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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 (Date of earliest event reported):
June 30, 1997
First Palm Beach Bancorp, Inc.
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(Exact name of registrant as specified in its charter)
Delaware 0-21942 65-0418027
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(State or other (Commission (IRS Employer
jurisdiction of File Number) Identification Number)
incorporation)
450 South Australian Avenue, West Palm Beach, Florida 33401
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(Address, including zip code, of principal executive office)
(561) 655-8511
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(Registrant's telephone number, including area code)
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ITEM 5. Other Events.
On June 30, 1997, First Palm Beach Bancorp, Inc. (the "Company") issued
$35 million of 10.35% Senior Debentures Due 2002 (the "Senior Debentures") in
a private placement for which Keefe, Bruyette & Woods, Inc. served as the
initial purchaser. The Senior Debentures will bear interest from June 30,
1997 at the annual rate of 10.35% of the principal amount thereof, payable
semi-annually in arrears on June 30 and December 31 of each year, commencing
December 31, 1997. The Senior Debentures will mature on June 30, 2002 and
may not be redeemed prior to maturity.
The net proceeds of the Senior Debenture issuance will be used for
general corporate purposes, including contributing $25 million of the net
proceeds to First Bank of Florida, the principal subsidiary of the Company.
2
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SIGNATURE
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.
FIRST PALM BEACH BANCORP, INC.
(Registrant)
By: /s/ Louis O. Davis, Jr.
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Louis O. Davis, Jr.
President and Chief Executive Officer
Date: July 2, 1997
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INDEX TO EXHIBITS
Sequential
Exhibit Page No.
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99.1 Press Release, dated June 30, 1997, issued by
First Palm Beach Bancorp, Inc.......................
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FIRST PALM BEACH
BANCORP, INC.
PRESS RELEASE
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FOR IMMEDIATE RELEASE June 30, 1997
For Information contact:
Louis O. Davis, Jr.
President & CEO
(561) 650-2323
FIRST PALM BEACH BANCORP, INC. ANNOUNCES
ISSUANCE OF SENIOR DEBENTURES AND ELECTION
BY SUBSIDIARY OF CHIEF LOAN OFFICER
WEST PALM BEACH, FLORIDA, JUNE 30, 1997 -- First Palm Beach Bancorp, Inc.
(NASDAQ: FFPB), announced today that is has issued $35 million of 10.35%
Senior Debentures Due 2002 in a private placement for which Keefe, Bruyette
and Woods, Inc. served as the initial purchaser. The net proceeds of the
debenture issuance will be used for general corporate purposes, including
contributing $25 million of the net proceeds to First Bank of Florida.
The Company also announced that First Bank of Florida has elected Calvin
L. Cearley as Senior Vice President and Chief Loan Officer. Mr. Cearley was
most recently with SouthTrust Bank, Southeast Florida, and was formerly
President and CEO of Prime Bank in Boynton Beach, Florida, which was acquired
by SouthTrust Bank in June 1996.
First Palm Beach Bancorp, Inc. is the holding company for Florida-based
First Bank of Florida, which is a $1.5 billion thrift serving South Florida.
Shares of the Company's common stock are traded through the Nasdaq national
market system under the symbol FFPB.
