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 28, 1998
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)
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INFORMATION TO BE INCLUDED IN THE REPORT
Item 5. Other Events
On April 6, 1998, Citizens Financial Corporation (the "Company") issued the
following press release concerning modified terms for a previously-announced
acquisition agreement:
FOR IMMEDIATE RELEASE
April 6, 1998
Citizens Financial Modifies Terms of Pending Acquisition
LOUISVILLE-April 6, 1998 - Citizens Financial Corporation (NASDAQ: CNFL) of
Louisville, Kentucky today announced a modification of the price and payment
terms of its agreement to acquire United Liberty Life Insurance Company from
Chaswil United Corp., a privately-held Cincinnati insurance holding company. The
deal was first announced last December.
Under the revised terms, Citizens Financial will pay $6.4 million, subject
to closing adjustments, down from $7.8 million. The new price includes a $2
million cash injection to replace certain investments that ULLIC will transfer
to Chaswil
The transaction is to close as soon as state and federal regulatory
clearances are received. It will increase Citizens Financial's assets from about
$85 million to about $125 million.
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
Lane A. Hersman, Executive Vice President
Date: April 6, 1998
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