SECURITIES AND EXCHANGE COMMISSION
Washington, DC 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)
July 18, 1997
NORTHEAST INDIANA BANCORP, INC.
(Exact name of Registrant as specified in its Charter)
Delaware 0-26012 35-1948594
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(State or other (Commission File Number) (IRS Employer
jurisdiction of Identification
incorporation) Number)
648 North Jefferson Street, Huntington, Indiana 46750
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(Address of principal executive offices) (Zip Code)
(219) 356-3311
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Registrant's telephone number, including area code
N/A
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(Former name or former address, if changed since last report)
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Item 5. Other Events
Northeast Indiana Bancorp, Inc. (the "Registrant") issued a press release dated
July 18, 1997, attached hereto as Exhibit 28.1 announcing Stock repurchase
program.
Item 7. Financial Statements, Pro Forma Financial Information and Exhibits
(c) Exhibits
Exhibit 28.1 Press Release dated July 18, 1997.
<PAGE>
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.
NORTHEAST INDIANA BANCORP, INC.
Date: July 18, 1997 By: /s/Stephen E. Zahn
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Stephen E. Zahn
President and Chief Executive Officer
Exhibit 28.1
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FOR IMMEDIATE RELEASE
JULY 18, 1997
FOR ADDITIONAL INFORMATION
CONTACT: DARRELL E. BLOCKER
SR VICE PRESIDENT, CFO
(219) 356-3311
NORTHEAST INDIANA BANCORP, INC.
ANNOUNCES STOCK REPURCHASE PROGRAM
HUNTINGTON, INDIANA, -- Northeast Indiana Bancorp, Inc. announced its intention
today to repurchase up to 10% or 176,273 shares of its outstanding shares in the
open market over the next twelve months. These shares will be purchased at
prevailing market prices from time to time over a twelve month period depending
upon market conditions.
Stephen E. Zahn, President of the Company, indicated that the Board of Directors
approved the repurchase program in the continued view of the current price level
of the Company's common stock and the strong capital position of the Company's
subsidiary, First Federal Savings Bank. Mr. Zahn stated that "we continue to be
of the opinion 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, including the issuance of shares in connection with grants
and awards under the company's stock based benefit plans."
Over the past three months, the shares traded between $12.50 and $16.00 and
closed at $14.75 on June 30, 1997. At June 30, 1997, the Company had $176.3
million in assets and stockholders' equity of $26.8 million. As of today the
Company has 1,762,727 shares outstanding.
The Company's stock is traded on the Nasdaq National Market under the symbol
"NEIB".
