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)
June 2, 1999
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 May 24, 1999, the Registrant issued the attached press release.
Items 7. Financial Statements and Exhibits
(a) Exhibit
99 -- Press release, dated May 24, 1999
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: June 2, 1999 By: /s/ John F. Golden
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John F. Golden
Chief Executive Officer
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Exhibit 99
STATEFED FINANCIAL CORPORATION
519 Sixth Avenue
Des Moines, Iowa 50309
FOR MORE INFORMATION FOR IMMEDIATE RELEASE
Contact John F. Golden, President Date: May 24, 1999
and Chief Executive Officer
at (515) 282-0236
STATEFED FINANCIAL CORPORATION
ANNOUNCES STOCK REPURCHASE AND DECLARES CASH DIVIDEND
DES MOINES, IOWA - May 24, 1999 StateFed Financial Corporation, parent
corporation of State Federal Savings and Loan Association of Des Moines,
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 $9.00 and $12.50. As of
May 24, 1999, the Corporation has 1,549,004 shares outstanding.
StateFed Financial Corporation also announced today that the Corporation will
pay a regular cash dividend of $.075 (7 1/2 cents) per share for the fourth
quarter of 1999. The dividend will be payable on July 9, 1999 to shareholders of
record on June 30, 1999.
State Federal serves central Iowa through its two offices located in Des Moines,
Iowa. At May 24, 1999 State Federal exceeded all applicable regulatory capital
requirements on a fully-phased in basis.
The Corporation had $90.7 million in assets and $16.3 million in stockholders'
equity as of March 31, 1999. The Corporation's stock is traded on the NASDAQ
System under the symbol "SFFC".
