SECURITIES AND EXCHANGE COMMISSION
Washington, DC 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)
July 11, 2000
CLASSIC BANCSHARES, INC.
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(Exact name of Registrant as specified in its Charter)
Delaware 0-27170 61-1289391
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(State or other jurisdiction (Commission File No.)(IRS Employer Identification
of incorporation) No.)
344 17th Street, Ashland, Kentucky 41101
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(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code: (606) 325-4789
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N/A
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(Former name or former address, if changed since last report)
Item 5. Other Events
On July 11, 2000 the Registrant issued the press release attached hereto as
Exhibit 99 announcing its conversion from a federal savings bank to a Kentucky-
chartered commercial bank and its projected earnings for the fiscal year ending
March 31, 2001.
(a) Exhibits
99 Press release dated July 11, 2000, 2000.
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.
CLASSIC BANCSHARES, INC.
Date: July 11,2000 By: /s/Lisah M. Frazier
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Lisah M. Frazier, Vice President,
Treasurer and Chief Financial
Officer
EXHIBIT 99
FOR IMMEDIATE RELEASE
For Additional Information Contact:
David B. Barbour, President and Chief Executive Officer
Lisah M. Frazier, Senior Vice President, Treasurer and Chief Financial Officer
(606) 325-4789
Fax (606) 324-1307
www.bank-anywhere.com
CLASSIC BANCSHARES ANNOUNCES CONVERSION OF ITS THRIFT SUBSIDIARY TO
COMMERCIAL BANK, ELECTION AS A FINANCIAL HOLDING COMPANY AND ANNOUNCEMENT
OF EARNINGS ESTIMATES
ASHLAND, KENTUCKY, -- July 11, 2000 - (NASDAQ - CLAS) Classic Bancshares, Inc.
("Corporation"), the parent company of Classic Bank ("the "Bank") has announced
the charter conversion of the Bank from a federal savings bank to a
Kentucky-chartered commercial bank.
"We are very excited about our conversion to a Kentucky bank charter," said
David B. Barbour, President and Chief Executive Officer. "A commercial bank
charter will provide us with a broader array of powers than those available to a
federal savings bank and greater flexibility in positioning the bank for the
future," Mr. Barbour concluded. Deposits maintained at the bank will continue to
be insured up to applicable limits by the Federal Deposit Insurance Corporation.
The Bank's charter conversion was effective June 30, 2000.
The Corporation also announced its filing with the Federal Reserve Bank of
Cleveland for its election as a financial holding company. The election was
deemed effective by the Federal Reserve on June 2, 2000.
Classic Bancshares, Inc. also announced that cash earnings for the fiscal year
ending March 31, 2001 are expected to be $1.34 per basic share compared to $1.16
per basic share for fiscal 2000. GAAP earnings per share are expected to be
$1.10 per basic share compared to GAAP earnings per basic share of $.95 for
fiscal 2000.
Lisah M. Frazier, Senior Vice President, Treasurer and Chief Financial Officer,
stated: "Despite higher market interest rates which negatively impact our
earnings, we expect fiscal 2001 earnings to increase significantly over fiscal
2000. We believe this improvement is related to the continued implementation of
our community banking strategy and restructuring of our balance sheet to a
commercial bank structure."
Classic Bancshares, Inc. is headquartered in Ashland, Kentucky and has two
subsidiaries, Classic Bank and First National Bank of Paintsville. Classic Bank
operated at 344 Seventeenth Street, Ashland, Kentucky with three branch offices
located in Boyd, Greenup and Carter counties. First National Bank of Paintsville
operates at 240 Main Street, Paintsville, Kentucky with one branch office
located in Johnson County.
This news release contains various forward-looking statements consisting of
estimates with respect to the financial condition, results of operations and
business of the company and the bank. These estimates are subject to various
factors that could cause actual results to differ materially from these
estimates. These factors include, but are not limited to, (i) the effect that an
adverse movement in interest rates could have on net interest income, (ii)
changes in customer preferences for our products and services, (iii) changes in
national and local economic market conditions, (iv) higher than anticipated
operating expenses, (v) a lower level of or higher cost for deposits or a higher
cost for borrowings than anticipated, (vi) changes in accounting principles,
policies or guidelines, and (vii) legislation or regulations adversely affecting
the bank or company.
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