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SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
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FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of
the Securities Exchange Act of 1934
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Date of Report (Date of earliest event reported): May 18, 1998
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JEFFERSON SAVINGS BANCORP, INC.
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(Exact name of registrant as specified in its charter)
DELAWARE
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(State or other jurisdiction of incorporation)
0-21466 43-1625841
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(Commission File Number) (IRS Employer Identification No.)
14915 MANCHESTER ROAD, BALLWIN, MISSOURI 63011
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(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code: (314) 227-3000
Not Applicable
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(Former name or former address, if changed since last report)
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Items 1-4.
Not applicable.
Item 5. Other Events.
On June 1, 1997, Jefferson Savings Bancorp, Inc. ("Registrant") issued the
press release attached hereto as Exhibit 99(a) and incorporated by reference
herein.
By letter dated May 18, 1998, the Office of Thrift Supervision ("OTS")
terminated the Supervisory Agreement, dated September 25, 1997, between the OTS
and First Federal Savings Bank of North Texas, Denton, Texas ("Bank"), a wholly
owned subsidiary of the Registrant, as a result of improvements noted by the OTS
during its most recent examination of the Bank.
Item 6. Resignations of Registrant's Directors.
Not applicable.
Item 7. Financial Statement and Exhibits.
(a) and (b).
Not applicable.
(c) In accordance with Item 601 of Regulation S-K, the following exhibit is
attached hereto:
Exhibit 99(a) Press Release dated June 1, 1998.
Items 8 and 9.
Not applicable.
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, as
amended, the Registrant has duly caused this report to be signed on its behalf
by the undersigned thereunto duly authorized.
Dated: June 1, 1998.
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JEFFERSON SAVINGS BANCORP, INC.
By: /s/ Paul J. Milano
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Paul J. Milano
Senior Vice President and
Chief Financial Officer
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[INSERT LOGO] JEFFERSON SAVINGS
BANCORP, INC.
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FOR IMMEDIATE RELEASE FOR MORE INFORMATION
Paul J. Milano
Chief Financial Officer
(314) 227-3000
NASDAQ Symbol: JSBA
In newspaper stock tables generally JeffSvg
JEFFERSON SAVINGS BANCORP REPORTS
RECAPTURE OF LOAN LOSS RESERVES
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ST. LOUIS, June 1, 1998...Jefferson Savings Bancorp, Inc. (the Company) today
announced that it intends to recapture $1.2 million of loan loss reserves by
recording a credit to the provision for loan losses during the second quarter.
The effect of the recapture will be to increase net income by $1.2 million. The
recapture stems from a recently completed examination of the Company and its
subsidiaries by the Office of Thrift Supervision (OTS) which is their primary
regulator. Also as a result of the examination, the OTS terminated the
Supervisory Agreement, dated September 25, 1997, between the OTS and First
Federal Savings Bank of North Texas, a wholly owned subsidiary of the Company.
OTS examiners had previously required, after a 1997 examination, that the
Company's Texas subsidiary base its loan loss reserves on certain thrift
industry average loss experiences that were significantly higher than the actual
loan loss experience of the Texas subsidiary. Like other financial institutions,
the Company maintains an allowance for loan losses at an amount considered
adequate to provide for potential losses. In establishing the allowance,
management considers numerous factors including, but not limited to, general
economic conditions, loan portfolio composition and prior loss experience. The
Company believes that the $1.2 million reserve recapture will result in a
reserve level that, on a consolidated basis, will be adequate to provide for
potential losses.
14915 Manchester Road . Ballwin, Missouri 63011 . (314) 227.3000
Exhibit 99(a)
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