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 (Date of earliest event reported) March 25, 1999
COVEST BANCSHARES, INC.
(Exact name of Registrant as specified in its charter)
Delaware 0-20160 36-3820609
(State or other (Commission File No.) (IRS Employer
jurisdiction of Number)
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 March 25, 1999, the Company issued a press release pertaining to
completion of their Stock Repurchase Program. The text of the press
release is attached hereto as Exhibit 99.1
Exhibit 99.1
Des Plaines, IL. March 25, 1999 - CoVest Bancshares, Inc. (Nasdaq/COVB),
the holding company for CoVest Banc, Des Plaines, Illinois, announced
the completion of the Stock Repurchase Program dated January 26, 1999.
A total of 100,250 shares were repurchased at an average price of $13.96.
The Company's Board of Directors has approved a new Stock Repurchase
Program, the Company's sixteenth, 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, and the Bank operates three full-service
offices in Arlington Heights, Des Plaines and Schaumburg, and mortgage
offices in Aurora and McHenry, Illinois.
SIGNATURES
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: March 25, 1999
COVEST BANCSHARES, INC.
By: /s/ James L. Roberts
James L. Roberts
President
By:/s/ Paul A. Larsen
Paul A. Larsen
Senior Vice President and
Chief Financial Officer
