UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549
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FORM 8-K
CURRENT REPORT
REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934
Date of Report (Date of event reported) May 19,1999
Commission File No. 0-25766
Community Bank Shares of Indiana, Inc.
(Exact name of registrant as specified in its charter)
Indiana 35-1938254
(State or other jurisdiction of (I.R.S. Employer
incorporation or organization) Identification Number)
202 East Spring St., PO Box 939, New Albany, Indiana 47150
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code 1-812-944-2224
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Item 6. Resignations of Registrant's Directors
(a) As detailed in the following press release (see Exhibit 22), Community Bank
Shares of Indiana, Inc. (the "Company") has announced that the Company's Board
of Directors authorized the repurchase of up to 140,000 shares of the Company's
outstanding common stock subject to a purchase limit of $3,500,000. There are
approximately 2,728,000 common shares currently outstanding.
<PAGE>
COMMUNITY BANK SHARES OF INDIANA, INC.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
Registrant has duly caused this report to be signed by the undersigned thereunto
duly authorized
COMMUNITY BANK SHARES
OF INDIANA, INC.
(Registrant)
Dated May 21, 1999 BY: /S/ Michael L. Douglas
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Michael L. Dougls
President and CEO
Dated May 21, 1999 BY: /S/ James M. Stutsman
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James M. Stutsman
Chief Financial Officer
NEWS RELEASE
Contact: James M. Stutsman, Senior Vice President
and Chief Financial Officer - (812) 944-2224
Community Bank Shares of Indiana, Inc.
202 East Spring Street
New Albany, Indiana 47150
COMMUNITY BANK SHARES OF INDIANA , INC.
TO REPURCHASE UP T0 140,000 SHARES OF COMMON STOCK
NEW ALBANY, INDIANA -- Community Bank Shares of Indiana, Inc.
(Nasdaq: CBIN) announced today that the Company's Board of Directors
authorized the repurchase of up to 140,000 shares of the Company's
outstanding common stock subject to a purchase limit of $3,500,000. There
are approximately 2,728,000 common shares currently outstanding.
Repurchases are authorized to be made by the Company from time to
time in open-market transactions during the next twelve months as, in the
opinion of management, market conditions warrant. The repurchased shares
will be held as treasury stock and may be reserved for issuance pursuant
to the Company's stock benefit plans and for general corporate purposes.
The shares will be acquired either in the open market or in privately
negotiated transactions in accordance with applicable regulations of the
Securities and Exchange Commission.
Michael L. Douglas, President and Chief Executive Officer of the
Company, stated: "The repurchase program reflects management's belief that
the current price of the Company's common stock does not adequately
reflect the Company's long-term business and earnings prospects. The use
of our cash must continue to be balanced with other internal and external
investment opportunities while maximizing the use of existing assets and
resources to generate stockholder value. The Company is fortunate to have
the financial flexibility that allows it to demonstrate its commitment to
and confidence in its future prospects."
Community Bank Shares of Indiana, Inc. is the largest locally owned
bank holding company that is headquartered in Southern Indiana. The
holding company owns three affiliate banks, Community Bank of Southern
Indiana, which is headquartered in New Albany, Indiana; Heritage Bank of
Southern Indiana, which is headquartered in Jeffersonville, Indiana; and
NCF Bank and Trust, which is headquartered in Bardstown, Kentucky.
This press release contains forward-looking statements regarding
Community Bank Shares of Indiana's 1999 financial outlook that are subject
to risks and uncertainties which could cause actual results to differ
materially. Such risks and uncertainties include the Corporation's ability
to execute its business plans, general economic conditions, and other
risks detailed from time to time in reports filed with the Securities and
Exchange Commission.
