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) November 12, 1998
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 (I.R.S.
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 Thursday, November 12, 1998, the Company issued a press release
announcing that its subsidiary, CoVest Banc, has entered into an agreement
to sell its credit card portfolio. The text of the press release
is attached hereto as Exhibit 99.1
Item 7. EXHIBIT 99.1
COVEST BANCSHARES, INC. ANNOUNCES SALE OF CREDIT CARD PORTFOLIO
Des Plaines, Illinois November 12, 1998 - - CoVest Bancshares, Inc.
announced today that its CoVest Banc subsidiary has entered into an
agreement to sell its credit card portfolio to Banco Popular N. A.
(Florida). The transaction is expected to close on or before
November 16, 1998.
Although terms of the transaction were not announced, Paul A. Larsen,
Chief Financial Officer of CoVest Bancshares, Inc., commented that,
"The size of our credit card portfolio has decreased one-third to
approximately $11 million over the last several years. Competition
from the giants in the credit card industry has resulted in decreased
profits from our Bank's credit card portfolio." R. Kennedy Alger,
Executive Vice President, stated that, "The financial resources freed up
when this sale closes will be available to support growth opportunities
in the retail and commercial lending departments."
Loan Trade, Inc. of Ft. Lauderdale, Fl. facilitated the transaction.
As of September 30, 1998, CoVest Bancshares, Inc. had consolidated
assets of $581 million. CoVest Banc operates full-service offices in
Arlington Heights, Des Plaines and Schaumburg, and loan production offices
in Aurora and McHenry. The Company's Common Stock trades on the
NASDAQ National Market under the symbol COVB.
Contact: Paul A. Larsen, Chief Financial Officer (847)294-6566
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: November 12, 1998 COVEST BANCSHARES, INC.
By:/s/ Paul A. Larsen
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Paul A. Larsen
Senior Vice President and
Chief Financial Officer
