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) May 12, 1998
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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 (I.R.S. Employer
jurisdiction File Number) Identification No.)
of incorporation)
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
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Item 5. Other Events
On Tuesday, May 12, 1998, the Company issued a press release
pertaining to completion of the 12th Stock Repurchase and announcing the
13th Stock Repurchase Program.
A copy of the press release dated May 12, 1998, 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: May 12, 1998
COVEST BANCSHARES, INC.
By:
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Name: Larry G. Gillie
Title: President &
Chief Executive Officer
By:
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Name: Paul A. Larsen
Title: Senior Vice President &
Chief Financial Officer
EXHIBIT 99.1
DES PLAINES, IL, May 12, 1998 -- Covest Bancshares, Inc.
(NASDAQ/COVB), the holding company for CoVest Banc in
Des Plaines, Illinois, announced the completion of the Stock
Repurchase Program dated October 28, 1997. A total of 150,000
shares were repurchased at an average price of $16.74.
The Company's Board of Directors has approved a new Stock Repurchase
Program, the Company's thirteenth 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 4,355,833.
As of March 31, 1998, CoVest Bancshares had consolidated assets of
$579.1 million, and the Bank operates three full-service offices in
Arlington Heights, Des Plaines and Schaumburg, and a mortgage center
in McHenry, Illinois.
