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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)
April 1, 1999
WESTERFED FINANCIAL CORPORATION
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(Exact name of Registrant as specified in its Charter)
Delaware 0-22772 81-0487794
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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 April 1, 1999 the Registrant issued the press
releases attached as Exhibit 99.6.
Item 7. Financial Statements and Exhibits
(a) Exhibits
99.6 Press releases, dated April 1, 1999
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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: April 15, 1999 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 Releases dated April 1, 1999 5
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WESTERFED FINANCIAL CORPORATION ANNOUNCES
NEW PRESIDENT/CEO OF WESTERN SECURITY
Missoula, Montana - WesterFed Financial Corporation (NASDAQ NMS:WSTR),
announced today that the Board of Directors of its sole subsidiary, Western
Security Bank ( "Western Security"), has elected Ralph Holliday of Tacoma,
Washington as its new President and Chief Executive Officer.
Mr. Holliday will also serve on Western Security's Board of Directors. Mr.
Holliday has thirty-seven years experience in retail and commercial banking in
the Northwest, beginning his career in 1962 with the National Bank of Commerce
and continuing with its successors Rainier Bank and Security Pacific Bank until
1992. He then joined KeyBank and is presently Regional Vice Chairman with
responsibilities for retail banking and small business activities in eight
western districts located in Alaska, Colorado, Idaho, Oregon, Utah, and
Washington. He also serves as President for the Southern Puget Sound District of
KeyBank N.A. During much of his career, Mr. Holliday worked out of Spokane and
the Tri-Cities, managing the Eastern Washington branch system for Rainier Bank,
which included commercial, retail and agricultural lending.
Mr. Holliday is currently the President of the Washington Bankers
Association and is a director and past President of the Pacific Coast Banking
School. Holliday has been active in many civic and community organizations in
the Tacoma area and is currently on the following organization's Boards: Tacoma
Pierce County Chamber, Tacoma Executive Council, Tacoma Pierce County Economic
Development Board, the Association of Washington Business, Junior Achievement of
Greater Puget Sound, and President of the Pacific Harbor Boy Scout Council.
Ralph and wife Joann are originally from the Spokane area where they met and
married thirty six years ago. They still have a summer home there and their two
sons reside in Spokane, so moving to Missoula brings them closer to their
family.
The current President and Chief Executive Officer of Western Security,
Lyle R. Grimes, announced last October that he intended to retire by mid-year
1999, having completed forty-one years of employment with Western Security at
that time. Grimes stated, "Ralph Holliday's experience in commercial banking and
working through numerous mergers and acquisitions during his career will be very
valuable to Western Security Bank as it continues to add commercial banking
services to its basic thrift services to build its presence in the State of
Montana as a full-service community bank."
Grimes continued, "Western Security has invested in the infra-structure
that gives it the ability to grow its commercial banking capacity throughout the
branch network. Commercial banking growth efforts have been concentrated in six
of the larger cities served in Western Security's branch network, and the
results have been gratifying. Commercial loans now total $146.6 million. The
placement of Mr. Holliday with his background and experience is expected to
enhance Western Security's ability to accomplish its' goals." Grimes will remain
on the Western Security Bank Board of Directors as Chairman and also continue to
serve as President/Chief Executive Officer/Chairman of WesterFed Financial
Corporation.
WesterFed Financial Corporation's only subsidiary, Western Security
Bank, with nearly $1 billion in total assets, is Montana's largest savings bank
and operates thirty four offices in twenty Montana communities.
CONTACT: Lyle R. Grimes, President/CEO/Chairman
Dale W. Brevik, Senior Vice President/Marketing Director
WesterFed Financial Corporation
(406) 721-5254
