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): August 7, 1998
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REDWOOD FINANCIAL, INC.
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(Exact name of Registrant as specified in its Charter)
Minnesota 0-25884 41-1807233
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(State or other jurisdiction (Commission File Number) (I.R.S. Employer
of incorporation) Identification No.)
301 S. Washington Street, P.O. Box 317, Redwood Falls, Minnesota 56283
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(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code: (507) 637-8730
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Not Applicable
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(Former name or former address, if changed since last Report)
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Item 7. Financial Statements, Pro Forma Financial Information and Exhibits
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(c) Exhibits:
Exhibit 99 - Press Release dated August 7, 1998
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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.
REDWOOD FINANCIAL, INC.
Date: August 11, 1998 By: /s/ Paul W. Pryor
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Paul W. Pryor
President
EXHIBIT 99
Press Release
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[Redwood Financial, Inc. Letterhead]
FOR IMMEDIATE RELEASE
Date: August 7, 1998
Contact: Paul W. Pryor
(507) 637-8730
Fax: (507) 637-5825
Redwood Financial, Inc. Fourth Quarter Earnings
and Authorization of Stock Repurchase Program
Redwood Falls, Minnesota--Redwood Financial, Inc. (the "Company"), the
parent holding company of HomeTown Bank (previously known as Redwood Falls
Federal Savings and Loan Association) has announced net earnings for the fourth
fiscal quarter ended June 30, 1998. For the three months ended June 30, 1998,
the Company recorded net earnings of $108,415. Basic and diluted earnings per
share were $0.13 per share, and $0.13 per share, respectively. For the fiscal
year ended June 30, 1998, the Company recorded net earnings of $425,335. Basic
and diluted earnings per share were $0.52 per share, and $0.49 per share,
respectively.
Comparatively, for the three months ended June 30, 1997, the Company
recorded net earnings of $126,487. Basic and diluted earnings per share were
$0.13 per share, and $0.13 per share, respectively. For the fiscal year ended
June 30, 1997, the Company recorded net earnings of $251,500. Basic and diluted
earnings per share were $0.27 per share, and $0.26 per share, respectively.
The Company further announced its intention to repurchase shares of the
Company's common stock. Mr. Paul W. Pryor, President, said the Company has been
authorized by the Board of directors to repurchase up to 86,800 shares
(approximately 10% of its currently outstanding shares) of common stock.
The repurchases are expected to be made in open-market transactions,
subject to the availability of stock, market conditions, the trading price of
the stock and the Company's financial performance. Repurchased shares will be
retired, thereby available in the future for general corporate and other
purposes, including the issuance of shares in connection with the exercise of
stock options. The Company may terminate this program at any time.
At June 30, 1998, the Company reported total consolidated assets and
consolidated stockholders' equity of $77,287,000 and $11,938,000 respectively.
HomeTown Bank is headquartered in Redwood Falls, Minnesota and operates through
its main office in Redwood Falls and its branch office located in Olivia,
Minnesota. The Bank's deposits are insured up to maximum legal limits by the
Federal Deposit Insurance Corporation (FDIC). The common stock of Redwood
Financial, Inc. (trading symbol "REDW") is listed on the OTC Bulletin Board.
