FORM 8-K
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
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 25, 2000
Oregon Trail Financial Corp.
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(Exact name of registrant as specified in its charter)
Oregon 0-22953 91-1829481
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State or other jurisdiction Commission (I.R.S. Employer
of incorporation File Number Identification No.)
2055 First Street, Baker City, Oregon 97814
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(Address of principal executive offices) (Zip Code)
Registrant's telephone number (including area code): (541) 523-6327
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 25, 2000, the Registrant announced that Jerry F. Aldape
resigned as President and Chief Executive Officer of the Registrant and its
wholly-owned subsidiary, Pioneer Bank, A Federal Savings Bank ("Pioneer
Bank"), effective January 24, 2000 to pursue other business interests. Mr.
Aldape also resigned as a director of the Registrant (he was not a director of
Pioneer Bank). The Registrant also announced that Zane F. Lockwood, Executive
Vice President of the Registrant and Pioneer Bank, was appointed to succeed
Mr. Aldape as President and Chief Executive Officer of the Registrant and
Pioneer Bank.
For further information, reference is made to the Registrant's press
release dated January 25, 2000, which is attached hereto as Exhibit 99 and
incorporated herein by reference.
Item 7. Financial Statements, Pro Forma Financial Information and Exhibits
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Exhibit
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99 Press Release dated January 25, 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.
OREGON TRAIL FINANCIAL CORP.
/s/Zane F. Lockwood
DATE: February 8, 2000 By: --------------------------------
Zane F. Lockwood
President and Chief Executive
Officer
Exhibit 99
Press Release Dated January 25, 2000
**FOR IMMEDIATE RELEASE**
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Contact:
Zane F. Lockwood, Acting President/CEO
Nadine J. Johnson, Senior Vice President
(541) 523-6327
OREGON TRAIL FINANCIAL CORP.
NAMES NEW PRESIDENT AND CHIEF EXECUTIVE OFFICER
(Baker City, Oregon; January 25, 2000). Stephen R. Whittemore, Chairman of
the Board of Oregon Trail Financial Corp. (Nasdaq NMS "OTFC") and its wholly
owned subsidiary, Pioneer Bank, A Federal Savings Bank, announced that Jerry
F. Aldape has resigned as President and Chief Executive Officer of the Company
and Pioneer Bank effective January 24, 2000 to pursue other business
interests. Mr. Aldape also resigned as a director of the Company. He was not
a director of Pioneer Bank. Mr. Whittemore stated, "We want to thank Jerry
for his six years of service at Pioneer Bank and Oregon Trail Financial Corp,
and all of us wish him well in his future endeavors."
Zane F. Lockwood, Executive Vice President of the Company and Pioneer Bank,
will be leading the Company and Pioneer Bank during the interim while an
executive search is conducted. Mr. Lockwood has served as Pioneer Bank's
Executive Vice President since March 1999 and Senior Vice President from March
1998 to March 1999. Prior to that time, he served as Senior Commercial Lender
after joining Pioneer Bank in October 1997. Mr. Lockwood was employed by U.S.
Bank for over 24 years in various capacities before joining Pioneer Bank.
Commenting on the Board of Directors decision to name Mr. Lockwood as interim
President and Chief Executive Officer, Mr. Whittemore stated, "As a key member
of senior management, Zane [Lockwood] is thoroughly familiar with the
operations of the Company and Pioneer Bank and the Board views his interim
appointment as a continuation of the established operating philosophies, goals
and strategies of the Company and Pioneer Bank which include the continued
implementation of our business plan as an independent community bank."
The Company is the holding company for Pioneer Bank, which converted from the
mutual to stock form of organization effective October 3, 1997. As of
September 30, 1999, the Company had consolidated total assets of $354.1
million and stockholders' equity of $56.6 million.
This press release contains certain "forward-looking statements". The Company
desires to take advantage of the "safe harbor" provisions of the Private
Securities Litigation Reform Act of 1995 and is including this statement for
the express purpose of availing itself of the protection of such safe harbor
with respect to all of such forward-looking statements. The Company's ability
to predict results or the effect of future plans or strategies is inherently
uncertain. Factors that could affect actual results include interest rate
trends, the general economic climate in the Company's market area and the
country as a whole, loan delinquency rates, and changes in federal and state
regulation. These factors should be considered in evaluating the
forward-looking statements, and undue reliance should not be placed on such
statements.
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