 5 percent of
the registrant's outstanding common stock, which repurchases are expected to be
completed over the next 12 months. The timing of the repurchases and the exact
number of shares to be repurchased will be dependent on future market
conditions. The Board of Directors approved a similar repurchase program in
June 1996 authorizing the Corporation to repurchase 246,000 shares of common
stock. This program is now complete. For information regarding the repurchase
program, reference is made to the registrant's press release dated April 16,
1997 which is attached hereto as Exhibit 99.1 and incorporated herein by
reference.
Item 7. Financial Statements, Pro Forma Financial Information and Exhibits
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Exhibit 99.1 - - Press Release dated April 16, 1997.
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SIGNATURES
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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)
By: /s/ Robert H. Becker
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Robert H. Becker
President and Chief Executive Officer
Date: April 16, 1997
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Exhibit 99.1
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 -- APRIL 16, 1997
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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 235,000 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.
The Board of Directors approved a similar repurchase program in June 1996
authorizing the Corporation to repurchase 246,000 shares of common stock. This
program is now complete.
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.
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