[TYPE] 8-K
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 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) June 23, 1997
----------------
COVEST BANCSHARES, INC.
-------------------------
(Exact name of registrant as specified in its charter)
DELAWARE 0-20160 36-3820609
-------- ------- ----------
(State or other (Commission (I.R.S. Employer
jurisdiction File Number) Identification No.)
of incorporation)
749 Lee Street, Des Plaines, Illinois 60016
--------------------------------------------
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code (847) 294-6500
--------------
Item 5. Other Events
On June 20, 1997, the Company issued a press release pertaining to
the completion of the Stock Repurchase Program dated January 28, 1997,
and the announcement of a new Stock Repurchase Program. The text of the
press release is attached hereto as Exhibit 99.1.
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: June 23, 1997
COVEST BANCSHARES, INC.
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, June 20, 1997 -- CoVest Bancshares, Inc.
(NASDAQ: COVB) the holding company for CoVest Banc in
Des Plaines, Illinois, announced the completion of the Stock
Repurchase Program dated January 28, 1997. A total of
100,000 shares were repurchased at an average price of
$17.80.
The Company's Board of Directors has approved a new Stock
Repurchase Program, the Company's eleventh, enabling the
Company to repurchase up to 100,000 shares of its
outstanding stock. These purchases will be made in the open
market and/or through privately negotiated transactions.
The stock will be used for the issuance of shares in
connection with the exercises of previously granted stock
options. The total common shares outstanding as of today
are 2,991,421.
As of March 31, 1997, CoVest Bancshares had
consolidated assets of $552.6 million, and the Bank operates
three full-service offices in Arlington Heights, Des Plaines
and Schaumburg.
