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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): March 24, 1999
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)
(502) 223-1638
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(Registrant's telephone number, including area code)
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 March 23, 1999, the Board of Directors of the Registrant
authorized the repurchase of up to 77,000 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 March 24, 1999<PAGE>
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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: March 24, 1999 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 March 24, 1999
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
COMPLETION OF STOCK REPURCHASE PROGRAM
INITIATION OF NEW PROGRAM
Frankfort First Bancorp, Inc. (NASDAQ:FKKY) announced
today that it had substantially completed its repurchase program
announced on August 12, 1998 and that its Board has authorized a
new program for repurchase of up to 5% of the outstanding shares
remaining.
Since August 12, 1998, Frankfort First Bancorp, Inc. has
repurchased 76,900 shares at an average price of $14.42 per
share.
A new stock repurchase program will begin immediately
whereby Frankfort First Bancorp, Inc. will purchase up to 77,000
shares or approximately 5% of the Company's outstanding shares.
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 may 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 1.5 million shares
outstanding.
