SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 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)
June 16, 1998
OHSL FINANCIAL CORP.
(Exact name of Registrant as specified in its Charter)
Delaware 0-20886 31-1362390
(State or other jurisdiction (Commission (IRS Employer
of incorporation) File No.) Identification
Number)
5889 Bridgetown Road, Cincinnati, Ohio 45348-3199
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code: (513) 574-3322
N/A
(Former name or former address, if changed since last report)
Item 5. Other Events
On June 16, 1998, the Registrant issued a joint press release with
Western Ohio Financial Corporation announcing that their banking
subsidiaries, Oak Hills Savings and Loan Company, F.A. and
Cornerstone Bank, signed a definitive agreement, in which Oak
Hills Savings and Loan would purchase Cornerstone Bank's Sayler
Park branch office.
Item 7. Financial Statements and Exhibits
(a) Exhibits
99.1 Press release of OHSL Financial Corp., dated June 16, 1998.
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.
OHSL FINANCIAL CORP.
Date: June 23, 1998 By:________________________
Kenneth L. Hanauer
President and Chief
Executive Officer
EXHIBIT 99.1
Headline: OHSL Financial Signs Definitive Agreement to Acquire
Western Ohio Financial Branch Office
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TEXT: Cincinnati, Ohio - OHSL Financial Corp. (Nasdaq: "OHSL")
and Western Ohio Financial Corporation (Nasdaq: "WOFC") jointly
announced today that their banking subsidiaries, Oak Hills Savings
and Loan Company, F.A. and Cornerstone Bank, have signed a
definitive agreement, in which Oak Hills Savings and Loan will
purchase Cornerstone Bank's Sayler Park branch office.
Under terms of the agreement, OHSL Financial will acquire
Cornerstone Bank's Sayler Park branch office facility. The branch
has approximately $9.3 million in deposits. Terms of the
transaction were not disclosed. The acquisition, subject to
regulatory approval, is expected to be completed in the fourth
quarter.
Kenneth L. Hanauer, President and Chief Executive Officer of OHSL
Financial Corp. stated, "This acquisition will allow us to expand
service to our customers in southwestern Hamilton County. The
acquisition of this office provides a logical expansion into an
existing market and will enhance our community banking franchise.
We welcome the Cornerstone Bank customers and employees to our
company."
The sale of the branch deposits is part of Western Ohio's exit
strategy from the Cincinnati market area. John W. Raisbeck,
President and Chief Executive Officer of Western Ohio, commented,
"This transaction represents a part of our broader strategy of
concentrating more fully on our traditional strengths and the
greater west central Ohio market area. This divestiture will
significantly enhance our company's efficiency ratio and allow us
to improve our financial performance."
WOFC expects to take an estimated one-time charge of $913,000 upon
completion of the sale of its Cincinnati offices. WOFC expects
this transaction to be immediately accretive to future earnings
per share as well as improve its return on assets and return on
equity.
McDonald & Company Securities, Inc. is serving as Western Ohio's
Financial Advisor in connection with this transaction.