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UNITED STATES 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): August 12, 1998
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 August 11, 1998 the Board of Directors of the Registrant
authorized the repurchase of up to 81,000 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 August 12, 1998
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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: August 12, 1998 By: /s/William C. Jennings
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William C. Jennings
Chairman, President, and Chief
Executive Officer
EXHIBIT 99.1
Frankfort First Bancorp, Inc.
For Immediate Release August 12, 1998
Contact: Danny A. Garland, Vice President
Don Jennings or Clay Hulette
(502) 223-1638
216 West Main Street
P.O. Box 535
Frankfort, KY 40602
FRANKFORT FIRST BANCORP, INC. ANNOUNCES
STOCK REPURCHASE PROGRAM
Frankfort First Bancorp, Inc. (NASDAQ:FKKY) announced today
that it is commencing a stock repurchase program to purchase up
to 81,000 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 of the Company, stated that
the repurchase 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
earnings per share.
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.
First Federal Savings Bank of Frankfort operates three
offices in Frankfort, Kentucky. Frankfort First Bancorp, Inc.
shares are traded on the Nasdaq National Market under the symbol
FKKY. The Company has approximately 1.6 million shares
outstanding.
