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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)
March 3, 1997
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 March 3, 1997, the Registrant issued the press
release attached as Exhibit 99 announcing Completion of
Security Bancorp Acquisition.
Item 7. Financial Statements and Exhibits
(a) Exhibits
99 Press releases, dated March 3, 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.
WesterFed Financial Corporation
Date: March 4, 1997 By: /S/ Lyle R. Grimes
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Lyle R. Grimes
Chairman of the Board
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 Press Releases dated March 3, 1997 5
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WESTERFED FINANCIAL CORPORATION COMPLETES
SECURITY BANCORP ACQUISITION
Missoula, Montana -- March 3, 1997 -- WesterFed Financial Corporation
(NASDAQ - WSTR), the holding company for Western Federal Savings Bank, announced
today that effective March 1, 1997 it completed the acquisition of Security
Bancorp (NASDAQ - SFBM), a savings and loan holding company with $377.8 million
in assets located in Billings Montana.
Pursuant to the terms of the merger, the Security Bancorp stockholders
were given the opportunity to elect to receive either cash, WesterFed stock or a
combination of both in exchange for their Security Bancorp Common Stock, subject
to the total shares of WesterFed stock issued not exceeding 45% of the aggregate
merger consideration. As a result, Security stockholders electing to receive
cash, and stockholders making no election, will receive $30.00 for each share of
Security Bancorp Common Stock. Security stockholders electing to receive stock
will have approximately 48.9% of their Security stock exchanged for WesterFed
Financial Common Stock (on a ratio of 1.78 shares of WesterFed for each share of
Security) and the remainder of their Security Bancorp stock will be exchanged
for cash at the rate of $30.00 per share.
As a result of the Merger, WesterFed Financial is the largest publicly
traded financial institution holding company based in Montana with combined
total assets of approximately $940 million. WesterFed Financial now conducts
business through 35 branches located throughout Montana.
CONTACT: Dale W. Brevik, Senior Vice President/Marketing
James A. Salisbury, Treasurer/Chief Financial Officer
(406) 721-5254
