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SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
Pursuant to Section 13 or 15(d) of
the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported):
January 8, 1997
GFS BANCORP, INC.
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(Exact name of registrant as specified in its charter)
Delaware 0-22742 42-1410536
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(State or other jurisdiction (Commission (I.R.S. Employer
of incorporation) File Number) Identification No.)
1025 Main Street, Grinnell, Iowa 50112-1633
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(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code:(515) 236-2131
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Not Applicable
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(Former name or former address, if changed since last report)<PAGE>
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Item 5. Other Events
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On January 8, 1997, the Registrant issued the attached press
release announcing commencement of a stock repurchase program.
Item 7. Financial Statements and Exhibits
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(a) Exhibits
1. Press release, dated January 8, 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 thereunto duly authorized.
GFS BANCORP, INC.
Date: January 14, 1997 By: /s/ Steven L. Opsal
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Steven L. Opsal
President and Chief
Executive Officer
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FOR FURTHER INFORMATION CONTACT:
STEVEN L. OPSAL, PRESIDENT FOR IMMEDIATE RELEASE
GFS BANCORP, INC. JANUARY 8, 1997
P.O. BOX 30 GRINNELL, IOWA 50112
PHONE: (515) 236-3121
GFS Bancorp, Inc.
ANNOUNCES COMPLETION OF STOCK REPURCHASE
AND
ANNOUNCES ADDITIONAL STOCK REPURCHASE PROGRAM
GRINNELL, IOWA (NASDAQ: "GFSB") --- GFS Bancorp, Inc., the parent
company for Grinnell Federal Savings Bank, is pleased to announce
that the Corporation has successfully repurchased 5 percent or
26,264 shares of its outstanding stock. The corporation now has
497,348 shares outstanding.
GFS Bancorp, Inc. also announced its intention today to
repurchase an additional 5 percent of its outstanding shares
through open market and privately negotiated transactions over
the next twelve months. The shares will be purchased at
prevailing market prices from time to time depending upon market
conditions.
Steven L. Opsal, President and Chief Executive Officer of the
Corporation, indicated that the Board of Directors approved the
repurchase program in view of the current price level of the
Corporation's common stock and the strong capital position of the
Corporation's subsidiary, Grinnell Federal Savings Bank. Mr.
Opsal stated that "With our just completed repurchase of 5
percent of the Corporation's outstanding stock over the past 12
months, we continue to believe that the repurchase of our shares
represents an investment opportunity which will benefit the
Corporation and its stockholders. The repurchased shares will
become treasury shares and will be used for general corporate
purposes, including the issuance of shares in connection with the
exercise of stock options."
As of September 30, 1996, the Company had total assets of $85.2
million and stockholders' equity of $9.9 million. The Company's
stock is traded on the Nasdaq SmallCap Market under the symbol
"GFSB".
