UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
Current Report Under Section 13 or 15(d) of
the Securities Exchange Act of 1934
Date of Report October 5, 2000
FIDELITY FEDERAL BANCORP
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(Exact name of registrant as specified in its charter)
Indiana 0-22880 35-1894432
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(State of other jurisdiction Commission (IRS Employer
of Incorporation of File No. Identification No.)
Organization)
700 S. Green River Road, Suite 2000
Evansville, Indiana 47715
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(Address of principal executive offices) (Zip Code)
(812) 469-2100
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Registrant's telephone number, including area code
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(Former name, former address and former fiscal year,
if changed since last report)
Item 8. Fidelity Federal Bancorp Announces Management Change
On September 29, 2000, Fidelity Federal Bancorp (the "Registrant") announced
that President and CEO M. Brian Davis would cease to serve in those roles
effective September 29, 2000. The press release is set forth herein.
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.
FIDELITY FEDERAL BANCORP
Date: October 5, 2000 By: /s/ Donald R. Neel
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Donald R. Neel, Executive VP and CFO
[LOGO OF FIDELITY FEDERAL BANCORP]
Contacts: Jack Cunningham, Chairman of the Board (812) 429-0550, ext. 3304
Donald R. Neel, Exec. VP and CFO (812) 429-0550, ext. 3301
For Immediate Release: September 29, 2000
FIDELITY FEDERAL BANCORP ANNOUNCES MANAGEMENT CHANGE
(Evansville, IN) Fidelity Federal Bancorp (the "Company") (NASDAQ:
FFED), the holding company of United Fidelity Bank, fsb (the "Bank"), announced
today that President and CEO M. Brian Davis would cease to serve in those roles
effective September 29th. The Company and Davis could not come to resolution on
an existing employment contract modification. Davis will continue to serve on
the Company and Bank Boards of Directors. The Executive Committee of the Board
will function as interim CEO until a permanent replacement is appointed.
The Company also announced that under generally accepted accounting
principles, it expects to incur a one-time charge in connection with severance
payments to Mr. Davis in accordance with his employment agreement dated May 19,
2000. The Company indicated that it was reviewing the severance issues and that
these payments could total up to $517,500.
In connection with this announcement, Jack Cunningham, the Chairman of
the Board of the Company stated: "We wish to thank Brian for the significant
progress that was made in reducing problem loans and for cost reduction measures
that were implemented during his administration. All of us at Fidelity wish him
the best of luck in the future."
This news release contains forward-looking statements that are based
upon the Company's current expectations, but are subject to certain risks and
uncertainties that may cause actual results to differ materially, including
financial accounting assumptions.
The Company is a unitary savings and loan holding company based in
Evansville, Ind. Its savings bank subsidiary, United Fidelity Bank, fsb
maintains four locations in Evansville. The Company's stock, which is quoted on
NASDAQ Small Capitalization System under the symbol FFED most recently traded at
$2.13.
Information on FFED is available on the
Internet at http://www.unitedfidelity.com