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) January 26, 1999
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 Tuesday, January 26, 1999, the Company issued a press release
announcing a new stock purchase program. The text of the press release
is attached hereto as Exhibit 99.1.
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: January 26, 1999 COVEST BANCSHARES, INC.
By:/s/ James L. Roberts
_______________________
James L. Roberts
President and
Chief Executive Officer
By:/s/ Paul A. Larsen
_______________________
Paul A. Larsen
Senior Vice President and
Chief Financial Officer
Item 7. EXHIBIT 99.1
CoVest Bancshares, Inc. Announces Stock Repurchase Program
DES PLAINES, IL, Jan. 26, 1999 -- CoVest Bancshares, Inc. (Nasdaq/COVB),
the holding company for CoVest Banc, Des Plaines, Illinois, announced
today that the Company's Board of Directors approved a new Stock
Repurchase Program 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 4,210,615.
As of December 31, 1998, CoVest Bancshares, Inc. had consolidated assets
of $548.7 million. The Bank operates full-service offices in Arlington
Heights, Des Plaines and Schaumburg, and mortgage offices in Aurora and
McHenry, Illinois.
