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): May 25, 2001
Klamath First Bancorp, Inc.
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(Exact name of registrant as specified in its charter)
Oregon 0-26556 93-1180440
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State or other jurisdiction Commission (I.R.S. Employer
of incorporation File Number Identification No.)
540 Main Street, Klamath Falls, Oregon 97601
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(Address of principal executive offices) (Zip Code)
Registrant's telephone number (including area code): (541) 882-3444
Not Applicable
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(Former name or former address, if changed since last report)
Item 5. Other Events
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The Registrant announced that it has completed the acquisition of 12
Western Bank branches and one Washington Mutual Bank financial center, all
located in Oregon, from Washington Mutual Bank.
In connection with the transaction, the Registrant and its wholly owned
subsidiary, Klamath First Federal Savings and Loan Association, acquired a
presence in the following Oregon cities: Astoria, Baker City, Bandon, Cave
Junction, Clatskanie, Coos Bay(2), Florence, La Grande, North Bend, Seaside
and Tillamook(2).
For further information, reference is made to the Registrant's press
release dated September 11, 2001 which us 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
99 Press Release dated September 11, 2001
SIGNATURES
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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.
KLAMATH FIRST BANCORP, INC.
DATE: September 12, 2001 By: /s/Kermit K. Houser
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Kermit K. Houser
President and Chief Executive Officer
Exhibit 99
Press Release Dated September 11, 2001
Klamath First Bancorp [Logo]
Tuesday September 11, 2001, 6:03 pm Eastern Time
Press Release
Klamath First Bancorp Announces Completion of Acquisition of Twelve
Western Bank Branches, One Financial Center From Washington Mutual
Business Editors
KLAMATH FALLS, Ore.--(BUSINESS WIRE)--Sept. 11, 2001--Klamath First
Bancorp, Inc. (Nasdaq:KFBI) today announced it completed the acquisition of 12
Western Bank branches and one Washington Mutual Bank financial center, all
located in Oregon, from Washington Mutual Bank.
"We're not only adding branches to our network, but also are boosting our
commercial lending abilities significantly," said Kermit K. Houser, President
and CEO of Klamath First. "These new branches support our previously announced
strategic goals of becoming a stronger commercial bank, giving us a loan
portfolio that includes 65% commercial, commercial real estate and industrial
loans. Even more importantly, the employees are motivated and well-trained
commercial bankers dedicated to building and maintaining relationships with
businesses and individuals in the communities we serve.
"I also am very happy with our ability to close an acquisition of this
size in such a short period of time," said Houser. "With the quick regulatory
approval we received at the beginning of August and the diligence of employees
on both sides of the transaction, we closed the deal in just over 90 days."
On May 29, 2001, Klamath First announced its intent to purchase 13 branch
offices from Washington Mutual. The 12 Western Bank branches have a commercial
bank mix of deposits and loans. The single Washington Mutual branch includes
deposits and no loans. As of September 7, 2001, the transaction included
approximately $423 million in deposits, loans of approximately $186 million,
the branch buildings and fixed assets, and 136 commercial bank branch
employees.
On July 24, 2001, Klamath First reported net income for its third fiscal
quarter ended June 30, 2001, increased 14% to $2.1 million or $.31 per diluted
share, compared to $1.9 million in the third fiscal quarter last year. Total
assets reached $1.0 billion at June 30, 2001, while stockholders' equity grew
to $113.9 million. Klamath's loan portfolio was $518.7 million at June 30,
2001 and deposits were $710.6 million at June 30, 2001.
Klamath First Bancorp, Inc. is the holding company for Klamath First,
which operates 50 offices in 26 counties throughout Oregon and one office in
South Central Washington. Klamath First serves its customers by offering a
full range of products and services including commercial, consumer and real
estate loans, various checking and savings products for both the consumer and
business customer, 24 hour telephone banking, and online banking with bill pay
through its web site www.klamathfirst.com.
Safe Harbor Clause: Except for the historical information in this news
release, the matters described herein are forward-looking statements within
the meaning of the Private Securities Litigation Reform Act of 1995 and are
subject to risks and uncertainties that could cause actual results to differ
materially. Such risks and uncertainties include those related to the economic
environment, particularly in the region where Klamath First Bancorp, Inc.
operates, competitive products and pricing, fiscal and monetary policies of
the U.S. government, acquisitions and the integration of acquired businesses,
ability to retain key employees, credit risk management, change in government
regulations affecting financial institutions, and other risks and
uncertainties discussed from time to time in Klamath First Bancorp, Inc.'s SEC
filings including its 2000 Form 10-K. Klamath First Bancorp, Inc. disclaims
any obligation to publicly announce future events or developments which affect
the forward-looking statements herein.
CONTACT: Klamath First Bancorp
Kermit K. Houser, 541/882-3444, ext. 133
or
Marshall J. Alexander, 541/882-3444, ext. 120