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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):
May 19, 1998
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
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On May 19, 1998, the registrant's Board of Directors approved a
ten percent common stock dividend. The common stock dividend
will be distributed June 13, 1998 to stockholders of record as
of May 29, 1998. The common stock dividend increases the
outstanding common stock of the registrant by ten percent to
approximately 8.2 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 19, 1998,
which is attached hereto as Exhibit 99.1 and incorporated herein
by reference.
Item 7. Financial Statement, Pro Forma Financial Information
and Exhibits
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Exhibit 99.1 - Press Release dated May 19, 1998.
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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: May 20, 1998 By: /s/ Robert H. Becker
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Robert H. Becker
President and
Chief Executive Officer
CONTACT: ROBERT H. BECKER
PRESIDENT & CEO
517-374-3588
OR: JOHN W. ABBOTT
EXECUTIVE VICE
PRESIDENT & COO
517-483-4871
FOR IMMEDIATE RELEASE -- MAY 19, 1998
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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 12, 1998 to stockholders of record on May
29, 1998. 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 29, 1998. Management
anticipates the Corporation's next regular quarterly cash
dividend will be paid on July 13, 1998 and expects the current
dividend rate of $0.13 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 21, 1998 meeting, approved an extension of the
April 1997 stock repurchase program whereby the Corporation may
acquire up to 387,750 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, 327,188 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, which specializes in residential mortgage lending and
retail banking services. With headquarters in Lansing,
Michigan, the Bank serves mid-Michigan from 17 Banking Centers.
Total assets of CFSB Bancorp at March 31, 1998 were $846 million
and stockholders' equity, all tangible, was $65 million.
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