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 August 25,1998
(Date of earliest event reported)
COVEST BANCSHARES, INC.
(Exact name of Registrant as specified in its charter)
Delaware 0-20160 36-3820609
(State or Commission File (I.R.S. Employer
other jurisdiction Number Identification Number
of incorporation)
749 Lee Street, Des Plaines, Illinois 60016
(Address of principal executive offices) (Zip Code)
(847) 294-6500
(Registrant's telephone number, including area code)
Item 5. Other Events
On August 25, 1998, the Company issued a press release pertaining to a
regular quarterly dividend and announced its 14th Stock Repurchase Plan.
The text of the press release is attached hereto as Exhibit 99.1
Exhibit 99.1
Des Plaines, IL. August 25, 1998 - CoVest Bancshares, Inc. (Nasdaq COVB),
the holding company for CoVest Banc, Des Plaines, Illinois, announced
today that the Company's board of directors had declared an $.08 per
share regular quarterly dividend. This dividend, which is the 15th
consecutive regular quarterly dividend, will be payable on
September 30, 1998 to holders of record on September 16, 1998.
The Board also approved a new Stock Repurchase Program, the Company's
fourteenth, 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 4,271,203.
As of June 30, 1998, CoVest Bancshares had consolidated assets of
$588.3 million. The Bank operates three full-service offices in
Arlington Heights, Des Plaines, and Schaumburg, and loan production offices
in Aurora and McHenry.
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 hereunto duly authorized.
Dated: August 25, 1998 COVEST BANCSHARES, INC.
By: /s/
-------------------------------
Paul A. Larsen
Senior Vice President and
Chief Financial Officer
