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) December 15, 1997
Citizens Financial Corporation
(Exact name of registrant as specified in its charter)
Kentucky 0-20148 61-1187135 (State or other (Commission (I.R.S. Employer
jurisdiction File Number) Identification No.) of incorporation)
The Marketplace, Suite 300 12910 Shelbyville Road, Louisville, Kentucky
40243 (Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code (502) 244-2420
(Former name or former address, if changed since last report)
INFORMATION TO BE INCLUDED IN THE REPORT
Item 2. Other Events
On December 15 , 1997, Citizens Financial Corporation (the "Company")
issued the following press release concerning a proposed acquisition:
FOR IMMEDIATE RELEASE
December 12, 1997
Citizens Financial Plans to Acquire Ohio Insurer
LOUISVILLE-December 15, 1997 - Citizens Financial Corporation (NASDAQ:
CNFL) of Louisville, Kentucky today announced it has entered into an agreement
to acquire United Liberty Life Insurance Company from Chaswil United Corp., a
privately-held Cincinnati insurance holding company.
United is an Ohio-chartered life and health insurer and is licensed to do
business in 20 states. At September 30, 1997, it reported admitted assets of
about $40 million and statutory capital and surplus of about $3 million. Its
administrative offices are located in Cincinnati, Ohio.
Under the agreement, Chaswil will sell United to Citizens Financial for
approximately $7.8 million in cash, subject to satisfactory completion of
business and legal reviews and closing adjustments. The transaction is also
subject to state and federal regulatory clearance.
Commenting on the proposed transaction, Darrell R. Wells, President and
Chief Executive Officer of Citizens Financial, said, "The acquisition of United
would represent another step in our growth-through-acquisitions strategy. It
would increase our assets to well over $100,000,000 and give us an
up-and-running presence in the pre-need funeral funding niche, as well as a
substantial block of traditional life insurance."
Citizens Financial owns Citizens Security Life Insurance Company, a
Kentucky-chartered life and health insurer based in Louisville with statutory
admitted assets of about $71,000,000 and statutory capital and surplus of about
$9,000,000. If the deal is completed, Citizens Financial plans to merge United
Liberty into Citizens Security.
For further information contact:
Lane A. Hersman
Executive Vice President
502/244-2420
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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.
Citizens Financial Corporation
By:/s/_________________________________________
Lane A. Hersman, Executive Vice President
Date: December 15, 1997
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