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 27, 2000
EverTrust Financial Group, Inc.
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(Exact name of registrant as specified in its charter)
Washington 0-26993 91-1613658
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State or other jurisdiction Commission (I.R.S. Employer
of incorporation File Number Identification No.)
2707 Colby Avenue, Suite 600, Everett, Washington 98201
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(Address of principal executive offices) (Zip Code)
Registrant's telephone number (including area code) (425) 258-3645
Not Applicable
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(Former name or former address, if changed since last report)
Item 5. Other Events
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On January 27, 2000, EverTrust Financial Group, Inc. ("Company") issued a
press release which announced that its Board of Directors has authorized the
repurchase up to 5% of the Company's outstanding shares.
A press release announcing the stock repurchase is attached as Exhibit
99.1. and incorporated herein by reference.
Item 7. Financial Statements, Pro Forma Financial Information and Exhibits
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Exhibit
99.1 Press Release dated January 27, 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, hereunto duly authorized.
EVERTRUST FINANCIAL GROUP, INC.
DATE: January 27, 2000 By: /s/Michael B. Hansen
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Michael B. Hansen
President and Chief Executive Officer
Exhibit 99.1
[EverTrust Financial Group, Inc. Logo]
FOR IMMEDIATE RELEASE Contact: Brad Ogura
EverTrust Financial Group, Inc.
425/258/0380
EverTrust Financial Group Announces Stock Repurchase Plan
January 27, 2000 -- EVERETT, WA -- EverTrust Financial Group
Inc.(Nasdaq:EVRT), the holding company for Everett Mutual Bank and Commercial
Bank of Everett, today announced that its board of directors has authorized
the Company to repurchase up to 449,313 shares, or 5%, of the outstanding
shares of Common Stock.
''We are very pleased to begin a buyback program,'' said Michael B. Hansen,
president and chief executive officer. ``We believe this repurchase plan,
along with the dividend we recently announced, is an extremely effective
method to manage our capital position as we work toward building value for our
shareholders.''
EverTrust Financial Group anticipates the repurchases will begin February 1,
2000, subject to market conditions and other factors. The Company expects
repurchases will be made through open-market broker transactions, although
unsolicited negotiated transactions or other types of repurchases are
possible. No shares will be repurchased directly from directors or officers of
the Company and its subsidiaries.
The purchase price to be paid for the shares purchased in the open market will
not exceed the higher of the last reported independent sale price or the
highest current independent bid quotation reported on the Nasdaq National
Market System. The number of shares to be purchased in the open market during
any day generally will not exceed 25% of the average daily trading volume of
the common stock over the preceding four weeks, except for block purchases.
EverTrust Financial Group is the holding company for Everett Mutual Bank,
which operates 11 full-service branches located throughout Snohomish County
and a commercial real estate loan production office in Bellevue, WA. EverTrust
Financial Group is also the holding company of Commercial Bank of Everett, a
commercial business bank that serves clients throughout Snohomish and North
King Counties. In addition to Everett Mutual Bank and Commercial Bank of
Everett, EverTrust Financial Group also operates two other subsidiaries, I-Pro
Inc., an item processing company; and Mutual Bancshares Capital Inc., a
venture capital company.
Forward-looking Statements:
Certain matters discussed in this press release may constitute forward-looking
statements within the meaning of the Private Securities Litigation Reform Act
of 1995. These forward-looking statements relate to, among other things,
expectations of the business environment in which the Company operates,
projections of future performance, perceived opportunities in the market, and
statements regarding the Company's mission and vision. These forward-looking
statements are based upon current management expectations, and may therefore
involve risks and uncertainties. The Company's actual results, performance, or
achievements may differ materially from these suggested, expressed, or implied
by forward-looking statements due to a wide range of factors including, but
not limited to, changes in the Company's stock price, interest rate
fluctuations, changes in residential mortgage patterns, success of new
products, non-bank financial services providers, regulatory changes, and other
risks detailed in the Company's reports, particularly the Prospectus dated
August 12, 1999, filed with the Securities and Exchange Commission.