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
Date of Report (date of earliest event reported): May 18, 1998
FLAG Financial Corporation
(Exact name of registrant as specified in its charter)
Georgia 0-24532 58-2094179
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State of Incorporation) (Commission File (IRS Employer Identification
Number) Number)
101 North Greenwood St., P.O. Box 3007
LaGrange, Georgia 30240
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(Address of principal executive offices) (Zip code)
Registrant's telephone number, including area code: (706) 845-5000
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Item 5. Other Events
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On May 18, 1998, FLAG Financial Corporation ("FLAG") announced a three-for-two
stock split. The three-for-two stock split will be issued on June 3, 1998, to
shareholders of record as of May 22, 1998.
A copy of the press release regarding the announcement referenced above is
attached hereto as Exhibit 99.1 and by this reference made a part hereof.
Item 7. Financial Statements, Pro Forma Financial Information and Exhibits
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(a) Financial Statements - None.
(b) Pro Forma Financial Information - None
(c) Exhibits.
99.1 - Registrant's press release dated May 18, 1998
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INDEX OF EXHIBITS
Exhibit
Number Description
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99.1 Press release, dated May 18, 1998.
SIGNATURE
Pursuant to the requirements of Section 12 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.
Dated: May 22, 1998
FLAG Financial Corporation
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("Registrant")
/s/ Ellison C. Rudd
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By Ellison C. Rudd,
Chief Financial Officer
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FOR IMMEDIATE RELEASE
Contact: John S. Holle (706/845-5005)
J. Daniel Speight, Jr. (912/268-2056)
FLAG Financial Corporation Announces 3-For-2 Stock Split
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LaGrange, GA (May 18, 1998) -- FLAG Financial Corporation (OTC:FLAG) Chairman,
John S. Holle, and President and CEO, J. Daniel Speight, Jr., announced today
that FLAG's Board of Directors has declared a 3-for-2 stock split at a special
meeting of the Board of Directors on May 13, 1998. The stock split follows a
2-for-1 stock split in 1994 and a 25% stock dividend in 1993.
Shareholders of record on May 22, 1998 will be entitled to the 3-for-2 stock
split which is payable June 3, 1998. Each shareholder of FLAG will receive one
additional share of FLAG common stock for every two shares of FLAG common stock
owned. Fractional shares will not be issued and cash will be paid in lieu of
fractional shares.
Commenting on the stock split, FLAG's Chairman of the Board, John S. Holle,
stated, "The decision to declare the 3-for-2 stock split reflects the strong
performance of the Company and the Board's confidence in our future prospects.
As was the case with the recent announcement concerning FLAG's merger with The
Brown Bank, all of these efforts are centered around building long-term
shareholder value."
J. Daniel Speight, Jr., President and Chief Executive Officer of FLAG, added,
"One of the things that we can offer community bank merger partners is an
actively traded stock that represents a sound value. We believe this stock split
will contribute to the growth in the value and trading activity of the stock. In
this way, we believe it will enhance our ability to attract future community
bank merger partners."
FLAG Financial Corporation is a multi-bank holding company whose wholly-owned
subsidiaries are First Federal Savings Bank of LaGrange, in LaGrange, Georgia,
Citizens Bank, in Vienna, Georgia, and Bank of Milan, in Milan, Georgia with
total assets of approximately $433 million. On a combined pro forma basis,
including The Brown Bank, assets will increase to approximately $464 million.
FLAG currently has 3,448,924 shares of Common Stock outstanding. Including those
shares which will be issued as part of the 3-for-2 stock split, FLAG will have
approximately 5,173,386 shares outstanding. FLAG's Common Stock is traded and
quoted on The Nasdaq National Market System under the symbol "FLAG."
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