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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
November 20, 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
(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 November 20, 1998, Enterprise Federal Bancorp, Inc. (the "Company")
completed its acquisition of Security Savings Holding Company, Inc.
("Security") pursuant to an Agreement and Plan of Reorganization ("Agreement")
by and among the Company, Enterprise Federal Savings Bank (the "Bank"), Security
and Security Savings Association (the "Association"). Pursuant to the Agreement,
each share of Security Common Stock will be converted into the right to receive
from the Company $832.87 in cash. The total cash consideration payable to
Security shareholders will equal approximately $13.0 million. Upon consummation
of the acquisition of Security, the Association was merged with and into
the Bank.
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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 November
24, 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 November
24, 1998 with respect to the
Acquisition
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ENTERPRISE FEDERAL BANCORP, INC. ANNOUNCES COMPLETION OF
ACQUISITION OF SECURITY SAVINGS HOLDING COMPANY, INC.
WEST CHESTER, Ohio (BUSINESS WIRE)--November 24, 1998--Enterprise Federal
Bancorp, Inc. (NASDAQ:EFBI), the holding company for Enterprise Federal Savings
Bank, announced today completion of the acquisition of Security Savings Holding
Company, Inc., the holding company for Security Savings Association, and the
subsequent merger of Security Saving's operations into Enterprise Savings. The
acquisition was consummated on November 20, 1998. The total cash consideration
payable to Security shareholders will equal approximately $13.0 million.
Otto L. Keeton, Enterprise Bancorp's President and CEO remarked, "The
combination of Enterprise Bancorp and Security represents a natural extension of
Enterprise Bancorp's existing operations. We look forward to providing
Security's customers the same high level of service they enjoyed in the past,
plus the many benefits of Enterprise Bancorp's broad range of products and
services made possible by the resources of a larger financial institution."
Upon consummation of the transaction, Enterprise Bancorp's consolidated
assets totaled approximately $571 million. Enterprise Bancorp operates 11
full service offices in four counties of southwestern Ohio surrounding the
greater Cincinnati metropolitan area.
Contact:
Enterprise Federal Bancorp, Inc.
Thomas J. Noe (513) 755-4600
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