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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
July 26, 1996
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(Date of earliest event reported)
Fed One Bancorp, Inc.
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(Exact name of registrant as specified in its charter)
Delaware 0-25348 55-0736264
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(State or other jurisdiction (Commission File Number) (IRS Employer
of incorporation) Identification No.)
21 Twelfth Street, Wheeling, West Virginia 26003-3295
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(Address of principal executive offices) (Zip Code)
(304) 234-1100
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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)
Page 1 of 4 Pages.
Exhibit Index appears on page 2.
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ITEM 5. OTHER EVENTS
On July 26, 1996, Fed One Bancorp, Inc. (the "Company" or the "Registrant")
announced that the Company's Board of Directors authorized the repurchase of up
to 127,567 shares, or approximately five percent, of the Company's outstanding
common stock. A copy of the Press Release, dated July 26, 1996, is attached
hereto as Exhibit 99 and is incorporated herein by reference.
ITEM 7. FINANCIAL STATEMENTS, PRO FORMA FINANCIAL INFORMATION AND EXHIBITS
(a) Not Applicable.
(b) Not Applicable.
(c) Exhibits:
99 Press Release, dated July 26, 1996
2
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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.
FED ONE BANCORP, INC.
Date: July 29, 1996 By: /s/Lisa K. DiCarlo
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Lisa K. DiCarlo
Senior Vice President and Treasurer
3
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[PRESS RELEASE]
[LETTER HEAD]
FED ONE BANCORP ANNOUNCES STOCK REPURCHASE
Wheeling, West Virginia....Fed One Bancorp, Inc.(NASDAQ: FOBC) today
announced that the Company's Board of Directors authorized the repurchase of up
to 127,567 shares, or approximately five percent of the company's outstanding
common stock. The Company recently completed its repurchase of 133,941 shares
from a previously announced repurchase program.
Repurchases are authorized to be made by the Company from time to time in
open-market transactions during the next six months as, in the opinion of
management, market conditions warrant. The repurchased shares will be held as
treasury stock and will be available for general corporate purposes.
Alan E. Groover, Chairman, President and Chief Executive Officer stated:
"The repurchase program reflects management's belief that the current price of
the common stock does not adequately reflect the Company's intrinsic value."
The corporate office of Fed One Bancorp is located in Wheeling, West
Virginia and its subsidiary, Fed One Bank, operates eight banking offices in
West Virginia and one banking office in Ohio.
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