<PAGE>
<PAGE>
UNITED STATES
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):
May 18, 1999
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
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 18, 1999, the registrant's Board of Directors approved a
ten percent common stock dividend. The common stock dividend
will be distributed June 14, 1999 to stockholders of record as
of May 28, 1999. The common stock dividend increases the
outstanding common stock of the registrant by ten percent to
approximately 9.3 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 18, 1999,
which is attached hereto as Exhibit 99.1 and incorporated herein
by reference.
Item 7. Financial Statement, Pro Forma Financial Information
and Exhibits
----------------------------------------------------
Exhibit 99.1 - Press Release dated May 18, 1999.
<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, 1999 By: /s/ Robert H. Becker
------------------------
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 18, 1999
- -------------------------------------
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 14, 1999 to stockholders of record on May
28, 1999. 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 28, 1999. Management
anticipates the Corporation's next regular quarterly cash
dividend will be paid on July 8, 1999 and expects the current
dividend rate of $0.13 per share will be adjusted, to reflect
the stock dividend, to approximately $0.12 per share for both
the current and new shares.
On February 24, 1999, the Corporation entered into a definitive
agreement (the Agreement) providing for the merger of CFSB
Bancorp, Inc. into Old Kent Financial Corporation. The
Agreement calls for an exchange of 0.6222 shares of Old Kent
Financial Corporation stock for each share of CFSB Bancorp, Inc.
stock. The merger is subject to, among other things,
stockholder approval and certain regulatory and governmental
approvals. It is intended that the merger will be structured as
a "pooling-of-interests" for accounting and financial reporting
purposes. The merger is to be voted on by the Corporation's
stockholders at a special meeting of stockholders expected to be
held on June 8, 1999 and is anticipated to be consummated in the
third quarter of 1999. In connection with the 10 percent stock
dividend, it is expected that the exchange ratio will be
adjusted to 0.5656 to reflect the impact of the 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 16 Banking Centers.
Total assets of CFSB Bancorp at March 31, 1999 were $889 million
and stockholders' equity was $71 million.
###
