SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549
Form 8-K
Current Report Pursuant to Section 13 or 15(d) of
The Securities Act of 1934
Date of Report (Date of earliest event reported) December 31, 1997
COVEST BANCSHARES, INC.
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(Exact name of registrant as specified in its charter)
DELAWARE 0-20160 36-3820609
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(State or other (Commission File (IRS
Employer jurisdiction Number) Identification No.)
No.)
749 Lee Street, Des Plaines, Illinois 60016
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(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code (847) 294-6500
Item 5. OTHER EVENTS
On Wednesday, December 31, 1997, the Company issued a press
release announcing that it will provide an additional provision for
possible loan losses during the fourth quarter, 1997.
The text of the press release is attached hereto as Exhibit 99.1.
Item 7. Exhibit 99.1
Dated: December 31, 1997
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.
Dated: December 31, 1997
By: /s/ Larry G. Gillie
Name: Larry G. Gillie
Title: President &
Chief Executive Officer
By: /s/ Paul A. Larsen
Name: Paul A. Larsen
Title: Senior Vice President &
Chief Financial Officer
Exhibit 99.1
DES PLAINES, IL, Dec. 31, 1997 CoVest Bancshares, Inc. announced today
that its CoVest Banc subsidiary will provide an additional $2,400,000
to the Reserve For Possible Loan Losses during the fourth quarter of 1997.
In keeping with the restructuring of the balance sheet and the recent
conversion of CoVest Banc from a thrift to a commercial bank, the Corporation
reevaluated its methodology in providing for possible loan losses.
Loan mix, rescoring of credit card portfolio, and recent loan loss
experience were the driving considerations behind this decision.
This addition will provide a total Reserve for Possible Loan Losses of
approximately $4,100,000, which will be in excess of one percent of total
outstanding loans. This provision will result in a loss for the fourth
quarter, 1997.
As of September 30, 1997, CoVest Bancshares had consolidated assets of
$527.5 million, and the Bank operates three full-service offices in
Arlington Heights, Des Plaines and Schaumburg.
