FORM 8-K
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
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
Klamath First Bancorp, Inc.
(Exact name of registrant as specified in its charter)
Oregon 0-26556 93-1180440
State or other jurisdiction Commission (I.R.S. Employer
of incorporation File Number Identification No.)
540 Main Street, Klamath Falls, Oregon 97601
(Address of principal executive offices) (Zip Code)
Registrant's telephone number (including area code):(541)882-3444
Not Applicable
(Former name or former address, if changed since last report)
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Item 2. Acquisition or Disposition of Assets
Effective July 18, 1997, the Registrant's wholly-owned subsidiary,
Klamath First Federal Savings and Loan Association ("Association")
consummated the previously announced acquisition of twenty-five (25) branch
offices located in the Sate of Oregon ("Branches") from Wells Fargo Bank,
National Association ("Wells Fargo"). The transaction includes purchase of
the branch facilities and assumption of certain deposit and other
liabilities associated therewith. The Branches are located in rural Oregon
communities and were formerly branches of First Interstate Bank of Oregon.
Additional information concerning the acquisition is contained in the
press release issued by the Registrant on July 21, 1997, attached hereto as
Exhibit 99 and incorporated herein by reference.
Item 7. Financial Statements, Pro Forma Financial Information and Exhibits
(a) Financial Statements of Business Acquired
As of the date of filing this current report on Form 8-K, it is
impracticable for the Registrant to provide an audited Statement of
Condition as of the acquisition date. Such financial statement shall
be filed by amendment to this Form 8-K no later than 60 days after
August 1, 1997. No audited financial statements exist for the acquired
branches for previous periods and none will be filed.
(b) Pro Forma Financial Information
As of the date of filing this current report of Form 8-K, it is
impracticable for the Registrant to provide pro forma financial
information required by this item 7(b). Such financial information
shall be filed by amendment to this Form 8-K no later than 60 days
after August 1, 1997.
(c) Exhibits
Exhibit
2 Purchase and Assumption Agreement dated March 5, 1997 (including
Letter Agreement dated March 5, 1997 Regarding Certain Automated
Teller Machines at Certain Branches) (incorporated by reference
to Exhibit 2 to the Registrants Form 8-K filed March 19, 1997
99 Press Release dated July 21, 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.1934, the registrant has duly caused
this report to be signed on its behalf by the undersigned, hereunto duly
authorized.
KLAMATH FIRST BANCORP, INC.
DATE: August 1, 1997 By:/s/ Gerald V. Brown
-----------------------------
Gerald V. Brown
President and Chief Executive Officer
FOR IMMEDIATE RELEASE July 21, 1997
CONTACTS: Frank X. Hernandez Marshall J. Alexander
Investor Relations Vice President and CFO
(541) 882-3444 x113 (541) 882-3444 x120
KLAMATH FIRST BANCORP, INC. SUBSIDIARY COMPLETES PURCHASE
OF 25 WELLS FARGO BRANCHES
KLAMATH FALLS, OREGON -- July 21, 1997 -- Klamath First Bancorp, Inc.
(NASDAQ NMS: KFBI) Gerald V. Brown, president and chief executive officer
of Klamath First Bancorp, Inc. ("KFBI"), and its subsidiary, Klamath First
Federal Savings and Loan Association, ("the association"), announced today
that the association has completed its purchase of 25 former First
Interstate Bank-Oregon branches from Wells Fargo Bank. The transaction was
previously disclosed on March 7, 1997.
"We are very pleased to be able to bring our brand of traditional home-town
banking to these communities located throughout Oregon," Brown stated. "We
believe these new customers will be very pleased with our staff and our
commitment to become their 'family financial center'," he added.
The acquired branches are located in the following Oregon towns: Brookings,
Burns, Carlton, Condon, Coquille, Enterprise, Fossil, Garibaldi, Gold
Beach, Heppner, Hermiston, John Day, Lakeview, Merrill, Monroe, Moro,
Nyssa, Oakridge, Pilot Rock, Port Orford, Prairie City, Riddle, Scio, Union
and Yamhill.
Deposits as a result of the acquisition increased from $418.2 million to
$659.0 million. Customer accounts grew from 40,000 to 82,000.
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Wells Fargo Branches
Page 2
(more)
Product lines in lending have been expanded to include a full range of
consumer and small business loans. Deposit product offerings have also
increased and now include four new consumer checking accounts, four new
business checking accounts, a business sweep account and an indexed money
market account. ATM locations owned by the association will increase from
seven to a state-wide network of 22 machines. A 24-hour, automated account
information system has been installed enabling customers to obtain basic
information and conduct routine transactions around-the-clock. With these
changes, the association expects to continue its emphasis on customer
service through its hands on banking style which Klamath First Federal
Savings and Loan Association has exhibited throughout its 62 year history
of service to Southern and Central Oregon. This is one area that will not
change with our new statewide presence.
Safe Harbor Clause: Except for the historical information in this news
release, the matters described herein are forward-looking statements within
the meaning of the Private Securities Litigation Reform Act of 1995 and are
subject to risks and uncertainties that could cause actual results to
differ materially. Such risks and uncertainties include those related to
the economic environment, particularly in the region where Klamath First
Bancorp, Inc. operates, competitive products and pricing, fiscal and
monetary policies of the U.S. government, acquisitions and the integration
of acquired businesses, credit risk management, change in government
regulations affecting financial institutions, and other risks and
uncertainties discussed from time to time in Klamath First Bancorp, Inc.'s
SEC filings including its 1996 Form 10-K. Klamath First Bancorp, Inc.
disclaims any obligation to publicly announce future events or developments
which affect the forward-looking statements herein.
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