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SECURITIES AND EXCHANGE COMMISSION
Washington, DC 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)
October 14, 1996
WESTERFED FINANCIAL CORPORATION
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(Exact name of Registrant as specified in its Charter)
Delaware 0-22772 81-3899950
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(State or other (Commission File No.) (IRS Employer
jurisdiction of Identification
incorporation) Number)
110 East Broadway, Missoula, Montana 59802
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(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code: (406) 721-5254
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N/A
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(Former name or former address, if changed since last report)
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Item 5. Other Events
On October 14, 1996, the Registrant issued the press release
attached as Exhibit 99.6 announcing fourth quarter and year end
earnings and a cash dividend.
Item 7. Financial Statements and Exhibits
(a) Exhibits
99.6 Press release, dated October 14, 1996
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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.
Westerfed Financial Corporation
Date: October 14, 1996 By: /s/ Lyle R. Grimes
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Lyle R. Grimes
President & Chief Executive Officer
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Index to Exhibits
Sequentially
Numbered Page
Where Attached
Exhibit Exhibits
Number are located
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99.6 Press Release dated October 14, 1996 5
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WESTERFED FINANCIAL CORPORATION ANNOUNCES
EFFECT OF RECENT FEDERAL LEGISLATION
Missoula, Montana -- October 14, 1996 -- WesterFed Financial
Corporation (the "Company") (NASDAQ - WSTR), the holding company for Western
Federal Savings Bank of Montana (the "Bank"), announced that the recently passed
Federal legislation which affects all savings associations nationwide and is
designed to recapitalize the Savings Association Insurance Fund ("SAIF") of the
FDIC will result in a one-time charge to the Company's first quarter earnings.
President/Chief Executive Officer Lyle R. Grimes stated that the
legislation requires a special one-time assessment of approximately 65.7 cents
per $100 of SAIF insured deposits held by the Bank at March 31, 1995. Management
currently anticipates that the one-time special assessment will result in a tax
affected charge to earnings of approximately $1.4 million during the first
quarter ended September 30, 1996 of fiscal year 1996-97. The legislation is
intended to fully recapitalize the SAIF fund so that commercial bank and thrift
deposits will be charged the same FDIC premiums after the year 1999.
Management anticipates that deposit insurance premiums in future
quarters will be significantly reduced from the current premium range applicable
to SAIF deposits. For calendar years 1997 through 1999, an annual assessment of
approximately 6.5 cents (versus a current annual SAIF insurance premium of 23
cents) per $100 of insured deposits, will be assessed upon SAIF insured
deposits. Accordingly, beginning January 1, 1997, the annual after tax decrease
in premiums is expected to be approximately $365,000 for the Bank based on the
June 30, 1996 SAIF assessment base.
WesterFed Financial Corporation's only subsidiary, Western Federal
Savings Bank of Montana is Montana's largest savings bank and has been serving
Montana for 85 years, operating nineteen branch offices and one loan servicing
center in the following Montana cities: Missoula, Hamilton, Helena, East Helena,
Bozeman, Great Falls, Conrad, Lewistown, Miles City, Hardin and Billings.
CONTACT: Dale W. Brevik, Vice President/Marketing
James A. Salisbury, Treasurer/Chief Financial Officer
(406) 721-5254
