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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 9, 1996
DAMEN FINANCIAL CORPORATION
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(Exact name of Registrant as specified in its Charter)
Delaware 0-26574 36-4029638
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(State or other (Commission File No.) (IRS Employer
jurisdiction of Identification
incorporation) Number)
200 West Higgins Road, Schaumburg, Illinois 60195
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(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code: (708) 882-5320
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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 July 9, 1996, the Registrant issued the attached press release
announcing the repurchase of up to 5% of its outstanding shares in the open
market.
Item 7. Financial Statements and Exhibits
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(a) Exhibits
99 Press release, dated July 9, 1996.
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SIGNATURE
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.
DAMEN FINANCIAL CORPORATION
Date: July 9, 1996 By: /s/ Gerald R. Gartner
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Gerald R. Gartner, Treasurer, Chief
Financial Officer (Principal
Financial and Accounting Officer)
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Index to Exhibits
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Sequentially
Numbered Page
Where Attached
Exhibit Exhibits
Number are Located
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<C> <S> <C>
99 Press Release dated July 9, 1996 5
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[DAMEN FINANCIAL LETTERHEAD]
For Immediate Release For Information Contact: Mary Beth Poronsky Stull
Date: July 9, 1996 (847) 882-5320
DAMEN FINANCIAL CORPORATION
ANNOUNCES STOCK REPURCHASE PROGRAM
SCHAUMBURG, ILLINOIS, July 9, 1996 - Damen Financial Corporation (NASDAQ:
"DFIN"), the holding company of Damen Federal Bank for Savings, 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 over a six-month period depending upon market conditions. The Company
previously completed a repurchase of 4% of its outstanding shares in the open
market to fund its Recognition and Retention Plan.
Mary Beth Poronsky Stull, Chairman, President and Executive Officer 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, Damen Federal Bank for Savings.
Ms. Poronsky Stull stated that, "We believe that the repurchase of our shares
represents an attractive investment opportunity which will benefit the Company
and our stockholders. The reacquired shares will become treasury shares and
will be used for general corporate purposes, including the issuance of shares
in connection with the exercise of stock options."
The Company was organized in 1995 to act as the holding company of the
Bank. The Bank, headquartered in Schaumburg, Illinois, primarily serves the
communities in its market area through its offices located in Schaumburg,
Chicago and Burbank, Illinois.
At March 31, 1996, the Company, had consolidated assets of $235.3 million
and stockholders' equity of $56.9 million. As of today, the company had
3,947,661 outstanding.
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