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SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 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 18, 1998
STATEFED FINANCIAL CORPORATION
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(Exact name of Registrant as specified in its Charter)
Delaware 0-22790 42-1410788
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(State or other (Commission File No. (IRS Identification No.)
jurisdiction of incorporation)
519 Sixth Avenue, Des Moines, Iowa 50309-2473
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(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code: (515) 282-0236
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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 18, 1998, the Registrant issued the attached press
release.
Items 7. Financial Statements and Exhibits
(a) Exhibit
1. Press release, dated February 18, 1998
2.
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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.
STATEFED FINANCIAL CORPORATION
Date: February 27, 1998 By:_________________________________
John F. Golden
Chief Executive Officer
3.
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EXHIBIT I
4.
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For Immediate Release
Date: February 18, 1998
For Information Contact
John F. Golden, President
at (515)282-0236
STATEFED FINANCIAL CORPORATION
ANNOUNCES STOCK REPURCHASE PROGRAM
Des Moines, Iowa, February 18, 1998- StateFed Financial Corporation, announced
its intention today to repurchase approximately 5% of its outstanding shares
in the open market over the next twelve months. The shares will be purchased
at prevailing market prices from time to time over a twelve month period
depending upon market conditions.
John F. Golden, President of the Corporation, indicated that the Board of
Directors approved the repurchase program in view of the current price level
of the Corporation's common stock and the strong capital position of the
corporation's subsidiary, State Federal Savings and Loan Association of Des
Moines. Mr. Golden stated that "we believe that the repurchase of our shares
represents an attractive investment opportunity which will benefit the
corporation and our stockholders. The repurchased shares will become treasury
shares and will be used for general corporate purposes, including the issuance
of shares in connection with the exercise of stock options."
Over the past three months, the shares traded between $14.75 and $12.50. At
December 31, 1997, the Corporation had $88,607,821 million in assets and
stockholders' equity of $15,644,409. On such date, the Corporation had
1,559,596 shares outstanding.
