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SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Form 8-K
Pursuant to Section 13 or 15(d) of
the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): September 17, 1996
FRANKFORT FIRST BANCORP, INC.
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(Exact name of registrant as specified in its charter)
Delaware 0-26360 61-1271129
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(State or other jurisdiction (Commission (I.R.S. Employer
of incorporation) File Number) Identification No.)
216 W. Main Street, Frankfort, Kentucky 40602
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(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code:(502) 223-1638
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Not Applicable
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(Former name or former address, if changed since last report)<PAGE>
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ITEM 5. OTHER EVENTS.
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On September 17, 1996 the Board of Directors of the
Registrant authorized the repurchase of up to 172,500 shares of
the Registrant's common stock, $0.01 par value which may become
available for repurchase from time to time. Such repurchases are
to be effected through open market purchases, negotiated
transactions or in such other manner as will comply with
applicable law.
ITEM 7. FINANCIAL STATEMENTS, PRO FORMA FINANCIAL INFORMATION
AND EXHIBITS.
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Exhibits
99.1 Press Release dated September 18, 1996
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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.
FRANKFORT FIRST BANCORP, INC.
DATE: September 18, 1996 BY: /s/ William C. Jennings
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William C. Jennings
Chairman, President and Chief
Executive Officer
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Frankfort First Bancorp, Inc.
For Immediate Release September 18, 1996
Contact: Mr. William C. Jennings, President
(502) 223-1638
216 West Main Street
P.O. Box 535
Frankfort, KY 40602
FRANKFORT FIRST BANCORP, INC. ANNOUNCES
STOCK REPURCHASE PROGRAM
Frankfort, Kentucky. Frankfort First Bancorp, Inc.
(NASDAQ:FKKY) announced today that it is commencing a stock
repurchase program to purchase up to 172,500 shares of the
Company's common stock, which represents approximately 5% of the
outstanding common stock. The program will be dependent upon
market conditions and there is no guarantee as to the exact
number of shares to be repurchased by the Company.
William C. Jennings, President and Chief Executive Officer
of the Company, stated that the repurchase program should be
completed within nine months. Mr. Jennings explained that the
Board of Directors considers the Company's common stock to be an
attractive investment. In addition, the repurchase program is
expected to improve liquidity in the market for the common stock
and result in increased per share earnings and book value.
According to Mr. Jennings, the repurchases generally would
be effected through open market purchases, although he did not
rule out the possibility of unsolicited negotiated transactions
or other types of purchases.
Frankfort First Bancorp, Inc. is the holding company for
First Federal Savings Bank of Frankfort.
