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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)
February 14, 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 February 14 and 25, the Registrant issued the press release
attached as Exhibit 99.6 announcing Office of Thrift Supervision and
Shareholder approval of the Acquisition and Merger of Security
Bancorp.
Item 7. Financial Statements and Exhibits
(a) Exhibits
99.6 Press releases, dated February 14 and February 25, 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: February 26, 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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99.6 Press Releases dated February 14, 1997 5 & 6
and February 25, 1997
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WESTERFED FINANCIAL CORPORATION ANNOUNCES
MERGER APPROVAL GRANTED BY THE
OFFICE OF THRIFT SUPERVISION
Missoula, Montana -- February 14, 1997 -- WesterFed Financial
Corporation (NASDAQ - WSTR) and Security Bancorp (NASDAQ -- SFBM) announced
today that the Office of Thrift Supervision has approved the proposed merger of
the two thrift holding companies.
The merger is expected to be completed during the first quarter of 1997
as anticipated, subject to approval by shareholders of the two institutions.
When the merger is completed, WesterFed will operate 34 retail banking
offices in Montana and will have total assets of approximately $940 million. The
company will be headquartered in Missoula.
CONTACT: Dale W. Brevik, Senior Vice President/Marketing
James A. Salisbury, Treasurer/Chief Financial Officer
(406) 721-5254
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WESTERFED FINANCIAL CORPORATION AND
SECURITY BANCORP SHAREHOLDERS
APPROVE MERGER
Missoula, Montana -- February 25, 1997 -- WesterFed Financial
Corporation (NASDAQ - WSTR) announced today that its shareholders approved the
September 24, 1996 merger agreement with Security Bancorp. Lyle R. Grimes,
President of WesterFed Financial, stated, "We are pleased to report that the
merger with Security Bancorp was approved by a substantial margin today."
In addition, Grimes announced that shareholders of Security Bancorp,
Billings, Montana, also approved a proposal to be merged with and into WesterFed
Financial Corporation at their annual meeting held yesterday February 24, 1997.
According to David W. Jorgenson, Security's President, the transaction is
expected to close on February 28, 1997.
WesterFed Financial is the holding company for Western Federal Savings
Bank, Missoula, Montana, which operates 19 offices throughout Montana. As of
December 31, 1996, WesterFed Financial had total assets of $563.6 million, total
deposits of $343.8 million and stockholders' equity of $79.5 million. As of
December 31, 1996 Security Bancorp, holding company for Security Bank FSB, had
total assets of $377.8 million, total deposits of $290.7 million and
stockholders' equity of $33.0 million. Security Bank has 16 offices located in
12 Montana communities.
CONTACT: Dale W. Brevik, Senior Vice President/Marketing
James A. Salisbury, Treasurer/Chief Financial Officer
(406) 721-5254
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