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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): August 31, 2000
ARGO BANCORP, INC.
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(Exact Name of registrant as specified in its charter)
Delaware 0-19829 36-3620612
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(State or other Jurisdiction (Commission File No.) (IRS Employer
of Incorporation) Identification No.)
7600 West 63rd Street, Summit, Illinois 60501
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(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code: (708) 496-6010
Not Applicable
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(Former name, address, and fiscal year, if changed since last report)
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ITEM 5. OTHER EVENTS
On August 17, 2000, Argo Federal Savings Bank, FSB ("Argo"), the wholly owned
subsidiary of the Registrant entered into agreements ("Purchase Agreements"),
which became effective August 30, 2000, to sell three of its branch banking
facilities to Archer Bank and Chicago Community Bank, both subsidiaries of the
Metropolitan Bank Group ("MBG"), a bank holding company located in Chicago,
Illinois.
Archer Bank will purchase the Summit, Illinois and Bridgeview, Illinois banking
facilities of Argo and Chicago Community Bank will purchase the branch office of
Argo located at 47 W. Polk Street, Chicago, Illinois. The transaction is
expected to be completed in the fourth quarter 2000, subject to the approval of
the appropriate regulatory authorities and will include the facilities and
certain of the deposit accounts. The offices will be operated as branches of
Archer Bank and Chicago Community Bank.
Total deposits from the branches being sold approximate $109.3 million. Under
the terms of the Purchase Agreements, the Purchasers will assume the designated
deposits and will purchase at book value, furniture, fixture and equipment in
each of the branch offices. The total consideration to be paid is anticipated to
be approximately $9.2 million, with the final amount to be determined at closing
based upon the total deposits assumed and assets sold less Seller's expense
relating to the transaction. Argo intends to fund the transaction through the
sale of loans and short term liquid investments. The Purchasers will also assume
the lease obligations of the Seller at each of the three branch sites. The
Registrant is an Office of Thrift Supervision registered thrift holding company
with total assets of $392 million.
The Registrant currently operates five banking locations and "umbrellabank.com",
an electronic commerce banking division of its wholly owned subsidiary, Argo,
headquartered in Summit, Illinois, together with a network of over 800 automated
teller machines deployed in 15 states.
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 thereunto duly authorized.
ARGO BANCORP, INC.
Date: August 31, 2000 By: /s/ John G. Yedinak
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John G. Yedinak
President and CEO
