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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
OCTOBER 16, 1997
(Date of Event Reported)
KANKAKEE BANCORP, INC.
(Exact name of registrant as specified in its charter)
DELAWARE
(State or other jurisdiction
of incorporation)
0-20804 36-3846489
(Commission (IRS Employer
File Number) Identification No.)
310 SOUTH SCHUYLER AVENUE
KANKAKEE, ILLINOIS 60901
(Address of principal executive offices)
(815) 937-4440
(Registrant's telephone number, including area code)
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ITEM 5. OTHER EVENTS
On Thursday, October 16, 1997, Kankakee Bancorp, Inc., a Delaware
corporation (the "Company"), announced through a press release that it has
entered into a definitive agreement to purchase the Coal City National Bank,
which has its main location in Coal City, Illinois. Pursuant to the terms of
the agreement, the transaction is conditioned upon the Company's completion of
its due diligence review, obtaining regulatory approvals and certain other
conditions set forth in the agreement.
For additional information regarding the proposed transaction, reference
is made to the Press Release attached hereto as Exhibit 99.1.
ITEM 7. FINANCIAL STATEMENTS AND EXHIBITS
(c) Exhibits.
99.1 Press Release dated October 16, 1997.
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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.
KANKAKEE BANCORP, INC.,
a Delaware corporation
Date: October 20, 1997 By: Michael A. Stanfa
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Michael A. Stanfa
Executive Vice President
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NEWS RELEASE
October 16, 1997
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KANKAKEE BANCORP, INC.
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310 South Schuyler Avenue
P.O. Box 3 (815) 937-4440
Kankakee, IL 60901-0003 Fax (815) 937-3674
For more information contact:
James G. Schneider, Chairman, President and CEO
Michael A. Stanfa, Executive Vice President For Immediate Release
Ronald J. Walters, Vice President and Treasurer
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KANKAKEE BANCORP, INC. ANNOUNCES BANK ACQUISITION
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Kankakee, Illinois....(October 16, 1997) Kankakee Bancorp, Inc.
(AMEX:KNK), today announced that the Company has entered into an agreement to
purchase for cash the Coal City National Bank ("CCNB") from Coal City
Corporation, a multi-bank holding company headquartered in Chicago, Illinois.
The $50 million asset CCNB is headquartered in Coal City, Illinois,
which is 25 miles northwest of Kankakee. It also has full-service offices in
nearby Diamond and Braidwood, Illinois. The purchase, which is subject to
completion of due diligence and regulatory approvals, is expected to be
completed no later than the second quarter of 1998.
According to James G. Schneider, Chairman, President and CEO of Kankakee
Bancorp, "The acquisition of Coal City National Bank provides a strategic fit
with Kankakee Bancorp's Kankakee Federal Savings Bank. The expansion into
those nearby markets brings the benefit of an established customer base which
is very similar to the people we have been serving for 112 years. Coal City's
community-oriented staff also has the same focus as Kankakee's."
Under current plans, CCNB's offices will become full-service offices of
the Company's wholly-owned subsidiary, Kankakee Federal Savings Bank
("Kankakee FSB"). Kankakee FSB, a $335 million savings institution, is
headquartered in Kankakee, Illinois, which is 60 miles south of downtown
Chicago. It currently operates eight full-service offices in the following
Illinois communities: Ashkum, Bradley-Bourbonnais, Champaign, Dwight,
Herscher, Hoopeston, Manteno and Momence.
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