SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Form 8-K
Pursuant to Section 13 or 15(d) of
the Securities Exchange Act of 1934
Date of Report: January 14, 1998
(Date of earliest event reported)
COMSTOCK BANCORP
(Exact name as specified in its charter)
Nevada 0-22391 86-0856406
(State or other jurisdiction (Commission (I.R.S. Employer
of incorporation) File Number) Identification No.)
6275 Neil Rd. Reno, Nevada 89511
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code: (702) 824-7100
-------------------------------
Not Applicable
(Former name or former address, if changed since last report)
ITEM 5. OTHER EVENTS.
On January 14, 1998 the Registrant announced that it is commencing a stock
repurchase program to acquire up to 221,000 shares of the Company's outstanding
common stock. The Company currently has 4,423,668 shares outstanding. For
additional information, reference is made to the Registrant's press release
dated January 14, 1998 which is attached heretoas Exhibit 99.1 and incorporated
herein by reference.
ITEM 7. FINANCIAL STATEMENTS, PRO FORMA FINANCIAL INFORMATION
AND EXHIBITS
Exhibit 99.1 -- Press Release dated January 14, 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 hereunto duly authorized.
COMSTOCK BANCORP
By: /s/ Robert N. Barone
Robert N. Barone
Chairman, CEO and Treasurer
(Principal Accounting and Financial Officer)
Date: January 14, 1998
EX-99.1
COMSTOCK BANCORP NEWS RELEASE
Comstock Bancorp Contact: Robert N. Barone
6275 Neil Road Chairman and CEO
Reno, Nevada 89511 (702) 828-6477
COMSTOCK BANCORP ANNOUNCES STOCK REPURCHASE PROGRAM
RENO, NV - January 14, 1998 - Comstock Bancorp (NASDAQ: LODE) today
announced its Board of Directors has approved a stock repurchase program
authorizing the repurchase of approximately 221,000 shares, or up to 5% of its
outstanding common stock. The shares may be purchased at prevailing market
prices from time to time during the 12 month period beginning December 22, 1997,
depending on market conditions. Currently, Comstock Bancorp has 4.4 million
shares outstanding.
"The Board of Directors has authorized the expenditure of up to $2.0
million for the repurchase program and considers the stock an attractive
investment," said Robert N. Barone, Chairman and Chief Executive Officer. "In
addition, the repurchase program is designed to help offset the future dilution
that may be incurred in connection with the administration of the Bancorp's
stock option plans." It is expected that a reduction in the number of shares of
the Company's outstanding stock will have the effect of increasing per share
earnings and represent a continuing benefit to the remaining shareholders.
"We plan to conduct these purchases through open market transactions,
unless opportunities arise for privately negotiated transactions in accordance
with applicable regulations of the Securities and Exchange Commission," Barone
said.
As of September 30, 1997, Comstock Bancorp had total assets of
approximately $178 million and shareholders equity of approximately $15.0
million, or 8.4% of total assets.
Comstock Bancorp offers an extensive line of retail and small business
banking services through five full service branches in northern Nevada in Reno,
Sparks, and Carson City. The per share book value of the equity was
approximately $3.37 on September 30, 1997 up 16.2% from $2.90 a year earlier,
adjusted for the two for one Holding Company/Bank stock exchange. On January
13, Comstock Bancorp stock closed the trading day at $8.00 per share.