UNITED STATES
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) October 16, 2003
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NORTH BANCSHARES, INC.
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(Exact name of registrant as specified in its Charter)
Delaware 0-22800 36-3915073
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(State or other (commission file number) (IRS Employer
jurisdiction of Identification
incorporation) number)
100 West North Avenue, Chicago, Illinois 60610
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(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code: (312) 664-4320
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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 7. Financial Statements and Exhibits
(c) Exhibits
99.1. Press release, dated October 16, 2003.
Item 9. Regulation FD Disclosure (Information furnished in this Item 9 is
furnished pursuant to Item 12)
On October 16, 2003, the Registrant issued the attached press release regarding
the declaration of a regular quarterly dividend and a review of the feasibility
of deregistering the Company's stock under the Securities and Exchange Act of
1934. The press release is attached as Exhibit 99.1 to this current report on
Form 8-K and is being furnished pursuant to Item 12 of Form 8-K.
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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.
NORTH BANCSHARES, INC.
(Registrant)
Date: October 16, 2003 /S/ Joseph A. Graber
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Joseph A. Graber
President and
Chief Executive Officer
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EXHIBIT
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North Bancshares, Inc. NEWS
100 West North Avenue - Chicago, Illinois 60610 - 312-664-4320
RELEASE: IMMEDIATELY
CONTACT: Joseph A. Graber or Victor E. Caputo or Martin W. Trofimuk
(312) 664-4320
NORTH BANCSHARES ANNOUNCES
DECLARATION OF QUARTERLY DIVIDEND
CHICAGO, IL, OCTOBER 16, 2003, - North Bancshares, Inc., (NASDAQ-NBSI),
the holding company of North Federal Savings Bank today announced that the Board
of Directors of the Company has declared a quarterly dividend of $.08 per share
to be paid on November 14, 2003 to stockholders of record as of October 31,
2003. The annualized dividend yield is approximately 2.13% based on the most
recent market price of $15.00.
In other matters, Joseph A. Graber, President and Chief Executive
Officer announced that, as part of an overall review of the Company's business
plan, the Company was investigating the feasibility of deregistering the
Company's stock under the Securities and Exchange Act of 1934. According to
Graber, "The Company is considering the deregistration in order to reduce
operating expenses. Increasing costs associated with the Company's reporting
obligations with the SEC, external audit costs, other administrative costs, and
additional expense associated with the Sarbanes-Oxley Act of 2002 are factors in
the Company's decision to conduct this study." Mr. Graber emphasized, "If the
decision is made to deregister, it will in no way change the way the Company
conducts business. In addition, the Company would continue to provide certain
financial and other information to stockholders on a periodic basis and would
make every effort to ensure that its stock is quoted on either the OTC Bulletin
Board (OTCBB) or on the Pink Sheets' Electronic Quotation Service."
North Bancshares, Inc. is the holding company for North Federal Savings
Bank. Its common stock is traded on the Nasdaq Stock Market under the symbol
"NBSI." North Federal has served the north side of Chicago from its home office
in Old Town since 1886. It also operates a branch office in Wilmette IL. For 60
consecutive quarters, the bank has received a five-star superior rating for
safety from Bauer Financial Reports, Inc., and is rated one of the best in the
nation for safety and soundness by Sheshunoff Information Services, Inc. North
Federal is proud to support local service and non-profit organizations. Its
executives serve or have served on the boards of a variety of local community
organizations. Further information is available on its website at
www.northfederal.com including prior press releases, SEC filings, company
history, and current products, services and interest rates.
When used in this press release the words or phrases "will likely
result," "are expected to," "will continue," "is anticipated," "estimate,"
"project" or similar expressions are intended to identify "forward-looking
statements" within the meaning of the Private Securities Litigation Reform Act
of 1995. The Company wishes to caution readers not to place undue reliance on
any such forward-looking statements which speak only as of the date made. The
Company wishes to advise readers that the factors listed above could affect the
Company's financial performance.
The Company does not undertake -- and specifically disclaims any
obligation -- to publicly release the results of any revisions which may be made
to any forward-looking statements to reflect events or circumstances after the
date of such statements or to reflect the occurrence of anticipated or
unanticipated events.
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