<PAGE>
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)
January 29, 1999
WESTERFED FINANCIAL CORPORATION
-------------------------------------------------------------------------------
(Exact name of Registrant as specified in its Charter)
Delaware 0-22772 81-0487794
- --------------------------------------------------------------------------------
(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
- --------------------------------------------------------------------------------
(Former name or former address, if changed since last report)
<PAGE>
Item 5. Other Events
On January 29, 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 January 29, 1999
<PAGE>
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 1, 1999 By: /s/ Lyle R. Grimes
---------------- ---------------------------------
Lyle R. Grimes
President/Chief Executive Officer
<PAGE>
Index to Exhibits
Sequentially
Numbered Page
Where Attached
Exhibit Exhibits
Number are located
------ -----------
99.6 Press Releases dated January 29, 1999 5
<PAGE>
CONSOLIDATED BALANCE SHEETS
WESTERFED FINANCIAL CORPORATION AND SUBSIDIARIES
(Dollars in thousands, except per share data)
<TABLE>
<CAPTION>
(Unaudited)
December 31, June 30,
1998 1998
------------ --------
ASSETS
<S> <C> <C>
Cash and due from banks $ 24,294 $ 19,440
Interest-bearing due from banks 15,340 9,628
--------- ----------
Cash and cash equivalents 39,634 29,068
Interest-bearing deposits 1,885 100
Investment securities available-for-sale 86,210 108,511
Investment securities, at amortized cost (estimated market value
of $12,330 at Dec. 31, 1998 and $16,974 at June 30, 1998) 12,225 16,847
Stock in Federal Home Loan Bank of Seattle, at cost 14,086 13,560
Mortgage-backed securities available-for-sale 17,499 24,135
Mortgage-backed securities, at amortized cost (estimated market value
of $94,541 at Dec. 31, 1998 and $104,962 at June 30, 1998) 92,048 102,298
Loans available-for-sale 8,881 6,922
Loans receivable, net 631,271 650,371
Accrued interest receivable 6,830 7,778
Premises and equipment, net 29,670 30,089
Core deposit intangible 4,105 4,518
Goodwill 15,429 15,762
Cash surrender value of life insurance policies 6,848 6,705
Other assets 3,960 5,472
--------- ----------
Total assets $ 970,581 $1,022,136
========= ==========
LIABILITIES AND STOCKHOLDERS' EQUITY
Liabilities:
Deposits $ 651,772 $ 636,441
Repurchase agreements 7,211 6,233
Borrowed funds 201,869 248,953
Advances from borrowers for taxes and insurance 3,208 4,052
Income taxes - current and deferred 2,451 2,289
Accrued interest payable 5,624 4,480
Accrued expenses and other liabilities 7,812 9,988
--------- ----------
Total liabilities 879,947 912,436
--------- ----------
Stockholders' Equity:
Preferred stock, $.01 par value, 5,000,000 shares authorized;
none outstanding -- --
Common stock, $.01 par value, 10,000,000 shares authorized;
4,511,507 shares outstanding at Dec. 31, 1998, and
5,585,303 outstanding at June 30, 1998 56 56
Paid-in capital 69,169 68,923
Common stock acquired by ESOP/RRP (2,347) (2,520)
Treasury stock, at cost (25,265) (3,461)
Net unrealized gain on securities available-for-sale 87 23
Retained earnings 48,934 46,679
--------- ----------
Total stockholders' equity 90,634 109,700
--------- ----------
Total liabilities and stockholders' equity $ 970,581 $1,022,136
========= ==========
Book value per share $ 20.09 $ 19.64
========= ==========
Tangible book value per share $ 15.76 $ 16.01
========= ==========
</TABLE>
<PAGE>
CONSOLIDATED STATEMENTS OF INCOME
WESTERFED FINANCIAL CORPORATION AND SUBSIDIARIES
(Dollars in thousands, except per share data)
<TABLE>
<CAPTION>
(Unaudited) (Unaudited)
Three Months Ended Six Months Ended
December 31, December 31,
1998 1997 1998 1997
---------- ----------- ---------- ----------
<S> <C> <C> <C> <C>
Interest income:
Loans receivable $ 13,604 $ 14,211 $ 27,670 $ 28,018
Mortgage-backed securities available-for-sale 272 540 627 1,119
Mortgage-backed securities 1,588 1,950 3,293 3,940
Investment securities available-for-sale 1,797 1,203 3,666 2,421
Investment securities 214 612 471 1,127
Interest-bearing deposits 273 167 361 310
Other 80 81 160 158
---------- ---------- ---------- ----------
Total interest income 17,828 18,764 36,248 37,093
---------- ---------- ---------- ----------
Interest expense:
NOW and money market demand 792 847 1,673 1,664
Savings 557 671 1,177 1,361
Certificates of deposit 5,312 5,468 10,738 10,859
Advances from FHLB - Seattle and other borrowed funds 3,204 3,665 6,842 7,099
---------- ---------- ---------- ----------
Total interest expense 9,865 10,651 20,430 20,983
---------- ---------- ---------- ----------
Net interest income 7,963 8,113 15,818 16,110
Provision for loan losses 270 256 510 420
---------- ---------- ---------- ----------
Net interest income after provision for loan losses 7,693 7,857 15,308 15,690
---------- ---------- ---------- ----------
Non-interest income:
Loan origination fees on loans sold 742 476 1,429 1,004
Service fees 1,180 1,161 2,392 2,286
Net gain on sale of loans and securities available-for-sale 325 267 581 489
Other 130 91 302 179
---------- ---------- ---------- ----------
Total non-interest income 2,377 1,995 4,704 3,958
---------- ---------- ---------- ----------
Non-interest expenses:
Compensation and employee benefits 3,234 2,978 6,592 6,448
Net occupancy expense of premises 519 532 1,035 1,064
Equipment and furnishings expense 542 381 1,095 770
Data processing expense 402 396 815 776
Federal insurance premium 83 90 171 180
Intangibles amortization 373 331 746 662
Marketing and advertising 219 106 373 362
Other 1,613 1,601 3,127 3,006
---------- ---------- ---------- ----------
Total non-interest expense 6,985 6,415 13,954 13,268
---------- ---------- ---------- ----------
Income before income taxes 3,085 3,437 6,058 6,380
Income taxes 1,256 1,339 2,475 2,473
---------- ---------- ---------- ----------
Net income $ 1,829 $ 2,098 $ 3,583 $ 3,907
========== ========== ========== ==========
Net income per share:
Basic $ 0.35 $ 0.40 $ 0.67 $ 0.74
========== ========== ========== ==========
Diluted $ 0.33 $ 0.37 $ 0.64 $ 0.70
========== ========== ========== ==========
Dividends per share $ 0.140 $ 0.120 $ 0.275 $ 0.235
========== ========== ========== ==========
Dividend payout ratio - basic 40.00% 30.00% 41.04% 31.76%
========== ========== ========== ==========
Average common and common equivalent shares outstanding:
Basic 5,294,511 5,300,264 5,332,611 5,292,615
========== ========== ========== ==========
Diluted 5,565,944 5,621,237 5,620,681 5,610,129
========== ========== ========== ==========
</TABLE>
<PAGE>
WESTERFED FINANCIAL CORPORATION AND SUBSIDIARIES
Selected Financial Ratios and Other Data:
<TABLE>
<CAPTION>
(Unaudited) (Unaudited)
Three Months Ended Six Months Ended
December 31, December 31,
----------------------- ------------------------
1998 1997 1998 1997
------ ------ ------ ------
<S> <C> <C> <C> <C>
Performance Ratios:
Return on assets (ratio of net income to average total assets) (1) 0.74% 0.83% 0.72% 0.78%
Return on equity (ratio of net income to average equity) (1) 6.97 7.81 6.63 7.33
Interest rate spread information:
Average during period 3.28 3.22 3.21 3.23
End of period 3.21 3.14 3.21 3.14
Net interest margin (1) (2) 3.51 3.48 3.45 3.49
Ratio of non-interest expense to average total assets (1) 2.82 2.52 2.79 2.64
Asset Quality Ratios:
Non-performing assets to total assets, at end of period 0.47 0.38 0.47 0.38
Total allowance for loan losses to total non-performing
assets (3) 105.78 126.04 105.78 126.04
Capital Ratios:
Stockholders' equity to total assets, at end of period 9.34 10.40 9.34 10.40
Tangible stockholders' equity to tangible assets, at end of period 7.48 8.62 7.48 8.62
Ratio of average interest-earning assets to average
interest-bearing liabilities 105.12 105.67 105.60 105.85
- -----------------------------------------------------------------------------------------------------------------------------------
</TABLE>
(1) Annualized
(2) Net interest income divided by average interest-earning assets
(3) Includes non-performing and foreclosed assets
<PAGE>
WESTERFED FINANCIAL CORP
<TABLE>
<CAPTION>
(Unaudited)
---------------------------------------- -----------------------------------------
DECEMBER 31, 1998 - QTD DECEMBER 31, 1997 - QTD
---------------------------------------- ----------------------------------------
Average Interest Average Interest
Outstanding Earned/ Yield/ Outstanding Earned/ Yield/
Balance (5) Paid Rate Balance (5) Paid Rate
---------------------------------------- ----------------------------------------
INTEREST EARNING ASSETS: (Dollars in Thousands)
<S> <C> <C> <C> <C> <C>
Loans receivable (1) (2) $642,972 $13,604 8.46% $666,589 $14,211 8.53%
Mortgage-backed securities (2) 112,678 1,860 6.60% 144,993 2,490 6.87%
Investments (2) 124,358 2,011 6.47% 107,738 1,815 6.74%
Other interest-earning assets (3) 21,241 273 5.14% 6,131 167 10.90%
Cash surrender value of life insurance 6,824 80 4.69% 6,522 81 4.97%
--------------------------------------- ---------------------------------------
Total Interest-Earning Assets 908,073 17,828 7.85% 931,973 18,764 8.05%
======================================= =======================================
INTEREST-BEARING LIABILITIES:
Certificates of deposits 376,463 5,312 5.64% 378,825 5,468 5.77%
Savings accounts 90,831 557 2.45% 97,108 671 2.76%
Demand and now accounts 116,539 205 0.70% 108,517 322 1.19%
Money market accounts 60,763 587 3.86% 52,213 525 4.02%
--------------------------------------- ---------------------------------------
Total deposits 644,596 6,661 4.13% 636,663 6,986 4.39%
FHLB advances and other borrowed money 219,277 3,204 5.84% 245,277 3,665 5.98%
--------------------------------------- ---------------------------------------
Total Interest-Bearing Liabilities 863,873 9,865 4.57% 881,940 10,651 4.83%
======================================== ========================================
Net interest income $7,963 $8,113
======= =======
Net interest rate spread 3.28% 3.22%
====== ======
Net interest earning assets $44,200 $50,033
======== ========
Net interest margin (4) 3.51% 3.48%
====== ======
Average interest-earning assets
to average interest-bearing liabilities 105.12% 105.67%
======= =======
</TABLE>
<PAGE>
(RESTUBBED TABLE)
<TABLE>
<CAPTION>
(Unaudited)
--------------------------------------- -------------------------------------------
DECEMBER 31, 1998 - YTD DECEMBER 31, 1997 - YTD
--------------------------------------- -------------------------------------------
Average Interest Average Interest
Outstanding Earned/ Yield/ Outstanding Earned/ Yield/
Balance (5) Paid Rate Balance (5) Paid Rate
--------------------------------------- -------------------------------------------
INTEREST EARNING ASSETS: (Dollars in Thousands)
<S> <C> <C> <C>
Loans receivable (1) (2) $650,235 $27,670 8.51% $657,501 $28,018 8.52%
Mortgage-backed securities (2) 116,978 3,920 6.70% 148,060 5,059 6.83%
Investments (2) 128,496 4,137 6.44% 103,762 3,548 6.84%
Other interest-earning assets (3) 13,163 361 5.49% 7,504 310 8.26%
Cash surrender value of life insurance 6,789 160 4.71% 6,439 158 4.91%
-------------------------------------- -------------------------------------------
Total Interest-Earning Assets $915,659 $36,248 7.92% 923,265 37,093 8.04%
====================================== ===========================================
INTEREST-BEARING LIABILITIES:
Certificates of deposits $377,251 $10,738 5.69% 377,265 10,859 5.76%
Savings accounts 91,179 1,177 2.58% 98,921 1,361 2.75%
Demand and now accounts 112,876 491 0.87% 105,947 640 1.21%
Money market accounts 59,213 1,182 3.99% 51,069 1,024 4.01%
-------------------------------------- -------------------------------------------
Total deposits 640,519 13,588 4.24% 633,202 13,884 4.39%
FHLB advances and other borrowed money 226,623 6,842 6.04% 239,038 7,099 5.94%
-------------------------------------- -------------------------------------------
Total Interest-Bearing Liabilities $867,140 $20,430 4.71% 872,240 20,983 4.81%
====================================== ===========================================
Net interest income $15,818 $16,110
======= =======
Net interest rate spread 3.21% 3.23%
====== ======
Net interest earning assets $48,519 $51,025
======== ========
Net interest margin (4) 3.45% 3.49%
====== ======
Average interest-earning assets
to average interest-bearing liabilities 105.60% 105.85%
======= =======
</TABLE>
(1) Calculated net of deferred loan fees, loan discounts, loans in process and
loss reserves
(2) Includes held and available for sale categories
(3) Includes primarily short term liquid assets
(4) Net interest income divided by average interest earning assets
(5) Based on average monthly balances
<PAGE>
WESTERFED FINANCIAL CORPORATION
Non-Performing Assets
<TABLE>
<CAPTION>
(Unaudited)
December 31, June 30,
1998 1998
- ---------------------------------------------------------------------------------------------
(In Thousands)
<S> <C> <C>
Non-accruing loans:
Real Estate:
One-to-four family $1,164 $1,967
Multi-family - 89
Nonresidential property (except land) 11 35
Land 35 -
Construction 112 362
Agriculture 221 -
Commercial - non real estate 107 32
Consumer 1,455 1,504
- ---------------------------------------------------------------------------------------------
Total 3,105 3,989
- ---------------------------------------------------------------------------------------------
Accruing loans delinquent 90 days or more:
Real Estate:
One-to-four family 725 442
Multi-family - -
Nonresidential property (except land) - -
Construction - -
Agriculture - -
Commercial - non real estate - 10
Consumer 242 174
- ---------------------------------------------------------------------------------------------
Total 967 626
- ---------------------------------------------------------------------------------------------
Foreclosed assets:
Real Estate:
One-to-four family 234 279
Multi-family - -
Commercial - -
Land 26 28
Construction - -
Consumer 249 114
- ---------------------------------------------------------------------------------------------
Total 509 421
- ---------------------------------------------------------------------------------------------
Total non-performing assets $4,581 $5,036
=============================================================================================
</TABLE>
<PAGE>
WESTERFED FINANCIAL CORPORATION
Allowance for Loan Losses
<TABLE>
<CAPTION>
(Unaudited) (Unaudited)
For the Three Month For the Six Month
Period Ended Period Ended
December 31, December 31,
----------------------- ----------------------
1998 1997 1998 1997
------ ------ ------ ------
(In Thousands) (In Thousands)
----------------------- ----------------------
<S> <C> <C> <C> <C>
Balance at beginning of period................................. $4,880 $4,743 $4,907 $4,651
------ ------ ------ ------
Charge-Offs:
Real Estate:
One- to four-family..................................... (130) -- (130) --
Commerical.............................................. -- -- -- --
Other:
Commerical.............................................. (45) -- (48) --
Consumer................................................ (152) (72) (438) (153)
------ ------ ------ ------
Total charge-offs.............................................. (327) (72) (616) (153)
------ ------ ------ ------
Recoveries:
Other:
Commerical.............................................. -- 3 -- 3
Consumer................................................ 23 12 45 21
------ ------ ------ ------
Total recoveries............................................... 23 15 45 24
------ ------ ------ ------
Net charge-offs................................................ (304) (57) (571) (129)
------ ------ ------ ------
Provisions charged to operations............................... 270 256 510 420
Reserves acquired.............................................. -- -- -- --
------ ------ ------ ------
Balance at end of period....................................... $4,846 $4,942 $4,846 $4,942
====== ====== ====== ======
Ratio of net charge-offs during the period to average loans
outstanding during the period........................... 0.05% 0.01% 0.09% 0.02%
====== ====== ====== ======
Ratio of net charge-offs during the period to average non-
performing assets during the period..................... 6.23% 1.43% 11.70% 3.23%
====== ====== ====== ======
Ratio of allowance for loan losses to net loans before
allowance............................................... 0.75% 0.73% 0.75% 0.72%
====== ====== ====== ======
</TABLE>
<PAGE>
EXHIBIT 99.6
WESTERFED FINANCIAL CORPORATION ANNOUNCES
CORRECTION TO PRESS RELEASE OF JANUARY 20, 1999
Missoula, Montana -- January 29, 1999 -- WesterFed Financial
Corporation (NASDAQ - WSTR), the holding company for Western Security Bank,
today announced that earnings per share for the second quarter ended December
31, 1998 has been revised from $0.35 per share to $0.33 per share and earnings
per share for the six month period ended December 31, 1998 has been revised from
$0.65 per share to $0.64 per share. This revision is based on a change in the
calculation of shares outstanding for the periods based on an average daily
balance method as compared to an average monthly basis as previously reported.
Because 1,082,854 shares were repurchased on December 24, 1998 the calculation
of shares outstanding on an average daily basis results in more shares
outstanding during the periods as compared to an average monthly calculation.
Because the 1,082,854 shares represent 19.4% of WesterFed Financial
Corporation's 5,594,361 outstanding shares of common stock prior to the
repurchase of shares, the full impact of the reduced number of shares will not
be reflected on quarterly earnings per share calculations until the quarter
ending March 31, 1999 where approximately 4,595,000 shares will be outstanding
for diluted earnings per share calculations for the quarter.
CONTACT: Dale W. Brevik, Senior Vice President/Marketing
James A. Salisbury, Executive Vice President/Treasurer/
Chief Financial Officer
(406) 721-5254
<PAGE>
WESTERFED FINANCIAL CORPORATION ANNOUNCES
SECOND QUARTER EARNINGS
Missoula, Montana -- January 20, 1999 -- WesterFed Financial
Corporation (the "Company") (NASDAQ - WSTR), the holding company for Western
Security Bank (the "Bank"), announced earnings for the second quarter ended
December 31, 1998 of $1.8 million, or $0.35 per share, as compared to $2.1
million, or $0.37 per share for the same period last year. Earnings for the six
month period ended December 31, 1998 were $3.6 million, or $0.65 per share as
compared to $3.9 million, or $0.70 per share, for the same six month period last
year. All per share amounts are diluted earnings per share as calculated under
SFAS No. 128.
The Company also announced it will pay a regular cash dividend of $0.14
per share for the quarter ended December 31, 1998 payable on February 24, 1999
to stockholders of record on February 10, 1999. The regular quarterly cash
dividend of $0.14 represents an increase of 3.7% over the prior quarter's
regular cash dividend of $0.135 per share. The Company has increased normal cash
dividends every quarter since becoming a public company.
President/Chief Executive Officer Lyle R. Grimes stated, "Even though
the $1.8 million of earnings reported are the same as the prior quarter ended
September 30, 1998, the current quarter includes expenses incurred related to
the testing of the year 2000 issues. These costs, along with additional
professional fees, were approximately $200,000 for the quarter just ended. The
Bank has spent a considerable amount of time and money testing critical
applications that may be affected by the year 2000 issue. Mortgage loan
refinance activity continues to remain strong resulting in $1.1 million of loan
origination fees and gains on sale of loans available-for-sale during the
quarter ended December 31, 1998. Because of the interest rate risk incurred with
long term lending in the current low interest rate environment, such
originations (generally thirty year) are currently being sold to the secondary
market so that one-to-four family loans decreased $24.5 million during the
fiscal year. In addition, increased prepayments on mortgage-backed securities
and investment securities resulted in an additional decrease of $35.7 million in
mortgage-backed securities and investment securities. With the current low
interest rate environment management has decided not to reinvest these proceeds
at this time and instead has used the proceeds to pay down borrowed funds of
$46.1 million and to repurchase $21.8 million of common stock . Even though the
total loan portfolio has decreased $17.1 million during this fiscal year, as a
<PAGE>
result of a decrease in the one- to four-family loans, we are pleased that
higher yielding consumer and commercial loans increased $7.4 million, helping
the Bank to increase its interest rate spread to 3.2% at December 31, 1998 from
2.99% at June 30, 1998. In addition, the lower interest rate environment has
allowed the Bank to reduce its cost of funds to 4.43% at December 31, 1998 from
4.79% at June 30, 1998."
Grimes further stated, "On December 28, 1998 we announced the
successful completion of the repurchase of 1,082,854 shares of common stock at
$20.00 per share resulting in a decrease in stockholder's equity of $21.8
million. We are very pleased that this represents 98.4% of the 1,100,000 shares
we wanted to repurchase. Given the current interest rate environment and
resulting cash inflows from loan and investment pay downs we believe that this
was a good use of excess liquidity at this time and should enhance shareholder
value in the future."
Total assets decreased $51.4 million to $970.6 million at December 31,
1998 as compared to $1.022 billion at June 30, 1998. Total loans decreased $17.1
million to $640.2 million at December 31, 1998 as compared to $657.3 million at
June 30, 1998. Mortgage-backed securities decreased $16.9 million to $109.5
million at December 31,1998 from $126.4 million at June 30, 1998 and investment
securities, Federal Home Loan Bank stock and all other interest earning
investments decreased $18.8 million to $136.6 million at December 31, 1998 from
$155.4 million at June 30, 1998. These decreases in assets were partially offset
by a decrease in borrowed funds of $46.1 million to $209.1 million at December
31, 1998 from $255.2 million at June 30, 1998 and a decrease in stockholder's
equity of $19.1 million. Total deposits increased $15.4 million to $651.8
million at December 31, 1998 as compared to $636.4 million at June 30, 1998.
Net income decreased to $1.8 million for the quarter ended December 31,
1998 from $2.1 million for the same period last year due primarily to an
increase in non-interest expense. Net interest income before provision for loan
losses for the quarter ended December 31, 1998 decreased $100,000 to $8.0
million as compared to $8.1 million over the same period last year. Total
non-interest income increased $400,000 to $2.4 million during the quarter ended
December 31, 1998 from $2.0 million during the same period last year.
Non-interest expenses increased $600,000 to $7.0 million for the quarter ended
December 31, 1998 from $6.4 million for the same period last year.
<PAGE>
Net income decreased $300,000 to $3.6 million for the six month period
ended December 31, 1998 from $3.9 million for the same period last year. Net
interest income before provision for loan losses for the six month period ended
December 31, 1998 decreased $300,000 to $15.8 million, from $16.1 million for
the same period last year. Total non-interest income increased $700,000 to $4.7
million during the six month period ended December 31, 1998 from $4.0 million
during the same period last year.
Non-interest expenses increased $700,000 to $14.0 million for the six
month period ended December 31, 1998 from $13.3 million for the same period last
year. Non-performing assets decreased $400,000 to $4.6 million at December 31,
1998, from $5.0 million at June 30, 1998, due primarily to a $520,000 decrease
in one-to-four family non-performing loan balances. Nonperforming assets as a
percentage of total assets decreased to 0.47% at December 31, 1998 from 0.49% at
June 30, 1998. The 0.47% is substantially less than the national composite for
thrifts of 0.80% at September 30, 1998, which is the latest available
information as reported by the Office of Thrift Supervision. The ratio of
allowance for loan losses to non-performing assets increased to 119.01% at
December 31, 1998 from 104.79% at September 30, 1998 and 106.33% at June 30,
1998.
The Bank has entered into an agreement with INVEST Financial
Corporation to provide full service brokerage and investment services to
customers in Western Security locations in Montana. The Bank's relationship with
INVEST is through Western Security Investment Services, Inc., which is a
subsidiary of the Bank. Currently, the Bank has INVEST centers in Billings and
Missoula.
WesterFed Financial Corporation's only subsidiary, Western Security
Bank , which is Montana's largest savings bank, operates thirty four offices in
twenty Montana communities.
CONTACT: Dale W. Brevik, Senior Vice President/Marketing
James A. Salisbury, Executive Vice President/Treasurer/
Chief Financial Officer
(406) 721-5254