<PAGE> SECURITIES 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)
June 21, 1996
SFS BANCORP, INC.
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(Exact name of Registrant as specified in its Charter)
Delaware 0-25994 22-3366295
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(State or other (Commission File No.) (IRS Employer
jurisdiction of Identification
incorporation) Number)
251-263 State Street, Schenectady, New York 12305
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(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code: (518) 395-2300
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N/A
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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 June 21, 1996, the Registrant issued the attached press
release announcing a stock repurchase program.
Item 7. Financial Statements and Exhibits
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(a) Exhibits
99.1 Press release, dated June 21, 1996.
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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 thereunto duly authorized.
SFS BANCORP, INC.
Date: June 21, 1996 By: /s/ JOSEPH H. GIAQUINTO
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Joseph H. Giaquinto
President, Chief Executive
Officer and Chairman of
the Board
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EXHIBIT 99.1
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SFS Bancorp Inc.
FOR IMMEDIATE RELEASE FOR ADDITIONAL INFORMATION
JUNE 21, 1996 CONTACT JOSEPH H. GIAQUINTO
SFS BANCORP, INC.
ANNOUNCES 5% STOCK REPURCHASE PROGRAM
Schenectady, New York, - June 21, 1996 - SFS Bancorp, Inc., announced its
intention today to repurchase up to 5% of its outstanding shares in the open
market. These shares will be purchased at prevailing market prices from time
to time depending upon market conditions.
Joseph H. Giaquinto, President of the Company, indicated that the Board of
Directors approved the repurchase program in view of the current price level
of the Company's common stock and the strong capital position of the Company's
subsidiary, Schenectady Federal Savings Bank. Mr. Giaquinto stated that "we
believe that the repurchase of our shares represents an attractive investment
opportunity which will benefit the Company and our stockholders. The
repurchased shares will become treasury shares and will be used for general
corporate purposes."
Over the past three months, the SFS Bancorp, Inc. common stock traded between
$11.75 and $13.00. At March 31, 1996, the Company had $165.6 million in
assets and stockholders' equity of $23.3 million. On May 31, 1996, the
Company had 1,360,450 shares outstanding.
251-263 State Street P.O. Box 2208 - Schenectady, N.Y. 12301-2208
Tel: 395-2300 - Fax: 395-2330
