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) March 24, 2000
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)
101 West 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 5. Repurchase of Company's Outstanding Stock
(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 $4,000,000 of the Company's
outstanding common stock. There are approximately 2,625,000 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 March 30, 2000 BY: /S/ Michael L. Douglas
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Michael L. Dougls
President and CEO
Dated March 30, 2000 BY: /S/ Paul A. Chrisco
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Paul A. Chrisco
Chief Accounting Officer
[Community Bank Shares of Indiana, Inc. Logo]
Community Bank Shares of Indiana, Inc.
NEWS RELEASE
Contact:
Donn Dunker
(812) 981-7356
FOR IMMEDIATE RELEASE
Community Bank Shares of Indiana, Inc. announces stock repurchase program
NEW ALBANY, Ind. (March 24, 2000) -- The board of directors of Community
Bank Shares of Indiana, Inc. (Nasdaq: CBIN) has authorized a $4 million common
share repurchase program of the Company's stock, the largest repurchase
initiative in its history.
All purchases will be made on the open market at prevailing prices or in
privately negotiated transactions over a 12-month period.
The shares will be held as treasury stock for issuance under the Company's
stock option plan, the employee stock ownership plan, dividend reinvestment plan
or other stock benefit plans. Shares may also be used for general corporate
purposes.
As of March 24, 2000, there were 2,625,407 shares of stock issued and
outstanding.
Community Bank Shares of Indiana, Inc. is the largest locally owned bank
holding company operating in a Southern Indiana market that consists primarily
of Floyd and Clark counties. Assets as of Dec. 31, 1999 were more than $384
million. The Company operates three full-service bank affiliates, including
Community Bank if Floyd and Clark counties; Heritage Bank in Clark County; and
NCF Bank & Trust in Bardstown, Kentucky.
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101 West Spring Street, New Albany, Indiana 47150 (812) 944-2224
