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): June 1, 2001
CKF Bancorp, Inc.
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(Exact name of registrant as specified in its charter)
Delaware 0-25180 61-1267810
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State or other jurisdiction Commission (I.R.S. Employer
of incorporation File Number Identification No.)
340 West Main Street, Danville, Kentucky 40422
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(Address of principal executive offices) (Zip Code)
Registrant's telephone number (including area code) (859) 236-4181
Not Applicable
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(Former name or former address, if changed since last report)
Item 5. Other Events
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Effective June 1, 2001, CKF Bancorp, Inc. ("Corporation") and its
wholly-owned subsidiary, Central Kentucky Federal Savings Bank ("Savings
Bank") consummated the previously announced acquisition of First Lancaster
Bancshares, Inc. ("First Lancaster") and its wholly-owned subsidiary, First
Lancaster Federal Savings Bank ("First Lancaster Federal "). The acquisition
was accomplished by the Savings Bank incorporating a Delaware corporation for
the purpose of consummating the merger ("Merger Sub") and the merger of First
Lancaster with and into a Merger Sub and by the merger of the First Lancaster
Federal with and into the Savings Bank. Shareholders of First Lancaster
received a cash payment of $16.27 for each share of First Lancaster common
stock that they owned.
Additional information concerning the acquisition is contained in the
press release issued by the Corporation on June 1, 2001, 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
2 Agreement and Plan of Merger dated December 14, 2000 by and among
CKF Bancorp, Inc., Central Kentucky Federal Savings Bank, First
Lancaster Bancshares, Inc. and First Lancaster Federal Savings
Bank (incorporated by reference to Exhibit 2 to the Corporation's
Form 8-K filed December 21, 2001).
99 Press Release dated June 1, 2001.
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.
CKF BANCORP, INC.
DATE: June 1, 2001 By: /s/John H. Stigall
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John H. Stigall
President and Chief Executive Officer
Exhibit 99
PRESS RELEASE
FOR IMMEDIATE RELEASE CONTACT: John H. Stigall
President and Chief
Executive Officer
CKF Bancorp, Inc.
(859) 236-4181
CKF BANCORP, INC. COMPLETES
ACQUISITION OF FIRST LANCASTER BANCSHARES, INC.
DANVILLE, Kentucky--(BUSINESS WIRE) June 1, 2001 CKF Bancorp, Inc.
(Nasdaq Smallcap: CKFB), the holding company for Central Kentucky Federal
Savings Bank, today announced the completion of its acquisition of First
Lancaster Bancshares, Inc. and its wholly owned subsidiary, First Lancaster
Federal Savings Bank ("First Lancaster Federal"), effective June 1, 2001. As
a result of the transaction, First Lancaster Federal was merged into Central
Kentucky Federal.
In the transaction, First Lancaster Bancshares's shareholders will
receive $16.27 per share in cash for a total deal value of approximately $13.7
million. The acquisition will be accounted for as a purchase.
First Lancaster Bancshares, headquartered in Lancaster, Kentucky, had
total assets of $56.3 million at March 31, 2001. It has one full service
office in Lancaster, and a loan production office in Nicholasville, Kentucky.
"We are excited to have completed this transaction," stated John H.
Stigall, President and Chief Executive Officer of CKF Bancorp and Central
Kentucky Federal. "We look forward to providing an enhanced range of
community banking services to the customers of both banks."
CKF Bancorp through its subsidiary, Central Kentucky Federal, operates as
a full service community bank in Danville, Kentucky. CKF Bancorp intends to
operate First Lancaster Federal Savings Bank's banking offices as branches of
Central Kentucky Federal. At March 31, 2001, CKF Bancorp had total assets of
$83.9 million and total stockholders' equity of $12.2 million.
This press release contains certain forward-looking statements consisting
of estimates with Statements concerning future developments or events,
concerning expectations for growth and market forecasts, and any other
guidance on future periods, constitute forward-looking statements, which are
subject to a number of risks and uncertainties that might cause actual results
to differ materially from stated objectives. These factors include but are not
limited to: the effect of interest rate changes; competition in the financial
services market for both deposits and loans; CKF Bancorp's ability to
efficiently incorporate acquisitions into its operations; the ability of CKF
Bancorp's and its subsidiary to increase its customer base; and regional and
general economic conditions.
Contact:
John H. Stigall
President and Chief Executive Officer
CKF Bancorp, Inc.
859-236-4181
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