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 4, 1999
POINTE FINANCIAL CORPORATION
(Exact name of registrant as specified in its charter)
FLORIDA 0-24433 65-0451402
(State or other jurisdiction of (Commission File Number) (I.R.S. Employer
incorporation) Identification No.)
21845 Powerline Road
Boca Raton, FL 33433
Address of principal executive (Zip Code)
Offices
Registrant's telephone number, including area code: (561)368-6300
(NOT APPLICABLE)
(Former name of former address, if changed since last report)
<PAGE>
ITEM 5. OTHER EVENTS.
On May 4, 1999, the Board of Directors of Pointe Financial Corporation adopted a
dividend policy, a dividend of $0.05 per share on its common stock for the
quarter ended March 31, 1999, and approved a stock repurchase program for up to
$2,000,000. The press release announcing the dividend policy and the repurchase
program is attached hereto as an exhibit.
ITEM 7. FINANCIAL STATEMENTS AND EXHIBITS.
(c) The following exhibits are filed with this report:
99.1 Press Release, dated May 5, 1999, issued by Pointe
Financial Corporation.
SIGNATURE
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.
POINTE FINANCIAL CORPORATION
By: /s/ Bradley R. Meredith
------------------------
Bradley R. Meredith
Chief Financial Officer
(Principal Financial and Accounting
Officer)
Dated: May 6, 1999
<PAGE>
EXHIBIT INDEX
EXHIBIT DESCRIPTION
- ------- -----------
99.1 Press Release, dated May 5, 1999
Pointe Financial Corporation
May 5, 1999:
RELEASE DATE: Immediate
(Nasdaq: PNTE)
POINTE FINANCIAL CORPORATION REPORTS
STOCK REPURCHASE AND DIVIDEND PAYMENT
BOCA RATON, Florida - May 5, 1999 - The Board of Directors of Pointe Financial
Corporation has authorized a program to repurchase shares of its Common Stock
and has allocated $2 million to the program. Management was granted authority to
make purchases in the open market as conditions warrant.
R. Carl Palmer, Jr., President and Chief Executive Officer of the company
commented, "We believe that the Company's stock, at its current valuation,
represents an attractive investment opportunity at this time. The buy-back
program reflects the Company's confidence in its business. The Company believes
that its strong financial position gives it the ability to comfortably
repurchase the amounts authorized under the buy-back".
Pointe also announced today that its Board of Directors has adopted a dividend
policy. As a guideline under the policy, Pointe intends to pay quarterly
dividends based on an annual dividend of 20 to 30% of expected earnings.
Pursuant to this newly adopted policy, the Board of Directors declared a five
cent ($.05) cash dividend based on results of the quarter ending March 31, 1999.
The Board approved payment of dividends on June 1, 1999, to shareholders of
record as of May 15, 1999. The payment of future cash dividends will be at the
discretion of the Board of Directors and will depend on the Company's operating
results, financial condition, tax considerations and other factors.
Pointe Financial Corporation is a holding company which owns Pointe Bank, a
community bank, which has four branch offices located in Miami-Dade County,
Broward County and Palm Beach County. At the close of business on May 4, 1999,
Pointe's common stock closed at $10.375. Pointe currently has approximately
2,310,593 shares outstanding.
For further information contact: R. Carl Palmer, Jr., President and Chief
Executive Officer, or Bradley R. Meredith, Chief Financial Officer, of Pointe
Financial Corporation, phone: (561) 368- 6300.
