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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): October 5, 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)
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ITEM 5. OTHER EVENTS
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On October 5, 1999 the Board of Directors of the Registrant
authorized the repurchase of up to 73,295 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 October 6, 1999
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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: October 6, 1999 By: /s/ Don D. Jennings
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Don D. Jennings
Duly Authorized Officer
Vice President and Chief
Financial Officer
EXHIBIT 99.1
Frankfort First Bancorp, Inc.
Frankfort First Bancorp, Inc.
For Immediate Release October 6, 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 it repurchase program
announced on March 24, 1999 and that its Board has authorized a
new program for repurchase of up to 5% of the oustanding shares
remaining.
Since March 24, 1999, Frankfort First Bancorp, Inc. has
repurchased 76,337 shares at an average price of $14.96 per
share.
A new stock repurchase program will begin immediately
whereby Frankfort First Bancorp, Inc. will purchase up to 73,
295 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.
