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SEURITIES 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 31, 1997
Community Financial Corp.
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(Exact name of registrant as specified in its charter)
Illinois 0-26792 37-1337630
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(State or other jurisdiction (Commission (I.R.S. employer
of incorporation) file number) identification no.)
240 E. Chestnut Street, Olney, Illinois 62450-2295
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(Address of principal executive offices) (Zip code)
Registrant's telephone number, including area code:(618) 395-8676
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 27, 1997, the Registrant completed its acquisi
tion of Egyptian Bancshares, Inc., the holding company for The
Egyptian State Bank, an Illinois commercial bank with a single
office in Carrier Mills, Illinois and total assets of approxi
mately $24.4 million, and Saline County State Bank, an Illinois
commercial bank with offices in Stonefort and Creal Springs,
Illinois and total assets of $16.5 million. The purchase price
was cash totaling $7,763,500. For further information, reference
is made to the Registrant's press release dated November 3, 1997,
which is attached hereto as Exhibit 99.1, and incorporated herein
by reference.
ITEM 7. FINANCIAL STATEMENTS, PRO FORMA FINANCIAL INFORMATION
AND EXHIBITS
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The following is a list of exhibits filed with this Current
Report on Form 8-K.
Exhibit No. Description
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99.1 Press Release, dated November 3, 1997
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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, hereunto duly authorized.
COMMUNITY FINANCIAL CORP.
Date: November 3, 1997 By:/s/ Shirley B. Kessler
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Shirley B. Kessler
President
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NEWS RELEASE
FOR MORE INFORMATION CONTACT
Shirley B. Kessler
President and
Chief Executive Officer
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FOR IMMEDIATE RELEASE
(618) 395-8676
COMMUNITY FINANCIAL CORP.
COMPLETES ACQUISITION OF EGYPTIAN BANCSHARES, INC.,
THE EGYPTIAN STATE BANK AND SALINE COUNTY STATE BANK
Olney, Illinois - November 3, 1997. Community Financial
Corp. (Nasdaq.nms: CFIC), the holding company for Community Bank
& Trust, N.A. and American Bank of Illinois in Highland, and
Egyptian Bancshares, Inc., the holding company for The Egyptian
State Bank and Saline County State Bank, announced today that
they have completed the transaction pursuant to which Community
Financial Corp. acquired Egyptian Bancshares, Inc. for a cash
purchase price of $7.76 million and The Egyptian State Bank and
Saline County State Bank became wholly-owned subsidiaries of
Community Financial Corp.
The Egyptian State Bank has one office, located in Carrier
Mills, Illinois, with total assets of $24.4 million, and Saline
County State Bank has two offices, located in Stonefort and Creal
Springs, Illinois, with total assets of $16.5 million. The two
banks will remain separate bank subsidiaries of Community Finan
cial Corp. All staff members of the two banks will be retained
to ensure the high level of service the customers have come to
expect.
"Community Financial Corp. is very enthusiastic about its
affiliation with Egyptian Bancshares, Inc.," stated Shirley B.
Kessler, President of Community Financial Corp. "We are excited
about the growth potential this market holds and the opportunity
to offer our existing products to new customers."
Gene Overstreet, President of Egyptian Bancshares, The
Egyptian State Bank and Saline County State Bank, said, "We
believe that affiliation with Community Financial Corp. and its
subsidiary, Community Bank & Trust, N.A., will enable us to
enhance our product offerings and better serve our communities.
Community Bank & Trust provides the same kind of personal service
that has been the foundation of our growth. We are confident
that our customers will benefit from this affiliation."
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The acquisition results in consolidated assets for Community
Financial Corp. of approximately $273.8 million, consolidated
loans of approximately $149.9 million, and consolidated deposits
of approximately $189.6 million based on September 30, 1997
financial information.
Community Financial Corp. is the bank holding company for
Community Bank & Trust, N.A., and American Bank of Illinois,
serving Southern Illinois.
