<PAGE>
<PAGE>
SECURITIES AND EXCHANGE COMMISSION
Washington, DC 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)
September 20, 1996
GILMER FINANCIAL SERVICES, INC.
----------------------------------------------------------------
(Exact name of Registrant as specified in its Charter)
Delaware 0-25076 72-2561513
- -----------------------------------------------------------------
State or other (Commission File No.) (IRS Employer
jurisdiction of Identification
incorporation) Number)
218 West Cass Street, Gilmer, Texas 75644
- -----------------------------------------------------------------
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code:(903) 843-5525
-------------
N/A
- ----------------------------------------------------------------
(Former name or former address, if changed since last report)
<PAGE>
<PAGE>
Item 5. Other Events
On September 20, 1996, the Registrant issued the attached press release
announcing a stock repurchase program.
Item 7. Financial Statements and Exhibits
(a) Exhibits
99. Press release dated September 20, 1996.
<PAGE>
<PAGE>
SIGNATURE
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.
GILMER FINANCIAL SERVICES, INC.
Date: September 19, 1996 By:/S/GARY P. COOPER
------------------ -------------------------
Gary P. Cooper, President
and Chief Executive Officer
<PAGE>
<PAGE>
<TABLE>
Index to Exhibits
<CAPTION>
Exhibit
Number
- -------
<C> <S>
99 Press release dated September 20, 1996
</TABLE>
<PAGE>
FOR IMMEDIATE RELEASE
Date: September 20, 1996
For Information contact:
Gary P. Cooper
at (903) 843-5525
GILMER FINANCIAL SERVICES
ANNOUNCES STOCK REPURCHASE PROGRAM
GILMER, TEXAS, September 20, 1996 - Gilmer Financial Services, Inc., the
holding company for Gilmer Savings Bank, FSB, announced its intention today to
repurchase approximately 5% 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.
Gary P. Cooper, President and Chief Executive Officer of the Company,
indicated that the Board of Directors approved the repurchase program in view
of the current price level of the Company's common stock and the strong
capital position of Gilmer Savings Bank. Mr. Cooper stated that "We believe
that the repurchase of our shares represents an attractive investment
opportunity which will benefit the Company and its stockholders. The
repurchased shares will become treasury shares and will be used for the
general corporate purposes, including the issuance of shares under the
Company's Recognition and Retention Plan and in connection with the exercise
of stock options."
[The repurchase program will be executed through Friedman, Billings,
Ramsey & Company, Inc., Potomac Tower, 1001 Nineteenth St. North, Arlington,
Virginia 22209].
Gilmer Financial Services, Inc., operates through one office in Upshur
County, Texas. As of June 30, 1996, the Company had assets of $39.1 million,
deposits of $25.5 million and stockholders' equity of $3.9 million.
