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SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
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FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d) OF
THE SECURITIES EXCHANGE ACT OF 1934
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DATE OF REPORT: OCTOBER 20, 1998
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OAK HILL FINANCIAL, INC.
(EXACT NAME OF REGISTRANT AS SPECIFIED IN ITS CHARTER)
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Ohio 0-26876 31-1010517
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(STATE OR OTHER (COMMISSION FILE NO.) (IRS EMPLOYER
JURISDICTION OF IDENTIFICATION NUMBER)
INCORPORATION OR
ORGANIZATION)
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14621 State Route 93
Jackson, Ohio 45640
(740) 286-3283
(ADDRESS, INCLUDING ZIP CODE, AND TELEPHONE NUMBER
INCLUDING AREA CODE OF REGISTRANT'S
PRINCIPAL EXECUTIVE OFFICES)
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Not Applicable
(FORMER NAME OR FORMER ADDRESS, IF CHANGED SINCE LAST REPORT)
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ITEM 5. OTHER ITEMS.
On October 20, 1998, Oak Hill Financial, Inc., an Ohio corporation (the
"Company"), issued a press release announcing that the Company's Board of
Directors has authorized the Company to repurchase up to 175,000 shares of its
outstanding common stock from time to time through December 31, 1999. The press
release is included as Exhibit 99 to this Form 8-K and is incorporated herein by
this reference.
ITEM 7. FINANCIAL STATEMENTS AND EXHIBITS.
(C) EXHIBITS.
Exhibit No. Description
99 Press release, dated October 20, 1998, entitled "Oak
Hill Financial Announces Stock Buyback."
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.
OAK HILL FINANCIAL, INC.
Date: October 21, 1998 By: /s/H. Tim Bichsel
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H. Tim Bichsel, Secretary
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EXHIBIT INDEX
Exhibit No. Description
99 Press release, dated October 20, 1998, entitled "Oak
Hill Financial Announces Stock Buyback."
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Exhibit 99
FOR IMMEDIATE RELEASE
Tuesday, October 20, 1998
Contact: David G. Ratz, Vice President
(740) 286-3283
OAK HILL FINANCIAL ANNOUNCES STOCK BUYBACK
JACKSON, OHIO -- Oak Hill Financial, Inc. (Nasdaq NMS: OAKF) today announced its
intention to repurchase up to 175,000 shares, or approximately 4 percent, of its
outstanding common stock. The company's board of directors approved the buyback
program in light of current market conditions and the strong capital position of
the company.
"We believe the repurchase of our shares is an excellent investment that will
enhance shareholder value," said John D. Kidd, President and CEO of Oak Hill
Financial. "The buyback should have a positive impact on our earnings per share
and return on equity."
The repurchase program will run through December 31, 1999. Under the program,
the company's shares will be repurchased from time to time through open market
or privately negotiated transactions. The repurchased shares will become
treasury shares that will be used for general corporate purposes, including
mitigating the potentially dilutive effect of the company's stock option plan.
Oak Hill Financial is a bank holding company headquartered in Jackson, Ohio. Its
primary subsidiary, Oak Hill Banks, operated 16 full-service banking offices and
a loan production office in nine southern Ohio counties. The company also owns
Action Finance Company, which has two offices in southern Ohio.
At September 30, 1998, the company had $416.1 million in assets and 4.4 million
shares outstanding. For the quarter ended September 30, the company recently
reported earnings per diluted share of $.35, a 40 percent increase over the $.25
per diluted share reported for the third quarter of 1997.
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