As filed with the Securities and Exchange Commission on December 8, 2000.
Registration No. 333-____
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM S-8
REGISTRATION STATEMENT
UNDER
THE SECURITIES ACT OF 1933
GFSB Bancorp, Inc.
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(Exact name of Registrant as specified in its charter)
Delaware 04-2095007
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(State or other jurisdiction of (I.R.S. Employer
incorporation or organization) Identification No.)
221 Aztec Avenue
Gallup, New Mexico 87301
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(Address of principal executive offices)
GFSB Bancorp, Inc. 2000 Stock Option Plan
GFSB Bancorp, Inc. Directors Stock Compensation Plan
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(Full Title of the Plans)
Richard Fisch, Esq.
Evan M. Seigel, Esq.
Malizia Spidi & Fisch, PC
1100 New York Avenue, N.W.
Suite 340 West
Washington, D.C. 20005
(202) 434-4660
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(Name, address and telephone number of agent for service)
<TABLE>
<CAPTION>
CALCULATION OF REGISTRATION FEE
========================================================================================
Title of Proposed Proposed Maximum Amount of
Securities to Amount to be Maximum Offering Aggregate Offering Registration
be Registered Registered (1) Price Per Share Price (2) Fee (2)
------------- -------------- --------------- ---------- --------
<S> <C> <C> <C> <C>
Common Stock
$0.10 par value
per share 56,357 shares (2) $782,397 $206.55
================ ================= ================= =================== ==============
</TABLE>
(1) The maximum number of shares of Common Stock issuable upon awards to be
granted under the GFSB Bancorp, Inc. 2000 Stock Option Plan ("2000
Plan") consists of 46,800 shares, and under the GFSB Bancorp, Inc.
Directors Stock Compensation Plan ("Directors Plan") consists of 9,557
shares which are being registered under this Registration Statement and
for which a registration fee is being paid. Additionally, an
indeterminate number of additional shares which may be offered and
issued to prevent dilution resulting from stock splits, dividends or
similar transactions.
(2) Under Rule 457(h) of the 1933 Act, the registration fee may be
calculated, inter alia, based upon the price at which the stock options
may be exercised. An aggregate of 56,357 shares are being registered
hereby, of which 9,557 shares are under option at a weighted average
exercise price of $13.75 per share ($131,409 in the aggregate). The
remainder of such shares (46,800 shares) awarded under the 2000 Plan,
are being registered based upon the average of the high and low selling
prices of the Common Stock of the Registrant as reported on the Nasdaq
SmallCap Market on December 6, 2000, of $13.91 per share ($650,988 in
the aggregate), for a total offering of $782,397.
This Registration Statement shall become effective automatically upon
the date of filing, in accordance with Section 8(a) of the Securities Act of
1933 ("1933 Act") and Rule 462 of the 1933 Act.
<PAGE>
PART I
INFORMATION REQUIRED IN THE SECTION 10(a) PROSPECTUS
Item 1. Plan Information. *
Item 2. Registrant Information and Employee Plan Annual Information. *
*This Registration Statement relates to the registration of 56,357
shares of GFSB Bancorp, Inc. (the "Company" or "Registrant") common stock, $.10
par value per share (the "Common Stock") issuable to employees, officers and
directors of the Registrant or its subsidiary as compensation for services in
accordance with the GFSB Bancorp, Inc. 2000 Stock Option Plan, under which
46,800 shares are issuable, and the GFSB Bancorp, Inc. Directors Stock
Compensation Plan under which 9,557 shares are issuable to directors (together,
the "Plans"). Documents containing the information required by Part I of this
Registration Statement will be sent or given to participants in the Plan as
specified by Rule 428(b)(1). Such documents are not filed with the Securities
and Exchange Commission (the "Commission") either as part of this Registration
Statement or as prospectuses or prospectus supplements pursuant to Rule 424, in
reliance on Rule 428.
PART II
INFORMATION REQUIRED IN THE REGISTRATION STATEMENT
Item 3. Incorporation of Certain Documents by Reference.
The Company became subject to the informational requirements of the
Securities Exchange Act of 1934 (the "1934 Act") on April 12, 1995 and,
accordingly, files periodic reports and other information with the Commission.
Reports, proxy statements and other information concerning the Company filed
with the Commission may be inspected and copies may be obtained (at prescribed
rates) at the Commission's Public Reference Section, Room 1024, 450 Fifth
Street, N.W., Washington, D.C. 20549.
The following documents filed by the Company are incorporated in this
Registration Statement by reference:
(a) The Company's Annual Report on Form 10-KSB for the fiscal year ended
June 30, 2000;
(b) The Company's Quarterly Report on Form 10-QSB for the quarter ended
September 30, 2000;
(c) Current Report on Form 8-K (Date of Event: October 31, 2000), as filed
with the Commission on November 7, 2000;
(d) Current Report on Form 8-K/A (Date of Event: November 8, 2000), as
filed with the Commission on November 9, 2000; and
(e) The Company's Registration Statement on Form 8-A as filed with the
Commission on April 12, 1995.
All documents subsequently filed by the Company pursuant to Sections
13(a), 13(c), 14, and 15(d) of the 1934 Act, prior to the filing of a
post-effective amendment which indicates that all securities offered have been
sold or which deregisters all securities then remaining unsold shall be deemed
to be incorporated by reference in this Registration Statement and to be a part
hereof from the date of filing of such documents.
2
<PAGE>
Item 4. Description of Securities.
Not Applicable
Item 5. Interests of Named Experts and Counsel.
Not Applicable
Item 6. Indemnification of Directors and Officers.
Section 145 of the Delaware General Corporation Law sets forth
circumstances under which directors, officers, employees and agents may be
insured or indemnified against liability which they may incur in their
capacities as such.
The Certificate of Incorporation of the Company requires
indemnification of directors, officers and employees to the fullest extent
permitted by Delaware law. The Company may purchase and maintain insurance on
behalf of any person who is or was a director, officer, employee, or agent of
the Company or is or was serving at the request of the Company as a director,
officer, employee or agent of another corporation, partnership, joint venture,
trust or other enterprise against any liability asserted against him and
incurred by him in any such capacity or arising out of his status as such,
whether or not the Company would have the power to indemnify him against such
liability under the provisions of the Certificate of Incorporation.
The Company believes that these provisions assist it in, among other
things, attracting and retaining qualified persons to serve the Company and its
subsidiary. However, a result of such provisions could be to increase the
expenses of the Company and effectively reduce the ability of stockholders to
sue on behalf of the Company since certain suits could be barred or amounts that
might otherwise be obtained on behalf of the Company could be required to be
repaid by the Company to an indemnified party.
The Company has in force a Directors and Officers Liability Policy
underwritten by Progressive Casualty Insurance Company with a $5.0 million
aggregate limit of liability and an aggregate deductible of $25,000 per loss
both for claims directly against officers and directors and for claims where the
Company is required to indemnify directors and officers.
Insofar as indemnification for liabilities arising under the Securities
Act of 1933 ("1933 Act") may be permitted to directors, officers, or persons
controlling the Company pursuant to the foregoing provisions, the Company has
been informed that in the opinion of the Securities and Exchange Commission such
indemnification is against public policy as expressed in the 1933 Act and is
therefore unenforceable.
Item 7. Exemption from Registration Claimed.
Not Applicable
Item 8. Exhibits.
For a list of all exhibits filed or included as part of this
Registration Statement, see "Index to Exhibits" at the end of this Registration
Statement.
3
<PAGE>
Item 9. Undertakings.
(a) The undersigned Registrant hereby undertakes:
(1) To file, during any period in which offers or sales are
being made, a post-effective amendment to this Registration
Statement;
(i) To include any prospectus required by Section 10(a)(3) of
the 1933 Act;
(ii) To reflect in the prospectus any facts or events arising
after the effective date of the Registration Statement (or the
most recent post-effective amendment thereof) which,
individually or in the aggregate, represent a fundamental
change in the information set forth in the Registration
Statement;
(iii) To include any material information with respect to the
plan of distribution not previously disclosed in the
Registration Statement or any material change to such
information in the Registration Statement;
provided however, that paragraphs (a)(1)(i) and (a)(1)(ii) do no apply if the
Registration Statement is on Form S-3, Form S-8, and the information required to
be included in a post-effective amendment by those paragraphs is contained in
periodic reports filed by the Registrant pursuant to Section 13 or 15(d) of the
1934 Act that are incorporated by reference in the Registration Statement.
(2) That, for the purpose of determining any liability under
the 1933 Act, each such post-effective amendment shall be deemed to be a new
Registration Statement relating to the securities offered therein, and the
offering of such securities at that time shall be deemed to be the initial bona
fide offering thereof.
(3) To remove from registration by means of a post-effective
amendment any of the securities being registered which remain unsold at the
termination of the offering.
(b) The undersigned Registrant hereby undertakes that, for purposes of
determining any liability under the 1933 Act each filing of the Registrant's
annual report pursuant to section 13(a) or section 15(d) of the 1934 Act (and,
where applicable, each filing of an employee benefit plan's annual report
pursuant to section 15(d) of the 1934 Act) that is incorporated by reference in
the Registration Statement shall be deemed to be a new Registration Statement
relating to the securities offered therein, and the offering of such securities
at that time shall be deemed to be the initial bona fide offering thereof.
(c) The undersigned Registrant hereby undertakes to deliver or cause to
be delivered with the prospectus, to each person to whom the prospectus is sent
or given, the latest annual report, to security holders that is incorporated by
reference in the prospectus and furnished pursuant to and meeting the
requirements of Rule 14a-3 or Rule 14c-3 under the 1934 Act; and, where interim
financial information required to be presented by Article 3 of Regulation S-X is
not set forth in the prospectus, to deliver, or cause to be delivered to each
person to whom the prospectus is sent or given, the latest quarterly report that
is specifically incorporated by reference in the prospectus to provide such
interim financial information.
4
<PAGE>
(d) Insofar as indemnification for liabilities arising under the 1933
Act may be permitted to directors, officers, and controlling persons of the
Registrant pursuant to the foregoing provisions, or otherwise, the Registrant
has been advised that in the opinion of the Securities and Exchange Commission
such indemnification is against public policy as expressed in the 1933 Act and
is, therefore, unenforceable. In the event that a claim for indemnification
against such liabilities (other than the payment by the Registrant of expenses
incurred or paid by a director, officer, or controlling person of the Registrant
in the successful defense of any action, suit, or proceeding) is asserted by
such director, officer, or controlling person in connection with the securities
being registered, the Registrant will, unless in the opinion of its counsel the
matter has been settled by controlling precedent, submit to a court of
appropriate jurisdiction the question whether such indemnification by it is
against public policy expressed in the 1933 Act and will be governed by the
final adjudication of such issue.
5
<PAGE>
SIGNATURES
Pursuant to the requirements of the Securities Act of 1933, the
Registrant certifies that it has reasonable grounds to believe that it meets all
of the requirements for filing on Form S-8 and has duly caused this Registration
Statement to be signed on its behalf by the undersigned, thereunto duly
authorized, in the City of Gallup in the State of New Mexico, as of December 7,
2000.
GFSB Bancorp, Inc.
By: /s/ Jerry R. Spurlin
-----------------------------------
Jerry R. Spurlin
Chief Financial Officer
(Duly Authorized Representative)
POWER OF ATTORNEY
We, the undersigned directors and officers of GFSB Bancorp, Inc., do
hereby severally constitute and appoint Jerry R. Spurlin as our true and lawful
attorney and agent, to do any and all things and acts in our names in the
capacities indicated below and to execute any and all instruments for us and in
our names in the capacities indicated below which said Jerry R. Spurlin may deem
necessary or advisable to enable GFSB Bancorp, Inc., to comply with the
Securities Act of 1933, as amended, and any rules, regulations and requirements
of the Securities and Exchange Commission, in connection with the Registration
Statement on Form S-8 relating to the offering of the Company's Common Stock,
including specifically, but not limited to, power and authority to sign, for any
of us in our names in the capacities indicated below, the Registration Statement
and any and all amendments (including post-effective amendments) thereto; and we
hereby ratify and confirm all that said Jerry R. Spurlin shall do or cause to be
done by virtue hereof.
Pursuant to the requirements of the Securities Act of 1933, this
Registration Statement has been signed below by the following persons in the
capacities indicated as of the date indicated.
By: /s/ Dr. Wallace R. Phillips By: /s/Richard P. Gallegos
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Dr. Wallace R. Phillips Richard P. Gallegos
Chairman of the Board Vice President
Date December 7, 2000 Date: December 7, 2000
By: /s/ Jerry R. Spurlin By: /s/James Nechero, Jr.
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Jerry R. Spurlin James Nechero, Jr.
Chief Financial Officer President and Director
(Principal Financial and Accounting Officer)
Date December 7, 2000 Date: December 7, 2000
<PAGE>
By: /s/ Vernon I. Hamilton By: /s/ Michael P. Mataya
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Vernon I. Hamilton Michael P. Mataya
Director Treasurer and Director
Date December 7, 2000 Date: December 7, 2000
By: /s/ Charles L. Parker, Jr. By: /s/ George S. Perce
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Charles L. Parker, Jr. George S. Perce
Director Secretary and Director
Date: December 7, 2000 Date: December 7, 2000
<PAGE>
INDEX TO EXHIBITS
Exhibit Description
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4.1 GFSB Bancorp, Inc. 2000 Stock Option Plan
4.2 GFSB Bancorp, Inc. Directors Stock Compensation Plan
4.3 Form of Stock Option Agreement to be entered
into with respect to Incentive Stock Options
under the 2000 Stock Option Plan
4.4 Form of Stock Option Agreement to be entered into with respect
to Non-Incentive Stock Options under the 2000 Stock Option
Plan
4.5 Form of Stock Option Agreement to be entered into under the
Directors Stock Compensation Plan
4.6 Form of Stock Award Tax Notice
5.1 Opinion of Malizia Spidi & Fisch, PC as to the validity of the
Common Stock being registered
23.1 Consent of Malizia Spidi & Fisch, PC (appears in their opinion
filed as Exhibit 5.1)
23.2 Consent of Neff & Ricci LLP
24 Reference is made to the Signatures section of this Registration
Statement for the Power of Attorney contained therein
