UNITED STATES
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) January 26, 1999
NORTH BANCSHARES, INC.
(Exact name of Registrant as specified in its Charter)
Delaware 0-22800 36-3915073
(State or other (commission file number) (IRS Employer
jurisdiction of Identification
incorporation) number)
100 West North Avenue, Chicago, Illinois 60610
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code: (312) 664-4320
N/A
Former name or former address, if changed since last report)
Item 5. Other Events
On January 26, 1999, the Registrant issued the attached press
release.
Item 7. Financial Statements and Exhibits
(a) Exhibits
1. Press release, dated January 26, 1999, regarding the completion of
a stock repurchase program and the beginning of a new stock
repurchase program.
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 hereunto duly authorized.
NORTH BANCSHARES, INC.
(Registrant)
Date: January 26, 1999 /S/ Joseph A. Graber
----------------------
Joseph A. Graber
President
EXHIBIT
NORTH BANCSHARES, INC NEWS RELEASE
RELEASE: IMMEDIATELY
CONTACT: Joseph A. Graber or Victor E. Caputo
(312) 664-4320
NORTH BANCSHARES, INC.
ANNOUNCES
COMPLETION OF ELEVENTH STOCK REPURCHASE PROGRAM AND
BEGINNING OF TWELFTH REPURCHASE PROGRAM
CHICAGO, IL, JANUARY 26, 1999, - North Bancshares, Inc., (NASDAQ-NBSI),
the holding company for North Federal Savings Bank, today announced the
completion of its eleventh stock repurchase program and the initiation of its
twelfth stock repurchase program. The new program will amount to 50,000
shares of common stock, or approximately 4.0% of the outstanding shares, and
will be conducted in open market transactions or in privately negotiated
transactions, and is expected to be completed over a period of one year. The
Company currently has 1,260,666 shares outstanding.
Joseph A. Graber, President and Chief Executive Officer commented.
"During 1998, approximately 62,000 option shares were exercised by our
officers and directors. Our ongoing stock repurchase programs have
effectively offset the dilutive effect of the options that were exercised and
in the process helped us to improve our earnings per share. These programs
have returned $10.7 million to the Company's shareholders during the last
five years. We continue to believe that stock repurchase programs are an
effective way to manage excess capital, improve earnings per share and
enhance shareholder value."
North Banchsares, Inc. is the holding company for North Federal Savings
Bank. Its common stock is traded on the Nasdaq Stock Market under the symbol
"NBSI." North Federal has served the north side of Chicago from its home
office in Old Town since 1886. It also operates a branch office in Wilmette,
Il. For 41 consecutive quarters, the bank has received a five-star superior
rating for saftey from Bauer rinancial reports, Inc., and is rated as one of
the best in the nation by Sheshunoff Information Services, Inc. North Federal
is proud to support local service and non-profit organizations. Its
executives serve on the boards of Lincoln Park Chamber of Commerce, Old Town
Chamber of Commerce, Friends of the Near North Library and the Human Capital
Council. Further information is available on its website at www.northfederal.
com including prior press releases, SEC filings company history, and current
products, services and interest rates.
When used in this press release the words or phrases "will likely result
", "are expected to", "will continue", "is anticipated", "estimate", "project"
or similar expressions are intended to identify "forward-looking statements"
within the meaning of the Private Securities Litigation Reform Act of 1995.
The Company wishes to caution readers not to place undue reliance on any such
forward-looking statements which speak only as of the date made. The Company
wishes to advise readers that the factors listed above could affect the
Company's financial performance.
The Company does not undertake -- and specifically disclaims -- to
publicly release the results of any revisions which may be made to any forward
- -looking statements to reflect events or circumstances after the date of such
statements or to reflect the occurrence of anticipated or unanticipated events.
