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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
Date of Report March 6, 2000
(Date of earliest event reported)
Kankakee Bancorp, Inc.
(Exact name of Registrant as specified in its charter)
Delaware
(State or other jurisdiction of incorporation)
1-13676 36-3846489
(Commission File Number) (I.R.S. Employer Identification Number)
310 South Schuyler Avenue, Kankakee, Illinois 60901
(Address of principal executive offices) (Zip Code)
(815) 937-4440
(Registrant's telephone number, including area code)
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Item 5. Other Information
On February 23, 2000, the Board of Directors of Kankakee Bancorp, Inc. (the
"Company") elected William Cheffer to serve as chairman, chief executive officer
and president of the Company, succeeding James G. Schneider, who passed away on
February 15, 2000. In addition, Mr. Cheffer was also named chairman of Kankakee
Federal Savings Bank (the "Bank"), the wholly-owned subsidiary of the Company.
Also, the Board of Directors named Larry D. Huffman to serve as vice chairman of
the Company and the Bank. The press releases issued by the Company in response
to Mr. Schneider's death and the elections of Mr. Cheffer and Dr. Huffman are
attached as exhibits to this Form 8-K.
Item 7. Financial Statements, Pro Forma Financial Information and Exhibits
(a) Financial Statements of Business Acquired.
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None.
(b) Pro Forma Financial Information.
-------------------------------
None.
(c) Exhibits.
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99.1 Press Release dated February 15, 2000
99.2 Press Release dated February 25, 2000
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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.
Dated: March 3, 2000 By: /s/ William Cheffer
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William Cheffer
Chairman, President and
Chief Executive Officer
2
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EXHIBIT 99.1
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NEWS RELEASE
February 15, 2000
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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:
William Cheffer, Vice Chairman
Michael A. Stanfa, Executive Vice President For Immediate Release
Ronald J. Walters, Vice President and Treasurer
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Kankakee, Illinois (February 15, 2000) - Kankakee Bancorp, Inc. (AMEX:KNK)
announced today that James G. Schneider, its Chairman, President and Chief
Executive Officer, died Tuesday, February 15, 2000. Mr Schneider had served as
Chairman of Kankakee Bancorp, Inc. since 1992, and as President and CEO since
1993. Mr. Schneider was also Chairman of the Board of Kankakee Federal Savings
Bank, a position he had held since 1988. He had also previously served as the
President of Kankakee Federal Savings Bank from 1961 to 1988 and had been
associated with the Bank since 1954. No further details were available at this
time.
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EXHIBIT 99.2
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NEWS RELEASE
February 25, 2000
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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:
William Cheffer, 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 ANNOUNCES NEW CHAIRMAN
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Kankakee, Illinois.....(February 25, 2000) Kankakee Bancorp, Inc.
(AMEX:KNK), announced today that William Cheffer has been elected chairman,
president and CEO of Kankakee Bancorp, Inc., succeeding James G. Schneider, who
passed away suddenly on February 15, 2000. In addition, Mr. Cheffer was also
named chairman of the wholly-owned subsidiary, Kankakee Federal Savings Bank.
Larry D. Huffman was named vice chairman of both Kankakee Bancorp and the Bank.
Mr. Cheffer, who has been a director of Kankakee Bancorp since it was
formed in 1992, brings substantial experience to the Company. Mr. Cheffer has
previously served as president and CEO of the Company. Since joining Kankakee
Federal in 1952, he has served in a number of offices, including president and
CEO, chief operating officer, corporate secretary, senior vice president, and
manager of the Loan Department. Mr. Cheffer and his wife, Irma, have been
married for 48 years and reside in Kankakee. They are the parents of three
children and five grandchildren.
Mr. Cheffer commented, "Jim Schneider had always planned for succession at
the Company and, even under these unfortunate circumstances, the management team
he developed will allow both entities to continue without interruption. The
Company will continue to pursue a course of increasing our presence in the
community. The board, at its recent meeting, also reaffirmed its position that
we intend to best serve our stockholders and the communities which we serve by
remaining independent."
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Larry D. Huffman, vice chairman of both Kankakee Bancorp and the Bank, has
been a board member for eight years. Additionally, he has served as chairman of
the Audit Committee for the past four and one-half years. Dr. Huffman has been
president of Kankakee Community College since 1987, and brings the experience of
running that institution to this organization. In assuming this position, Dr.
Huffman has indicated a willingness to spend more of his time and energy on
helping the organization reach its goals within the communities it serves. Dr.
Huffman and his wife, Christine, live in Bourbonnais.
Kankakee Bancorp, Inc., and Kankakee Federal Savings Bank, are headquartered
in Kankakee, Illinois, which is 60 miles directly south of downtown Chicago. In
addition to its main office, the Bank operates fourteen offices in the following
Illinois communities: Ashkum, Bourbonnais, Bradley, Braidwood, Champaign, Coal
City (2), Diamond, Dwight, Herscher, Hoopeston, Manteno, Momence and Urbana.
2
