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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
October 26, 1998
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(Date of earliest event reported)
Enterprise Federal Bancorp, Inc.
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(Exact name of registrant as specified in its charter)
Ohio 0-24694 31-1396726
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(State or other jurisdiction (Commission File Number) (IRS Employer
of incorporation) Identification No.)
7810 Tylersville Square Drive, West Chester, Ohio 45069
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(Address of principal executive offices) (Zip Code)
(513) 755-4600
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(Registrant's telephone number, including area code)
Not Applicable
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(Former name, former address and former fiscal year, if changed since last
report)
Exhibit Index appears on page 3.
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Item 2. Acquisition or Disposition of Assets
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On October 26, 1998, Enterprise Federal Savings Bank (the "Bank"), the
wholly-owned subsidiary of Enterprise Federal Bancorp, Inc. (the "Company")
completed the acquisition (the "Acquisition") of $72.4 million of deposits
associated with three branch offices of Cornerstone Bank ("Cornerstone"), a
subsidiary of Western Ohio Financial Corp. ("Western Ohio"). In addition,
the Bank acquired the building and real estate associated with Cornerstone's
former branch located at 8370 Colerain Avenue, Cincinnati, Ohio. The Bank
paid a weighted average premium of 6.2% for the acquired deposits. Other
than the Acquisition, there is no material relationship between the Company,
the Bank and Cornerstone or Western Ohio.
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Item 7. Financial Statements, Pro Forma Financial Information and Exhibits
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The following exhibits are filed with this report:
Exhibit Number Description
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99.1 Press Release issued on October
27, 1998 with respect to the
Acquisition
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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 thereunto duly authorized.
ENTERPRISE FEDERAL BANCORP, INC.
Date: November 25, 1998 By: /s/ Thomas J. Noe
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Thomas J. Noe
Vice President and Chief
Financial Officer
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EXHIBIT INDEX
Exhibit Number Description
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99.1 Press Release issued on October
27, 1998 with respect to the
Acquisition
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ENTERPRISE FEDERAL SAVINGS BANK ACQUIRES DEPOSITS OF
THREE WESTERN OHIO FINANCIAL CORP. BRANCH OFFICES
WEST CHESTER, Ohio(BUSINESS WIRE)-- October 27, 1998--Enterprise Federal
Bancorp, Inc. (NASDAQ:EFBI) announced today that its banking subsidiary,
Enterprise Federal Savings Bank had completed the acquisition of the deposits
of three branch offices in Cincinnati from Cornerstone Bank, a subsidiary of
Western Ohio Financial Corp.
Effective October 26, 1998, Enterprise acquired the deposits associated
with Cornerstone's branches located at 4860 Hunt Road, 1440 Main Street and
8370 Colerain Avenue. Combined the three branches had approximately $72.4
million in deposits. In addition, Enterprise Federal acquired the building
and real estate associated with the branch office located at 8370 Colerain
Avenue. The acquired branch office at 8370 Colerain Avenue opened for
business on October 26, 1998 fully converted to a Enterprise Federal Savings
Bank branch office and the other two branch offices were closed.
CONTACT:
Enterprise Federal Bancorp, Inc.
Thomas J. Noe (513) 755-4600
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