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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):
April 21, 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 April 21, 1998, the registrant's Board of Directors
authorized the extension of the 1997 stock repurchase program
pursuant to which the registrant may repurchase up to 387,750
shares of the registrant's common stock, which represented
approximately 5 percent of registrant's outstanding common stock.
The timing of the repurchases and the exact number of shares to
be purchased will be dependent on future market conditions. The
Board of Directors approved the 1997 repurchase program in April
1997 authorizing the Corporation to repurchase 387,750 shares of
common stock. As of April 15, 1998, the Corporation had
repurchased 308,590 shares of common stock under the April 1997
program. Extension of the April 1997 program until April 1999
will allow the Corporation an opportunity to repurchase the
remaining 79,160 shares of common stock authorized under the
stock repurchase program. For information regarding the
repurchase program, reference is made to the registrant's press
release dated April 22, 1998, which is attached hereto as Exhibit
28.1 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 April 22, 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: April 22, 1998 By: /s/ Robert H. Becker
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Robert H. Becker
President and
Chief Executive 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
FOR IMMEDIATE RELEASE -- APRIL 22, 1998
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CFSB BANCORP, INC. EXTENDS
STOCK REPURCHASE PROGRAM
Lansing, Michigan -- CFSB Bancorp, Inc., (NASDAQ-NMS: CFSB)
holding company for Community First Bank, announced today it is
extending the stock repurchase program authorized in April 1997
to acquire up to 387,750 shares of the Corporation's common
stock, which represents approximately 5 percent of the
outstanding common shares. Of the 387,750 shares of common stock
authorized for repurchase, 308,590 shares have been repurchased
under the program authorized in April 1997. Extending the
program until April 1999 will allow the Corporation an
opportunity to repurchase the remaining 79,160 shares under the
1997 program. These repurchases 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 extending the repurchase
program, which is expected to be completed by April 1999, 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.
Community First Bank 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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