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)
July 30, 1998
EAST TEXAS FINANCIAL SERVICES, INC.
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(Exact name of Registrant as specified in its Charter)
Delaware 0-24848 75-2559089
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(State or other (Commission File No.) (IRS Employer
jurisdiction of Identification Number)
incorporation
1200 South Beckham Avenue, Tyler, Texas 75701-3319
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(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code: (903) 593-1767
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N/A
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(Former name or former address, if changed since last report)
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Item 5. Other Events
On July 30, 1998, the Registrant issued for publication the press
release attached as Exhibit "99" announcing the intention of a stock repurchase
program.
Item 7. Financial Statements and Exhibits
The Exhibit referred to in Item 5 of this Report and listed on the
accompanying Exhibit Index is filed as part of this Report and is incorporated
herein by reference.
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Exhibit Sequential
Number Description Page No.
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99 Press release, published on July 30, 1998. 6
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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.
EAST TEXAS FINANCIAL SERVICES, INC.
Date: July 30, 1998 By: /s/ GERALD W. FREE
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Gerald W. Free
Vice Chairman, President
And Chief Executive Officer
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<PAGE>
EXHIBIT "99"
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EAST TEXAS FINANCIAL SERVICES, INC.
1200 South Beckham o P. O. Box 6910 o Tyler, TX 75711-6910 o 903-593-1767
o Fax 903-593-1094
NEWS RELEASE
For verification, contact: Gerald W. Free, Vice Chairman/President/CEO
Derrell W. Chapman, Vice President/COO/CFO
Telephone: (903) 593-1767
Fax: (903) 593-1094
For immediate release, July 30, 1998
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EAST TEXAS FINANCIAL SERVICES, INC.
ANNOUNCES STOCK REPURCHASE PROGRAM
Tyler, Texas, July 30, 1998, - - - East Texas Financial Services, Inc. (NASDAQ:
ETFS), the holding company for First Federal Savings and Loan Association of
Tyler, Texas, today announced its intention to repurchase 5% or approximately
76,973 of its outstanding shares in the open market over the next twelve months.
The shares will be purchased at prevailing market prices from time to time
depending upon market conditions.
Gerald W. Free, President of the Company, indicated that the Board of Directors
approved the repurchase program in view of the current level of the Company's
common stock and the strong capital position of the Company's subsidiary, First
Federal Savings and Loan Association of Tyler. Mr. Free stated that "we believe
that the repurchase of our shares represents an attractive investment
opportunity which will benefit the Company and our stockholders. The repurchased
shares will become treasury shares and will be used for general corporate
purposes, including the issuance of shares in connection with the exercise of
stock options."
Over the past few months, shares of Company stock have traded between $13.75 and
$16.50 per share. At June 30, 1998, the Company had $122.6 million in assets,
stockholders' equity of $21.2 million, and 1,539,461 shares outstanding.
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