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): May 22, 1997
PERMANENT BANCORP, INC.
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(Exact name of registrant as specified in its charter)
Delaware 0-23370 35-1908797
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(State or other (Commission File Number) (IRS Employer
jurisdiction of Identification
incorporation) Number)
101 Southeast Third Street, Evansville, Indiana 47708
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(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code (812) 428-6800
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 22, 1997, Permanent Bancorp, Inc. issued the press release
attached hereto as Exhibit 99 announcing the increase of its cash dividend to
$.10 per share for the quarter ending June 30, 1997.
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<PAGE>
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934,
the registrant has duly caused this report to be signed its behalf by the
undersigned hereunto duly authorized.
PERMANENT BANCORP, INC.
Date: May 27, 1997 By: /s/Donald P. Weinzapfel
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Donald P. Weinzapfel
Chairman of the Board,
President and Chief
Executive Officer
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Exhibit 99
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<PAGE>
Permanent
Bancorp, Inc., Holding Company for Permanent Federal Savings Bank
NEWS RELEASE
Donald P. Weinzapfel
Chairman of the Board, FOR IMMEDIATE RELEASE
President & Chief ---------------------
Executive Officer May 22, 1997
Permanent Bancorp, Inc.
101 S.E. Third Street FOR FURTHER INFORMATION
Evansville, IN 47708 -----------------------
812/428-6800 Carl E. Root
812/428-6804
PERMANENT BANCORP, INC. ANNOUNCES INCREASE IN CASH DIVIDEND
EVANSVILLE, INDIANA (NASDAQ--"PERM")--Permanent Bancorp, Inc., parent
corporation of Permanent Federal Savings Bank, has announced that the Company
will increase its cash dividend to $.10 per share for the quarter ending June
30, 1997. The Company's Board of Directors made the announcement at its May 20,
1997 meeting. The cash dividend represents a 33% increase over the $.075 per
share cash dividend paid during the fiscal year ended March 31, 1997 and
represents the second consecutive hike from the initial dividend of $.05 per
share paid during the fiscal year 1996.
The announced increase in the dividend comes on the heels of the
Company's annual earnings report which highlighted a 90% increase in annual
earnings before a one-time industry-wide assessment by the Savings Association
Insurance Fund ("SAIF") of the Federal Deposit Insurance Corporation ("FDIC").
In addition to the dividend announcement, the Company also stated plans
to recommence the previously disclosed stock repurchase program where 5%, or
approximately 107,000 of the outstanding shares were to be reacquired in open
market transactions.
Permanent Bancorp, Inc., at March 31, 1997, had assets of $423.8
million and deposits of $280.8 million.
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