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 20, 1997
BECKLEY BANCORP, INC
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(Exact name of Registrant as specified in its Charter)
Delaware 0-23878 55-0733525
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(State or other jurisdiction (SEC File No.) (IRS Employer
of incorporation) Identification
Number)
200 Main Street, Beckley, West Virginia 25802-1069
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(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code: (304) 252-6201
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Not Applicable
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(Former name or former address, if changed since last Report)
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CCF HOLDING COMPANY
INFORMATION TO BE INCLUDED IN REPORT
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Item 5. Other Events
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The press release filed under Item 7 of this Form 8-K provides
information concerning the execution of a non-binding letter of intent for the
acquisition of the registrant by Horizon Bancorp, Inc. The letter of intent
expires on the earlier of May 30, 1997 or the date a definitive agreement is
executed by both parties.
Item 7. Financial Statements, Pro Forma Financial Information and
Exhibits
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Exhibit 99 - Press Release dated May 19, 1997
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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.
BECKLEY BANCORP, INC.
Date: May 20, 1997 By: /s/ Duane K. Sellards
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Duane K. Sellards
President and Chief Executive Officer
Exhibit 99
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Exhibit 99
NEWS RELEASE
For release: May 19, 1997
Contacts: C. Duane Blankenship, Vice President & CFO
Horizon Bancorp, Inc.
(304) 255-7310
Duane K. Sellards, President & CEO
Beckley Bancorp, Inc.
(304) 252-6201
Horizon Bancorp and Beckley Bancorp Announce Intent to Merge
Horizon Bancorp, Inc. ("Horizon") and Beckley Bancorp, Inc. ("Beckley") jointly
announce today that they have entered into a non-binding letter of intent
providing for the acquisition of Beckley by Horizon through a merger of Beckley
into Horizon and a merger of Beckley Federal Savings Bank, a wholly owned
subsidiary of Beckley, into Bank of Raleigh, a wholly owned subsidiary of
Horizon. The joint announcement was made by Frank S. Harkins, Jr., Chairman and
CEO of Horizon and Duane K.
Sellards, President and CEO of Beckley.
Pursuant to the terms of the proposal, shareholders of Beckley will receive
Twenty Five Dollars and Sixty Four Cents ($25.64) in cash for each of the
outstanding shares of Beckley. The transaction value is approximately $16.9
million. This merger, which is an all cash transaction, will be accounted for as
a purchase transaction.
Frank S. Harkins, Jr., Chairman and CEO of Horizon, commented "Raleigh County is
the flagship market of our organization. The addition of Beckley's Harper Road
location will enhance our existing branch network. It is situated in an area
which is enjoying significant economic growth and will be strategic as we
compete with "out of area" financial service providers entering our market. We
will continue Beckley's tradition of providing quality banking services while
introducing our vast array of financial products and services and our six
convenient locations to Beckley's existing customers."
Duane K. Sellards, President and CEO of Beckley, commented "The joining of our
company with Horizon affords us a great opportunity by combining our market
share with a company that already knows our community and is committed to its
growth and development. An important factor in the decision was the similar
community banking philosophies of the two companies and the commitment to
customer service."
The transaction is subject to approval by the appropriate regulatory authorities
and the stockholders of Horizon and Beckley with an expected closing during the
third quarter of 1997.
Horizon operates five banks with twenty-one offices in West Virginia. Counties
served include Raleigh, Fayette, Greenbrier, Summers, Pocahontas, Cabell,
Lincoln, and Wayne. At March 31, 1997 Horizon had consolidated assets of $942.8
million, total loans of
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$644.2 million and deposits of $789.4 million. For the three months ended March
31, 1997 Horizon earned $3,242,000 which represents an annualized return on
average assets of 1.38% and an annualized return on average equity of 11.76%.
Horizon is a multi-bank holding company headquartered in Beckley, West Virginia.
Horizon's common stock is traded on the NASDAQ National Market System with a
ticker symbol of HZWV.
Beckley operates one bank with two offices located in Beckley, Raleigh County,
West Virginia. Horizon presently operates six offices of Bank of Raleigh; five
offices in Beckley, Sophia, and Beaver, Raleigh County, West Virginia and one
office in Oak Hill, Fayette County, West Virginia. Beckley reported total assets
of $44.6 million, total deposits of $33.0 million and total loans of $20.4
million at March 31, 1997.
