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)
June 9, 1999
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
incorporation Number)
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
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On June 9, 1999, 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
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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.
2
<PAGE>
Exhibit Sequential
Number Description Page No.
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99 Press release, published on June 9, 1999. 6
3
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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.
Date: June 9, 1999 By: /s/ GERALD W. FREE
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Gerald W. Free
Vice Chairman, President
And Chief Executive Officer
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EXHIBIT "99"
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: June 9, 1999
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EAST TEXAS FINANCIAL SERVICES, INC.
ANNOUNCES STOCK REPURCHASE PROGRAM
Tyler, Texas, June 9, 1999, - - - East Texas Financial Services, Inc, the
holding company for First Federal Savings and Loan Association of Tyler, Texas,
today announced its intention to rescind the stock repurchase program announced
January 29, 1999. The Company was able to repurchase 71,203 shares out of the
73,203 shares authorized by the program.
The Company also announced a new stock repurchase program. The program calls for
the Company to repurchase approximately 100,000 shares of its outstanding shares
of common stock 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 $10.31 and
$11.00 per share. At May 31, 1999, the Company had approximately $150.3 million
in assets, stockholders' equity of approximately $19.7 million, and 1,392,853
shares outstanding.
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