UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549
-----------------------------------------
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) April 20,1999
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
<PAGE>
Item 6. Resignations of Registrant's Directors
(a) As detailed in the following press release (see Exhibit 22), Robert E. Yates
has retired from the Board of Directors of Community Bank Shares of Indiana,
Inc. (the "Company").
<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 4, 1999 BY: /S/ Michael L. Douglas
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Michael L. Dougls
President and CEO
Dated May 4, 1999 BY: /S/ James M. Stutsman
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James M. Stutsman
Chief Financial Officer
NEWS RELEASE
DATE: APRIL 28, 1999
CONTACT: TRACEY MOSS
MARKETING DIRECTOR
COMMUNITY BANK SHARES OF INDIANA, INC.
(812)949-6885
LOCAL BANK HOLDING COMPANY HOLDS ANNUAL SHAREHOLDERS MEETING
The area's largest locally owned bank holding company, Community Bank Shares of
Indiana, Inc., held its annual meeting last week at the Koetter Forest Discovery
Center in Starlight, Indiana. Over 85 shareholders attended this year's meeting,
which featured an address by the Chairman, C. Thomas Young, the President and
Chief Executive Officer, Michael L. Douglas, and the Chief Financial Officer,
Jim Stutsman.
Community Bank Shares Chairman C. Thomas Young, led the meeting with
introductions of the holding company's board of directors and senior management
staff. He briefly updated shareholders on the company's new five story corporate
headquarters and office complex which is nearing completion in downtown New
Albany. He said, "This commitment to New Albany projects who and what our
locally owned and managed company stands for. We are making a commitment to our
community." The building which has been designed to house both Community Bank
Shares corporate headquarters and the main office of Community Bank, the Floyd
County affiliate of the holding company, will include approximately 20,000 plus
square feet of Class A commercial space for lease on the third, fourth and fifth
floors of the new building. Completion of the interior of the building is
expected in June of this year, according to Young.
During the president's address, Douglas highlighted the accomplishments of
Heritage Financial Services, which handled over 11 million in assets in 1998,
and introduced Mary Pat Boone, the senior vice president of HFS, to the
shareholders.
He also introduced Bob Taylor, the newly appointed president of NCF Bank &
Trust. He spoke about the reopening of the NCF branch office in the historic
downtown district and said, "We are very excited about the team of Taylor and
(Ben) Wathen to lead our future in the area." He also stated that Taylor is
expected to take in active role in the holding company as senior vice president
of retail banking. He will be working with the director of marketing, Tracey
Moss, on the introduction of new products for the company's retail consumers.
Jim Stutsman, reported that the holding company's consolidated assets rose to
$331,945,000 for year end 1998, an increase of 15.06% from the previous year end
when consolidated assets were $288,486. Dividends per share were also up 14.29%,
from 0.42 year end 1997 to 0.48 year end 1998. Earnings for the first quarter
were also released by the CEO at $860,571, up 20.70% from first quarter 1998
earnings of $713,005.
At Douglas's return to the podium, he closed his address with congratulations to
Tom Jones and his successful first year as president and CEO of Community Bank,
particularly to the growth of the business services area, and to Pat Daily,
president and CEO of Heritage Bank, for taking on the most challenging of all
growth expectations for the '98 and '99 banking years. Douglas said, "Both
executives have proven to have been the right choice, both in their performance
numbers at their respective banks and for their leadership abilities which have
guided the impressive performances of their staff." He continued, "In 1999, we
have assigned some large challenges for all of our banks, and it is evident from
our first quarter earnings that we are well on our way to reaching those
performance levels."
To close the meeting, Mr. Young announced that Robert E. Yates, who had been
serving as a director at the holding company this past year, and was the
previous president/CEO of Community Bank, Heritage Bank, and Community Bank
Shares until May of 1998, was retiring from the board of directors. Both Douglas
and Young thanked him for his many years of devoted service, and for the growth
he achieved for the company while he was with it. Young noted, "Yates was the
leader of an outstanding team of individuals. Together they brought this company
through new charters and our public conversion. Over the last year Mike
(Douglas) has proven that he, too, can lead our team to new opportunities and
growth. 1999 is already proving to be a solid year ." Young closed by thanking
Yates, for traveling back and forth from his new home in South Carolina to
remain on the board this past year and officially accepted his resignation. He
then thanked Mike Douglas for an outstanding year.
Later, Dale Orem, Kerry Stemler, and Michael L. Douglas were re-elected to the
Community Bank Shares board of directors. At a separate organizational meeting,
following the annual meeting, Kerry Stemler, Gordon Huncilman, Michael L.
Douglas and Tom Jones were re-elected to the Community Bank board. Prior to the
shareholders meeting, on April 15th, Steve Stemler, Dale Orem and Michael
Douglas were re-elected to the Heritage Bank board.
Community Bank Shares of Indiana, Inc., is the largest locally owned bank
holding company headquartered in Southern Indiana. The company is listed in the
NASDAQ small cap market and trades under the symbol, CBIN.
