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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 16, 1999
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Central Illinois Bancorp, Inc.
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(Exact name of registrant as specified in its charter)
Illinois 000-24149 37-1203599
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(State or other jurisdiction (Commission File Number) (IRS Employer
of Incorporation) Identification No.)
N27 W24025 Paul Court, Pewaukee, Wisconsin 53072
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(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code (414) 695-6010
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(Former Name or former address, if changed since last report.)
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ITEM 5: OTHER EVENTS
On April 16, 1999, Central Illinois Bancorp, Inc. issued a press release
reporting that it has restated its consolidated financial statements for the
fiscal year ended December 31, 1998. The restatement was made to recognize
non-cash compensation expense related to the February 1998 extension of the
expiration date of all previously issued and unexpired stock options granted
under its stock option plans. A copy of the press release is filed as Exhibit
99.1 to this Current Report on Form 8-K.
ITEM 7. FINANCIAL STATEMENTS AND EXHIBITS
(c) Exhibits
99.1 Press release issued April 16, 1999
SIGNATURE
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 hereunder duly authorized.
CENTRAL ILLINOIS BANCORP, INC.
(Registrant)
By: /s/ Steven T. Klitzing
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Name: Steven T. Klitzing
Title: Senior Vice President and
Chief Financial Officer
Date: April 16, 1999
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EXHIBIT 99.1
CENTRAL ILLINOIS BANCORP, INC. REPORTS RESTATED CONSOLIDATED FINANCIAL
STATEMENTS FOR THE FISCAL YEAR ENDED DEC. 31, 1998
Business Editors
PEWAUKEE, WIS. -- (BUSINESS WIRE) -- April 16, 1999 - Central Illinois Bancorp,
Inc. (the "Company") today reported that it has restated its consolidated
financial statements for the fiscal year ended December 31, 1998. The
restatement was made to recognize non-cash compensation expense related to the
February 1998 extension of the expiration date of all previously issued and
unexpired stock options granted under its stock option plans.
As a result of this restatement, net income for the fiscal year ended December
31, 1998, was $8.7 million or $0.9 million lower than originally reported. Net
income for the fiscal year ended December 31, 1997, was $5.3 million. The
Company estimates that the non-cash compensation expense related to the
extension of the expiration date of its stock option plans will have no
significant impact on future operating results.
As a result of this restatement, total equity and total assets each increased by
$0.5 million from the amounts previously reported. Total restated assets at
December 31, 1998, were $1.2 billion as compared to $807 million at December 31,
1997. Total restated equity at December 31, 1998, was $144 million as compared
to $101 million at December 31, 1997. Restated book value per share at December
31, 1998, was $1,344.77 or $5.02 higher than originally reported, as compared to
$1,110.18 at December 31, 1997.
The Company is in the process of amending its 1998 Annual Report on Form 10-K,
including financial statements, which was filed April 2, 1999, and will promptly
file the amended Form 10-K upon completion. The information contained in the
amended Form 10-K will supersede all previously reported financial information
for 1998.
CONTACT: Central Illinois Bancorp
J. Michael Straka
Donald Straka
Steven T. Klitzing
414/695-6010
