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) September 15, 2000
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NORTH BANCSHARES, INC.
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(Exact name of registrant as specified in its Charter)
Delaware 0-22800 36-3915073
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(State or other (commission file number) (IRS Employer
jurisdiction of Identification
incorporation) number)
100 West North Avenue, Chicago, Illinois 60610
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(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code: (312) 664-4320
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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 September 15, 2000, the Registrant issued the attached press release.
Item 7. Financial Statements and Exhibits
(a) Exhibits
1. Press Release, dated September 15, 2000, regarding the completion
of a stock repurchase program and the beginning of a new stock
repurchase program.
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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 hereunto duly authorized.
NORTH BANCSHARES, INC.
(Registrant)
Date: September 15, 2000 /S/ Joseph A. Graber
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Joseph A. Graber
President and
Chief Executive Officer
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EXHIBIT
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NORTH BANCSHARES, INC. NEWS
100 West North Avenue, Chicago, Illinois 60610 312-664-4320
RELEASE: IMMEDIATELY
CONTACT: Joseph A. Graber or Victor E. Caputo or Martin W. Trofimuk
(312) 664-4320
NORTH BANCSHARES, INC.
ANNOUNCES
COMPLETION OF STOCK REPURCHASE PROGRAM AND
NEW REPURCHASE PROGRAM
CHICAGO, IL, SEPTEMBER 15, 2000,- North Bancshares, Inc.,(NASDAQ-NBSI),
the holding company for North Federal Savings Bank, today announced the
completion of the current stock repurchase program which began on January 26,
2000 and the initiation of a new stock repurchase program. The new program will
amount to 50,000 shares of common stock, or approximately 4.2% 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 1,191,942 shares outstanding.
Joseph A. Graber, President and Chief Executive Officer commented.
"During the past eighteen months, approximately 28,000 option shares
have been 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
repurchase programs have returned approximately $13.0 million to the Company's
shareholders during the last six 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 Bancshares, 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 48
consecutive quarters, the bank has received a five-star superior rating for
safety from Bauer Financial Reports, Inc., and is rated 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 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 any
obligation -- 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.
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