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): September 20, 2001
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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The Registrant announced that U.S. District Court Magistrate John
Jelderks dismissed Stilwell Associates, L.P.'s suit against Edward Elms, a
Director of the Registrant, and the Registrant. The lawsuit alleged that Mr.
Elms should be removed from the Registrant's Board of Directors.
For further information, reference is made to the Registrant's press
release dated September 20, 2001 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 September 20, 2001
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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.
OREGON TRAIL FINANCIAL CORP.
DATE: September 20, 2001 By:/s/Berniel L. Maughan
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Berniel L. Maughan
President and Chief Executive Officer
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Exhibit 99
Press Release Dated September 20, 2001
OREGON TRAIL FINANCIAL CORP.
FOR IMMEDIATE RELEASE
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STILWELL SUIT AGAINST OREGON TRAIL DIRECTOR ELMS DISMISSED
Baker City, OR, September 20, 2001 / Oregon Trail Financial Corp.
(Nasdaq:OTFC), the holding company for Pioneer Bank, announced today that U.S.
District Court Magistrate John Jelderks dismissed Stilwell Associates, L.P.'s
suit against Edward Elms and Oregon Trail Financial Corp. The lawsuit alleged
that Elms should be removed from the Oregon Trail Board of Directors. The
Court's ruling was based in part on Judge Jelderks' finding that the harm
alleged by Stilwell was "speculative". With the dismissal of the original
suit, the Company agreed to dismiss its counterclaims alleging false and
misleading statements in Stilwell's Schedule 13D filings.
Last week Multnomah County Circuit Court Judge Janice Wilson granted summary
judgment in favor of director Charles Rouse in Stilwell's lawsuit to remove
Mr. Rouse from the Oregon Trail Board. This week's dismissal of the Elms
litigation underscores the frivolous nature of both suits. Regrettably, the
Company was forced to incur more than $200,000 in costs to successfully defend
these directors from Stilwell's meritless suits.
On September 13, 2001, the Company filed a lawsuit against the Stilwell Group
and Kevin Padrick (U.S. District Court for the District of Oregon; Civil No.
CV01-1346 JE) alleging that the proxy and additional soliciting materials sent
and published by the Stilwell Group contain material false and misleading
statements. Among the alleged misstatements regarding directors Rouse and
Elms were charges of illegal or criminal behavior. A hearing on the Company's
Motion for Preliminary Injunction is scheduled for Tuesday, September 25,
2001.
Board Chairman Stephen Whittemore concluded: "We acknowledge Mr. Stilwell's
right to nominate and solicit proxies for his candidate to serve on our Board
of Directors, but falsely accusing and suing our directors for criminal and
illegal behavior is unconscionable. Our hope is that this harassment will
stop."
CONTACT: Berniel L. Maughan, President and CEO, Oregon Trail Financial Corp.,
(541) 523-6327.