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)
January 29, 1999
PEEKSKILL FINANCIAL CORPORATION
(Exact name of Registrant as specified in its Charter)
Delaware 0-27178 13-3858258
(State or other (Commission File No.) (IRS Employer
jurisdiction of Identification
incorporation) Number)
1019 Park Street, Peekskill, New York 10566
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(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code: (914) 737-2777
N/A
(Former name or former address, if changed since last report)
Item 5. Other Events
On January 29, 1999, the Registrant issued the attached press release.
Item 7. Financial Statements and Exhibits
(a) Exhibits
99. Press release, dated January 29, 1999.
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.
PEEKSKILL FINANCIAL CORPORATION
Date: January 29, 1999 By: /s/William J. LaCalamito
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William J. LaCalamito
President and Chief
Operating Officer
EXHIBIT 99
[PEEKSKILL FINANCIAL CORPORATION LETTERHEAD]
CONTACT: William J. LaCalamito For Immediate Release
President January 29, 1999
Peekskill Financial Corporation
(914) 737-2777
PEEKSKILL FINANCIAL CORPORATION ANNOUNCES OVERSUBSCRIPTION OF
DUTCH AUCTION TENDER OFFER
Peekskill, New York.... January 29, 1999 - Peekskill Financial Corporation
(NASDAQ NMS: PEEK), Peekskill, New York, announced today the preliminary results
of its Modified Dutch Auction Tender Offer (the "Dutch Auction") which expired
on Wednesday, January 27, 1999 at 4:00 p.m. Based on a preliminary count, the
Company believes that its shareholders tendered between 800,000 and 900,000
shares of which approximately 800,000 are expected to be purchased in the Dutch
Auction. In general, the Company will accept the shares tendered as follows:
first, the shares tendered by persons holding 100 or fewer shares will be
accepted; next, all other shares properly tendered (other than certain
conditionally tendered shares) will be accepted on a pro rata basis.
The purchase price is expected to be $16.75 per share for all shares
purchased in the Dutch Auction. It is currently expected that payment for all
shares purchased will be made on or about Tuesday, February 2, 1999.
The Dutch Auction commenced on December 23, 1998. Under the terms of
the Dutch Auction, Peekskill Financial Corporation offered to repurchase up to
800,000 shares of its common stock within a price range of $14.75 per share to
$16.75 per share. Based upon the results, the value of the shares purchased will
be approximately $13.4 million. The number of shares to be purchased represents
approximately 28 percent of Peekskill Financial Corporation's 2,842,069 shares
of common stock outstanding on December 16, 1998.
Peekskill Financial Corporation is a savings and loan holding Company
based in Peekskill, New York and, as of December 31, 1998 had approximately
$213.5 million in total assets and $144.4 million in deposits.
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