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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
June 16, 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 5. Other Events
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On June 16, 1998, Enterprise Federal Bancorp, Inc. announced that its
wholly owned subsidiary, Enterprise Federal Savings Bank (the "Bank"), had
entered into two branch purchase and assumption agreements with Cornerstone Bank
which provide for the purchase by the Bank of certain real estate and deposits
associated with three branch offices currently operated by Cornerstone Bank (the
"Branch Transaction").
Consummation of the Branch Transaction is subject to the prior receipt of
all necessary regulatory or governmental approvals and consents and certain
closing conditions.
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Item 7. Financial Statements, Pro Forma Financial Information and Exhibits
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The following exhibit is filed with this report:
Exhibit Number Description
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20 Press Release issued on June
16, 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: August 5, 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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20 Press Release issued on June
16, 1998 with respect to
the Acquisition.
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ENTERPRISE FEDERAL TO ACQUIRE DEPOSITS OF
THREE WESTERN OHIO FINANCIAL BRANCH OFFICES
WEST CHESTER, Ohio(BUSINESS WIRE)--June 16, 1998--Enterprise Federal
Bancorp, Inc. (NASDAQ:EFBI) and Western Ohio Financial Corp. (NASDAQ:WOFC)
jointly announced today that their banking subsidiaries, Enterprise Federal
Savings Bank and Cornerstone Bank, have signed a definitive agreement in which
Enterprise Federal Savings Bank will purchase the deposits of three branch
offices in Cincinnati from Cornerstone Bank.
Under the terms of the agreement, Enterprise will acquire the deposits
associated with Cornerstone's branches located at 4860 Hunt Road, 1440 Main
Street and 8370 Colerain Avenue. Combined the three branches have
approximately $70.1 million in deposits. Terms of the transaction were not
disclosed. The acquisition, subject to regulatory approval, is expected to be
completed in the fourth quarter.
Otto L. Keeton, President and Chief Executive Officer of Enterprise
Federal Bancorp, stated, "The acquisition contributes significantly to the
continued growth of our Company and our strategy for the Greater Cincinnati
market. It enhances our market share and enables us to broaden our lending
capabilities in these markets. We look forward to welcoming these Cornerstone
Bank customers and employees."
The sale of the branch deposits is part of Western Ohio's exit strategy
from the Cincinnati market area. John W. Raisbeck, President and Chief
Executive Officer of Western Ohio, commented, "This transaction represents a
part of our broader strategy of concentrating more fully on our traditional
strengths and the greater west central Ohio market area. This divestiture
will significantly enhance our company's efficiency ration and allow us to
improve our financial performance."
WOFC expects to take an estimated one-time charge of $913,000, after
tax, upon completion of the sale of its Cincinnati offices. WOFC expects this
transaction to be immediately accretive to future earnings per share as well
as improve its return on assets and return on equity.
McDonald & Company Securities Inc. is serving as Western Ohio's
financial adviser in connection with this transaction.
CONTACT:
Enterprise Federal Bancorp, Inc.
Thomas J. Noe, (513) 755-4600
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